Research Analyst Client Consent & Key Disclosures

Execution & Trading Disclaimer

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

Fee Structure & Limits

The fee charged by the RA to the client is subject to the maximum amount prescribed by SEBI and the Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients):

• Annual Fee Cap: The current fee limit is ₹1,51,000/- per annum per family of client for all research services of the RA.
• Exclusions: The fee limit does not include statutory charges.
• Exceptions: The fee limits do not apply to non-individual clients or accredited investors.
• Advance Fees & Refund Policy: The RA may charge fees in advance if agreed by the client, up to the maximum period stipulated by SEBI (currently one year). In case of premature termination of services by either party, the client is entitled to a proportionate refund for the unexpired period.
• Payment Modes: Fees may be paid through specified banking modes like cheque, online bank transfer, or UPI. Cash payments are strictly prohibited.
• Centralized Payment Facility: Optionally, clients can make payments through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (recognized RAASB).

Conflict of Interest & Disclosures

The RA is required to abide by applicable regulations, circulars, and directions specified by SEBI and RAASB regarding disclosure and mitigation of actual or potential conflicts of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered.

Prohibition of Assured Returns & Market Risks

• No Assured Returns: Any schemes offering assured, guaranteed, or fixed returns are prohibited by law. No scheme of this nature shall be offered to the client.
• No Guarantee of Profit: The RA cannot guarantee returns, profits, accuracy, or risk-free investments from using research services. All opinions, projections, and estimates are based on the analysis of available data under certain assumptions as of the publication date.
• Market Risk Acknowledgment: Investments based on research recommendations are subject to market risks. Recommendations do not provide any assurance of returns, and there is no recourse to claim losses incurred. Any reliance placed on research reports is at the client’s own judgment and assessment.
• Registration Disclaimer: SEBI registration, enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or ensure returns to the client.

Grievance Redressal Mechanism

If you have any grievances, please follow this step-by-step escalation process:

Step 1: Direct Contact with Research Analyst

Step 2: Regulatory Escalation

If the resolution provided is unsatisfactory, you may lodge a grievance through the SEBI SCORES 2.0 Portal.

Step 3: Online Dispute Resolution

You may also initiate dispute resolution through the SEBI SMART ODR Platform for online conciliation or arbitration.

Client Obligations & Security Precautions

• Contact Information: Clients are required to keep their contact details, including email address and mobile number, updated with the RA at all times.
• Account Credentials Security: The RA will never ask for client login credentials, passwords, or OTPs for Trading, Demat, or Bank Accounts. Never share confidential details with anyone.

Reporting Financial Fraud & Impersonation