Terms of Service & Most Important Terms and Conditions (MITC)

1. Definitions

• Owner / We / Us / Our: Refers to PIYUSH PAL, the SEBI-registered Research Analyst entity providing research and advisory services, including its employees and affiliates.
• User / Client / You / Your: Any individual or legal entity subscribing to or using the research services provided by PIYUSH PAL.
• Parties: Collectively refers to PIYUSH PAL and the User/Client.

2. Assent & Acceptance

By subscribing to or utilizing the research services, you confirm that you have read, understood, and agreed to these Terms of Service (TOS).

If you do not agree with these terms, you should not avail the services and may seek a refund immediately if applicable.

Access to research services is granted only upon acceptance of these Terms and any additional relevant terms associated with specific services.

3. Service Subscription & Obligations

• Subscription Confirmation: By accepting the research services from PIYUSH PAL, you acknowledge voluntary subscription and acceptance of the terms complying with SEBI (Research Analyst) Regulations, 2014.
• Regulatory Compliance: Both the Client and PIYUSH PAL must comply with all applicable SEBI laws, RA Regulations, and government notifications as amended from time to time.

4. Client Information & KYC Requirements

Clients must provide complete and accurate personal and financial details as required by PIYUSH PAL’s standard KYC format.

Supporting documentation as per SEBI and RAASB guidelines must be submitted and will be verified with the KYC Registration Agency (KRA) regularly.

5. Standard Terms of Service & Research Report Conditions

• The recommendations provided in research reports are based on publicly available information believed to be reliable and accurate at the time of publication.
• Unless otherwise stated, recommendations are intended for a 12-month investment horizon.
• Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly.
• Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity.
• Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes.
• Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.
• PIYUSH PAL, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in research reports.
• All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements.
• A daily closing chart of securities is available at the NSE Official Charting Portal and the BSE Official Charting Portal.
• The view on securities is based on both technical and fundamental analysis.
• PIYUSH PAL adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or Portfolio Management Services (PMS).
• All participants must follow instructions provided during group calls. We do not offer one-on-one investment or trading services, as this is against RA regulations.
• Personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses.

Copyright & Confidentiality

Research reports are issued for personal use only. No part of the report may be reproduced, redistributed, or published without written authorization from PIYUSH PAL.

6. Client Certifications & Risk Declarations

Clients agree and certify that:

• They have read and understood the provisions of the SEBI (Research Analyst) Regulations, 2014.
• They have subscribed to the research service for personal use only and will exercise independent judgment before relying on research conclusions.
• Regulatory Risk Disclosure: “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
• Holding open positions without stop-loss or target prices can lead to significant losses; clients should exit such positions if a 10-15% loss threshold is reached.
• Market conditions can cause partial or total loss of invested capital.
• SEBI Registration Disclaimer: “Registration granted by SEBI, Enlistment with RAASB, and certification from NISM do not guarantee the performance of the intermediary nor assure returns to investors.”
• Past performance is not indicative of future results.
• There is no guarantee of returns on recommendations.
• No claims or compensation can be made for losses arising from acting on research recommendations.

7. Regulatory Disclosures by PIYUSH PAL

• SEBI Registered Name: PIYUSH PAL
• SEBI Registration Number: INH000026512
• Registration Date: Apr 27, 2026
• Trade Name / Website: InfeelsTrade Official Website
• Maximum Fee Charged: ₹1.51 Lakhs plus GST per annum (applicable to Individual/HUF clients as per current SEBI RA regulations).
• No Return Guarantee: No assurance or guarantee of return is provided on research recommendations.
• Conflict of Interest: The Research Analyst declares no conflict of interest and no other professional businesses adversely affecting independence.

8. Payment Terms & Unauthorized Transactions Warning

Fees for services must be paid promptly using authorized modes and channels prescribed by PIYUSH PAL. Accepted payment methods are detailed on the official website.

Clients requesting service termination and refunds will be eligible for pro-rata refunds as per SEBI guidelines and the firm’s Refund Policy.

9. Risk Factors

Investments carry inherent market, financial, operational, regulatory, litigation, and credit risks. Examples include market condition fluctuations, statutory amendments, cyber threats, and legal disputes.

Futures & Options Risk: Derivatives trading involves high risk and is suitable only for investors with appropriate risk appetite.

There is no recourse or right to claim compensation for losses arising from investment decisions based on research calls.

10. Additional Warnings, AI Tools & Disclosures

• No warranties or guarantees are made regarding accuracy or results, including recommendations shared via social media platforms.
• AI & Algorithmic Tools: Artificial Intelligence and Algorithmic tools are used occasionally to support fundamental and technical analysis. Risks include data bias, system failures, and operational breaches which can impact overall performance.
• Client confidentiality and data security are strictly maintained.

11. Model Portfolio & Client Segregation

When applicable, model portfolios will be recommended in strict adherence to SEBI guidelines for informational purposes only.

Client-Level Segregation: Existing clients cannot receive both research and distribution services from the same entity/family. New clients must select only one service (research or distribution) during onboarding.

12. Service Suspension, Termination & Jurisdiction

PIYUSH PAL reserves the right to suspend or terminate service with or without notice in case of TOS violations, regulatory directions, or fee defaults beyond grace periods. Refunds upon termination will be processed on a pro-rata basis as per SEBI regulations.

• Governing Law: Governed by Indian law and SEBI regulations.
• Jurisdiction: Exclusive jurisdiction of courts located in Durg, Chhattisgarh.

13. FATCA & Residency Declaration

• I am a resident of India.
• I am NOT a politically exposed person (PEP).
• I am a tax resident of India.

Any changes in residency, tax status, or political exposure must be updated within 30 days. The client bears full responsibility for any misrepresentation, and data may be submitted to Indian statutory authorities upon request.

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Most Important Terms and Conditions (MITC)

Applicable to Research Services by PIYUSH PAL (SEBI Reg. No.: INH000026512):

• The RA cannot execute or carry out any trade on behalf of the client. Clients must not permit the RA to execute trades.
• Fee Cap: Current fee limit is Rs 1,51,000/- per annum per family (excluding statutory charges) for Individual and HUF clients. This limit does not apply to non-individual clients or accredited investors.
• Advance Fees: Advance fee collection shall not exceed one year. Premature termination entitles the client to a pro-rata refund for the unexpired period.
• Payment Modes: Banking channels (Cheque, NEFT/RTGS, UPI) or through the Centralized Fee Collection Mechanism (CeFCoM). Cash is strictly prohibited.
• No Assured Returns: Assured or guaranteed return schemes are prohibited by law and will not be offered.
• Registration with SEBI, enlistment with RAASB, and NISM certification do not guarantee performance or returns.

Grievance Redressal & Escalation Channel

Report issues or report deficiencies to our designated support head:

Complaints will be addressed within 7 business days. If unresolved, escalate via regulatory portals:

• SEBI SCORES 2.0 Portal: https://scores.sebi.gov.in
• SEBI SMART ODR Platform: https://smartodr.in
• SEBI Toll-Free Numbers: 1800 22 7575 / 1800 266 7575
• National Cyber Crime Reporting Portal: Dial 1930

Regulatory References & Circulars

In accordance with SEBI RA Regulations 2014, any discrepancies in KRA verification will result in immediate termination of research services without prior notice. Refer to official regulatory circulars:

• SEBI Directory of Registered Research Analysts
• SEBI Circular: Investor Charter for Research Analysts
• SEBI Circular: Most Important Terms and Conditions (MITC)
• SEBI Guidelines for Research Analysts