MOST IMPORTANT TERMS AND CONDITIONS (MITC) of Research Analyst (RA)

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

Fee Caps, Collection & Refunds

• The fee charged by RA will be subject to the maximum amount prescribed by SEBI / Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
• Note:
  1. Current fee limit: ₹1,51,000/- per annum per family of client for all research services of the RA.
  2. The fee limit does not include statutory charges.
  3. The fee limits do not apply to a non-individual client / accredited investor.
• Advance Fees: RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently one quarter. On pre-mature termination by either party, the client is entitled to a proportionate refund for the unexpired period.
• Permitted Payment Modes: Cheque, online bank transfer, UPI, etc. Cash is not allowed.
• Optional: Payments may be made via CeFCoM (Centralized Fee Collection Mechanism) managed by BSE Limited (recognized RAASB).

Conflict of Interest, Conduct & Compliance

• The RA shall abide by all applicable SEBI and RAASB regulations/circulars/directions for disclosure and mitigation of actual or potential conflicts of interest.
• The RA will endeavor to promptly inform the client of any conflict that may affect services.

Prohibited Assurances

• Any assured/guaranteed/fixed returns schemes, or similar, are prohibited by law. No such scheme shall be offered to the client.
• The RA cannot guarantee returns, profits, accuracy, or risk-free investments. Opinions, projections, estimates are based on available data and assumptions as on the date of the research report.

Market Risk & Reliance

• Investments based on research recommendations are subject to market risks; recommendations give no assurance of returns.
• There is no recourse to claim any losses incurred from investments made based on the research report.
• Any reliance placed on the report shall be as per the client’s own judgment and assessment.

Registration Caveat

The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure returns.

Grievance Redressal (3 Steps)

1. Step 1: Contact the RA first using contact details on the website or via email.
2. Step 2: If unsatisfied, lodge grievances via SEBI’s SCORES platform.
3. Step 3: Consider Online Dispute Resolution (ODR) through the Smart ODR portal.

Client Safety & Communication

• Keep contact details (email and mobile number) updated with the RA at all times.
• The RA will never ask for your login credentials or OTPs for Trading, Demat, or Bank accounts. Never share such information with anyone, including the RA.

Optional Centralized Fee Collection (CeFCoM)

Centralized Fee Collection Mechanism (CeFCoM): A SEBI initiative to ensure investor payments go securely to legitimate SEBI-registered advisors.

• Enables investors to track all payments made to SEBI-registered advisors.
• Investors can request a CeFCoM payment link from registered Research Analysts and pay via permitted methods.

Protect Yourself from Social Media Scams

Unscrupulous entities misuse social media to lure investors. Be alert to:

• Unsolicited Invitations: Links to WhatsApp “VIP Groups”, “Free Trading Courses”, etc.
• Fake Profiles: Accounts posing as market experts.
• Impersonation: Claiming to be SEBI-registered intermediaries or well-known public figures.
• Fake Testimonials: Fabricated profit claims to induce fund transfers with promises of high returns.

Guidelines for Investors:

• Engage only with SEBI-registered intermediaries and use authentic trading apps.
• Verify registration status with SEBI: SEBI Registration Verification.
• Transact only through official trading apps of SEBI-registered intermediaries: SEBI Investor Support.
• Communicate only via the genuine social media handles of SEBI-registered entities.

Five-Step Check to Avoid Impersonation

1. Step One: Search for the Research Analyst’s name on SEBI’s official website.
2. Step Two: Obtain the RA’s official email address and phone number from the SEBI portal.
3. Step Three: Communicate about products/services only via the email address listed on the SEBI portal.
4. Step Four: If the RA replies from the same email, it indicates you are engaging with the genuine SEBI-registered professional.
5. Step Five: If the reply is from a different email, disregard the communication—it may be an impersonation attempt.