Most Important Terms and Conditions (MITC)

(Forming part of the Terms and Conditions for providing research services)

Services: 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 or sell transaction) on behalf of the client. Clients are advised not to permit the RA to execute any trade on their behalf.
Service Deliverable: The research reports / research notes / recommendations shall be provided in the manner and frequency as mutually agreed with the client, and may be subject to change based on market conditions, regulatory requirements, or internal research policies
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 (applicable only for Individual and HUF clients).
Note:
1. The current fee limit is ₹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 non-individual clients or accredited investors.
The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI (currently one quarter). In case of premature termination of research services by either the client or the RA, the client shall be entitled to a proportionate refund for the unexpired period.
Mode of Payment: Fees to the RA may be paid through permitted modes such as cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally, payment may be made through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited.
Conflict of Interest: The RA shall comply with applicable SEBI regulations, circulars, and directions relating to disclosure and mitigation of actual or potential conflicts of interest and shall endeavour to promptly inform clients of any conflict that may affect the research services.
No Assured or Guaranteed Returns: Any assured, guaranteed, or fixed-return schemes are prohibited by law and shall not be offered.
The RA does not guarantee returns, profits, accuracy, or risk-free investments. All opinions and projections are based on analysis of available data and assumptions as of the date of preparation of the research report.
No Recourse for Loss: Investments made based on research recommendations are subject to market risks. There is no assurance of returns, and no recourse for losses incurred based on reliance on research reports. Any reliance placed on the research report is at the client’s sole discretion and judgment.
Disclaimer: SEBI registration, enlistment with RAASB, and NISM certification do not guarantee performance or returns.
Grievance Redressal:
- Step 1: Contact the Research Analyst using the grievance redressal details available on the website of the Research Analyst, which may be updated from time to time.
- The RA shall endeavour to acknowledge grievances within a reasonable time and resolve complaints within 21 (twenty-one) calendar days from the date of receipt.
- Step 2: If unresolved, lodge a complaint on SEBI’s SCORES platform (www.scores.sebi.gov.in).
- Step 3: Clients may also consider Online Dispute Resolution (ODR) through the Smart ODR portal (https://smartodr.in).
Clients are required to keep their contact details, including email address and mobile number(s), updated with the RA at all times.
The RA shall maintain confidentiality of client information and shall take reasonable measures to protect client data and privacy in accordance with applicable laws and SEBI regulations. The RA shall not share client information except where required under law or regulatory directions.
The RA shall never ask for login credentials or OTPs for trading, demat, or bank accounts. Clients must not share such information with anyone, including the RA.

MITC Version 1.0

Approved by the Board of Directors on February 6, 2026.