RISK DISCLOSURE, DISCLAIMERS & REGULATORY DISCLOSURES
1. Market Risks Warning
Investment Risk:
Investment in securities markets is subject to market risks. Investors should carefully read all relevant documents, terms, conditions and risk disclosures before making any investment or trading decision.
The securities market is subject to fluctuations and various market, economic, business, regulatory and other risks. Investors may lose part or all of the capital invested.
2. Loss Possibility
Market movements can result in losses, including substantial or total loss of the amount invested or committed to a transaction. Past or expected market conditions should not be considered a guarantee of future results.
Investors and clients should independently assess their risk appetite, financial circumstances and investment objectives before acting upon any research or recommendation.
3. SEBI Registration Disclaimer
SEBI Registration does not guarantee performance.
SEBI registration and NISM certification do not guarantee the performance of the Research Analyst and do not assure any returns to investors or clients.
Registration with SEBI should not be construed as an assurance of the performance of the Research Analyst or any recommendation provided by the Research Analyst.
4. Illustrative Purpose
Any securities, stocks, indices, derivatives or other financial instruments mentioned on this website, in research reports, communications or other materials may be mentioned for analytical or illustrative purposes.
Unless specifically stated as a recommendation, such references should not be construed as an offer, solicitation or recommendation to buy, sell or hold any security.
5. Past Performance
Past performance, historical returns, previous recommendations or historical market movements are not indicative of future results.
Any examples, historical performance data or past recommendations are provided for information and analytical purposes only and should not be considered a representation or guarantee of future performance.
6. Risks Associated with Open Positions
Some recommendations may involve open positions and may be subject to changing market conditions.
Stop-loss levels and target prices may be provided where considered appropriate; however, the absence of a stop-loss or target in any particular recommendation should not be interpreted as an indication that the position is risk-free.
Market conditions can change rapidly, and prices may move significantly due to volatility, corporate announcements, economic events, regulatory developments, liquidity conditions or other unforeseen circumstances.
Clients should independently assess the risks associated with any position before acting upon a recommendation.
7. Futures & Options Risk
Trading in Futures and Options (“F&O”) involves substantial risk and is not suitable for every investor.
Options strategies, including high-risk strategies commonly referred to as
Hero-Zero or Zero-Hero trades, can result in rapid and substantial losses, including loss of the entire amount deployed in a particular trade.
Clients should understand the nature and risks of derivatives before participating in F&O transactions and should trade only according to their individual risk tolerance and financial circumstances.
8. No Portfolio Management or Account Handling
The Research Analyst provides research analysis and securities recommendations.
The Research Analyst does
not:
- manage client portfolios;
- operate or handle client trading accounts;
- execute trades on behalf of clients;
- receive or hold client securities or funds for investment purposes;
- provide profit-sharing arrangements; or
- provide personalized portfolio management services.
Clients are responsible for making their own investment and trading decisions and for executing transactions through their own registered broker or trading platform.
9. Research Report Disclaimer
Research reports and recommendations are prepared using information believed to be reliable and obtained from publicly available sources and/or other sources considered reliable by the Research Analyst.
Reasonable care is taken in preparing the research material. However, no representation or warranty is made regarding the completeness, accuracy, timeliness or reliability of the information.
The information may change without notice due to changes in market conditions, corporate developments, regulatory requirements or other circumstances.
The research report is intended for informational and research purposes and should not be construed as an offer, solicitation or invitation to buy, sell or hold any security unless expressly stated as a recommendation.
10. No Guarantee of Returns
No representation or guarantee is made regarding:
- the achievement of any particular return;
- profitability of any recommendation;
- accuracy of any target price;
- achievement of any target price;
- avoidance of losses; or
- future performance of any security or market.
Every investment or trading decision involves risk.
11. Individual Considerations
Research reports and recommendations are prepared on the basis of the Research Analyst’s research methodology and do not necessarily take into account the individual financial situation, investment objectives, investment horizon, tax position or risk tolerance of each client.
Clients should evaluate whether any recommendation is appropriate for their individual circumstances before acting upon it.
12. Liability Disclaimer
To the extent permitted under applicable law, the Research Analyst shall not be responsible for losses arising solely from market movements or from investment or trading decisions made by clients based on research material.
However, nothing contained in this disclaimer is intended to exclude or limit any liability that cannot lawfully be excluded or limited under applicable laws or regulations.
13. Accuracy and No-Warranty Disclaimer
The website, research reports and other research materials are provided on an “as available” basis.
The Research Analyst does not warrant that the website or research material will always be:
- accurate;
- complete;
- current;
- uninterrupted;
- error-free; or
- suitable for every individual investor.
No warranty is provided regarding merchantability, suitability for a particular purpose or non-infringement, to the extent permitted by applicable law.
14. SEBI Fee Collection Mechanism
Fees for research services shall be collected through the payment mechanism prescribed or permitted under the applicable SEBI framework, including the applicable centralized fee collection mechanism, where applicable.
Clients should make payments only through the officially designated payment channels communicated by the Research Analyst.
Clients should not make payments to personal accounts, unauthorized intermediaries or any third party not officially designated for collection of research service fees.
15. Payment and Fee Disclosure
The applicable research service fee, payment terms, service period, refund terms and other applicable conditions shall be communicated to the client before commencement of the research service, wherever applicable.
Clients should retain payment receipts and relevant communications for their records.
16. Ownership and Material Conflicts of Interest
As of the date of publication of the relevant research report:
Financial Interest:
The Research Analyst does not have any direct or indirect financial interest in the subject company, except where specifically disclosed in the relevant research report.
Material Conflict of Interest:
Any material conflict of interest identified at the time of publication shall be disclosed in the relevant research report as required under applicable regulations.
Securities Ownership:
The Research Analyst does not own 1% or more of the securities of the subject company, except where specifically disclosed in the relevant research report.
17. Compensation Disclosures
As applicable to the subject company and the relevant research report:
- The Research Analyst has not received any compensation from the subject company during the preceding twelve months.
- The Research Analyst has not managed or co-managed a public offering of securities for the subject company during the preceding twelve months.
- The Research Analyst has not received compensation for investment banking, merchant banking or brokerage services from the subject company during the preceding twelve months.
- The Research Analyst has not received any compensation or other benefits from the subject company or any third party in connection with the research report, except where specifically disclosed.
- The Research Analyst has not served as an officer, director or employee of the subject company, except where specifically disclosed.
- The Research Analyst has not engaged in market-making activity for the subject company, except where specifically disclosed.
Any applicable change in the above disclosures shall be disclosed as required under the applicable regulatory framework.
18. Use of AI Tools in Research
The Research Analyst may use artificial intelligence (“AI”) or technology-assisted tools as part of the research process, including for data analysis, information processing, screening, research assistance or other analytical support.
AI-generated or technology-assisted output is subject to human review and does not independently constitute a securities recommendation.
The Research Analyst remains responsible for the research analysis and recommendations issued under the Research Analyst’s name and registration.
AI systems may involve risks including inaccurate or incomplete output, data limitations, bias, privacy risks, cybersecurity risks and other technology-related risks.
19. Research Methodology
Recommendations may be based on technical analysis, fundamental analysis, quantitative analysis, market data, publicly available information and other research methodologies considered appropriate by the Research Analyst.
The methodology used for a particular recommendation may vary depending upon the security, market conditions and nature of the research.
20. Securities Ratings / Recommendation Terminology
Where applicable, the following terminology may be used:
BUY:
Purchase the security within the specified price range or as otherwise stated in the recommendation.
SELL:
Sell the security within the specified price range or as otherwise stated in the recommendation.
HOLD:
Continue holding the security until further communication, target, stop-loss or other specified action, subject to market risks.
EXIT:
Close the relevant position or holding as specified in the recommendation.
BOOK PROFIT:
Partially or fully realize gains by selling the relevant quantity, as specified in the recommendation.
ADD / REDUCE:
Increase or decrease exposure to the relevant security or position, as specified in the recommendation.
APPLY:
Apply for an eligible public offer or corporate action such as an IPO, Buy-Back, OFS or other applicable issue, where specifically recommended.
The exact meaning and applicability of any terminology shall be determined by the relevant recommendation.
21. Model Portfolio
Where a model portfolio is provided, it shall be prepared and communicated in accordance with the applicable regulatory requirements and the Research Analyst’s stated methodology.
A model portfolio does not guarantee returns and remains subject to market risks.
Clients should not treat a model portfolio as a guarantee of performance or as individualized portfolio management.
22. Third-Party Products / Unregulated Products
Any information concerning products or markets that are outside the regulatory purview of SEBI shall be clearly identified as such.
Clients should understand that SEBI’s regulatory framework and grievance redressal mechanisms may not apply to products or services outside its regulatory jurisdiction.
The Research Analyst does not represent that any such product or activity is regulated or protected by SEBI.
Clients should independently verify the regulatory status, risks and legal framework applicable to any such product before participating.
23. Complaints and Grievance Redressal
Clients who have any complaint or grievance regarding the research services should first contact the Research Analyst through the following official channels:
Email: support@infolineequity.com
Phone: +91 91116 11161
The complaint shall be handled in accordance with the applicable grievance redressal mechanism and regulatory requirements.
If the grievance is not resolved satisfactorily through the applicable internal process, the client may use the applicable SEBI grievance redressal mechanisms, including SCORES and the Online Dispute Resolution mechanism, subject to their respective rules and eligibility.
SEBI SCORES:
https://scores.sebi.gov.in/
SEBI ODR:
https://smartodr.in/
SEBI Toll-Free:
1800 22 7575 / 1800 266 7575
SEBI Contact Information:
https://www.sebi.gov.in/contact-us.html
24. Investor Awareness and Education
Investors are encouraged to educate themselves about securities markets, investment risks, fraud prevention and investor rights.
Investors may refer to the official SEBI investor education resources:
SEBI Investor Website:
https://investor.sebi.gov.in/
Investors should rely on official regulatory sources for information concerning their rights, obligations, grievance mechanisms and investor protection.
25. Regulatory Disclosure
Registration Name: Vijay Porwal
Trade Name: Info Line Equity Research
Website: www.infolineequity.com
SEBI Registration No.: INH000028158
BSE Enlistment No.: 7308
Type of Registration: Individual
SEBI Registration Date: 16 June 2026
Registration Validity: As specified in the SEBI registration certificate / applicable regulatory framework.
26. Business Activity
Vijay Porwal, registered with SEBI as a Research Analyst under SEBI Registration No.
INH000028158, provides research analysis and securities recommendations, including Buy, Sell, Hold or other applicable ratings/recommendations.
The Research Analyst’s activities are carried out in accordance with the applicable provisions of the SEBI (Research Analysts) Regulations and other applicable regulatory requirements.
27. Disciplinary History
As of the date of this disclosure, there are no disciplinary actions, penalties or regulatory measures to disclose against
Vijay Porwal, SEBI Registration No. INH000028158, except where specifically disclosed in the relevant regulatory disclosure.
Any material change in this status shall be updated as required under applicable regulations.
28. Important Notice Regarding Recommendations
Research recommendations are based on the Research Analyst’s analysis and available information at the time of preparation.
Market conditions may change after publication of a recommendation. Accordingly, clients should not assume that a recommendation remains valid indefinitely.
Clients should review subsequent updates, revisions, target changes, stop-loss changes, exits or other communications issued by the Research Analyst before acting on an earlier recommendation.
29. Client Responsibility
Clients are solely responsible for their own investment and trading decisions.
Before acting on any recommendation, clients should consider:
- their financial position;
- risk tolerance;
- investment objectives;
- investment horizon;
- liquidity requirements;
- applicable taxes and charges; and
- the risks associated with the relevant security or financial instrument.
30. Intellectual Property
All research reports, research materials, text, graphics, logos, methodologies, website content and other original materials provided by Info Line Equity Research are protected by applicable intellectual property laws.
Such materials may not be reproduced, copied, modified, redistributed, published, transmitted or commercially exploited without prior written permission, except where permitted by applicable law.
31. Final Risk Warning
Investment in securities market is subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM do not guarantee performance of the intermediary nor assure returns to investors.
Clients should understand that securities market investments and trading involve risk and that no research analyst can guarantee profits or eliminate the possibility of losses.
