MOST IMPORTANT TERMS AND CONDITIONS (MITC)

For Research Services provided by Research Analyst

1. Research Services and Execution of Trades

These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst (RA). The RA cannot execute or carry out any trade (purchase/sell transaction) on behalf of the client. Accordingly, clients are advised not to permit the RA to execute any trade on their behalf.

2. Fees

The fee charged by the RA to the client shall be subject to the maximum amount prescribed by SEBI / Research Analyst Administration and Supervisory Body (RAASB) from time to time, wherever applicable to Individual and HUF clients.

2.1. The current fee limit is ₹1,51,000/- per annum per family for all research services of the RA.

2.2. The above fee limit does not include applicable statutory charges.

2.3. The fee limits do not apply to non-individual clients and accredited investors, subject to applicable regulatory requirements.

3. Advance Fees and Refund

The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently, such advance may be charged for a period of up to one year.

In case of premature termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees for the unexpired period, subject to applicable SEBI regulations and circulars.

4. Mode of Payment

Fees to the RA may be paid by the client through specified modes such as cheque, online bank transfer, UPI, etc. Cash payment is not allowed.

Where applicable, the client may also make payment through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited, being the currently recognized RAASB.

5. Conflict of Interest

The RA shall abide by the applicable regulations, circulars and directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.

The RA shall endeavour to promptly inform the client of any conflict of interest that may affect the research services being provided.

6. No Assured or Guaranteed Returns

Any assured, guaranteed or fixed-return scheme, or any other scheme of a similar nature, is prohibited by law. No such scheme shall be offered by the RA.

7. No Guarantee of Returns

The RA cannot guarantee returns, profits, accuracy or risk-free investments from the use of the RA’s research services.

All opinions, projections and estimates of the RA are based on analysis of available data and certain assumptions as of the date of preparation/publication of the relevant research report.

8. Market Risk

Any investment made based on recommendations contained in research reports is subject to market risks. Recommendations do not provide any assurance of returns.

There is no recourse to claim losses incurred on investments made based on recommendations contained in research reports.

Any reliance placed on research reports provided by the RA shall be based on the client’s own judgment and assessment of the conclusions contained therein.

9. No Guarantee by Registration or Certification

SEBI registration, enlistment with RAASB and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

10. Grievance Redressal

For any grievance relating to the research services:

Step 1: The client should first contact the RA using the contact details provided on the RA’s website and/or official email address.

Step 2: If the client is not satisfied with the resolution provided by the RA, the client may lodge a grievance through SEBI’s SCORES platform.

Step 3: The client may also avail the Online Dispute Resolution (ODR) mechanism through the Smart ODR portal, as applicable.

11. Updating Contact Details

Clients are required to keep their contact details, including email address and mobile number(s), updated with the RA at all times.

12. Protection of Login Credentials and OTPs

The RA shall never ask the client for login credentials or OTPs relating to the client’s Trading Account, Demat Account or Bank Account.

Clients should never share such login credentials or OTPs with anyone, including the RA.