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Service Terms & Conditions

Effective Date: 22^nd June 2025

Definitions

The parties referenced in these Terms of Service are defined as follows:

1. 1. Owner, Us, We: The Owner, serving as the Research Analyst, offers Research Services on securities to users. Terms such as PARSHURAM DASHRATH DESAI, ALPHA STOCKS, RA, RESEARCH ANALYST, Owner, Us, We, Our, Ours and other first-person pronouns refer to the Owner and all employees and affiliates associated with the Owner.
   2. You, the User, the Client: As the user of the Research Services, you will be identified throughout these Terms of Service with second-person pronouns like You, Your, Yours, or as User or Client. In this context, “User” or “you” denotes any individual or legal entity accessing the Research Services
   3. Parties: Collectively, the Owner and you will be referred to as Parties in these Terms of Service

Terms of Engagement

Registration and Contact Information:

1. 1. Parshuram Dashrath Desai is a SEBI Registered Research Analyst with registration number INH000019415 and BSE enlistment number 6473.
   2. The period of registration is from 15^th January 2025 to Perpetuity.
   3. Our registered office is located at No. 540/2, Near Saibaba Temple, New Vaddem, Vasco, Goa. – 403802.

Assent & Acceptance

By choosing to utilize our services, clients appoint Parshuram Dashrath Desai, operating under the trade name Alpha Stocks, to provide research recommendations. Clients acknowledge and agree that they engage these services at their own risk. This engagement is subject to the terms outlined in this agreement, which emphasizes that:

1. 1. Clients are fully aware that all decisions made based on the research recommendations provided by Parshuram Dashrath Desai or Alpha Stocks are their responsibility.
   2. The recommendations are to be considered as guidance rather than guarantees of performance.
   3. Clients must understand the potential for financial risk associated with investment decisions and accept that Parshuram Dashrath Desai or Alpha Stocks cannot be held liable for any financial losses or outcomes resulting from these recommendations.

Confirmation of Terms

By proceeding with our services, clients affirm that they have thoroughly read, fully understood, and explicitly agreed to our terms of service. This includes:

1. 1. A clear understanding and acceptance of the fee structure associated with our services, ensuring clients know exactly what they will be charged.
   2. Agreement to the payment terms, which outline when and how payments are to be made, including due dates, methods of payment, and any consequences of non-payment or late payment.

This confirmation ensures that all parties have a mutual understanding and commitment to the financial aspects of our engagement.

If you do not agree to these Terms of Service, please seek a refund promptly (if relevant). The Owner will grant access to the Research Services only upon your acceptance of these Terms. Furthermore, depending on the specific Services a user acquires, additional terms and conditions may apply, forming an agreement between the users and the owner.

 

Scope of Services:

1. 1. Role Limitation: We operate exclusively as a research analyst. We do not manage or handle client funds or securities; our role is limited to delivering research analysis.
   2. Regulatory Compliance: All services provided by Alpha Stocks adhere strictly to the SECURITIES AND EXCHANGE BOARD OF INDIA (RESEARCH ANALYSTS) REGULATIONS, 2014.
   3. No Performance Guarantees: We do not offer any promises or assurances regarding specific financial returns from our research recommendations. The effectiveness and profitability of these recommendations can vary due to the inherent volatility and unpredictability of market conditions.
   4. SEBI Registration Disclaimer: Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Minimum Mandatory Terms and Conditions

1. Availing the research services: By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service of the RA at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2. Obligations on RA: RA and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.
3. Client Information and KYC: The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Standard Terms of Service: Client shall give their consent on the following understanding:
   I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure. I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.
   I/We understand that –
   1. Any investment made based on the recommendations in the research report are subject to market risk.
   2. Holding positions without stop-loss or target may lead to significant losses in unfavourable market conditions or company events.
   3. Market risks may result in partial or total loss of investments under certain conditions.
   4. Registration by SEBI and certification from NISM do not guarantee the performance of the intermediary or assure returns to investors.
   5. Past performance is not indicative of future results.
   6. Recommendations in the research report do not provide any assurance of returns.
   7. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.
      Declaration of the RA that:
      1. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are as follows
         1. Registration Name: Parshuram Dashrath Desai
         2. Registration Number: INH000019415
         3. Registration Date: 15/01/2025
         4. Trade Name for Research Services: Alpha Stocks
         5. Website: alphastocks.co.in
      2. It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
      3. Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its propearty is or may be subject;
      4. The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.
      5. The recommendations provided by RA do not provide any assurance of returns.
      6. It is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with/influence or have the potential to interfere with/influence the independence of research report and/or recommendations contained therein.
5. Consideration and mode of payment: The client shall duly pay to RA, the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).
   Services offered by Alpha Stocks
   1. Alpha Coffee Can Stocks: Fees of Rs. 40,000/- for 1 year, Rs. 24,000/- for 6 months and Rs. 16,000/- for 3 months.
   2. Alpha Growth Stocks: Fees of Rs. 66,600/- for 1 year, Rs. 38,800/- for 6 months and Rs. 22,200/- for 3 months
   3. Alpha Technical Picks: Fees of Rs. 38,700/- for 6 months, Rs. 22,200/- for 3 months and Rs. 10,500/- for 1 month
   4. Alpha Elite Trading Room: Fees of Rs. 22,200/- for 3 months and Rs. 10,500/- for 1 month.
      If the client cancels the contract and seeks a refund, no further months of research services will be provided. In the event of a refund, the service fee for one month or the current month will be withheld; for additional information, please refer to the refund policy on the website.
      Terms and Conditions for RA Services mentioned above:
      1. You will receive 10-12 research recommendations in each equity plan or as mentioned in the specific plan
      2. The number of recommendations may vary based on market conditions
6. Risk factors: Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
   The client agrees to take full responsibility for the inherent risks associated with investing in the equity market, which include:
   1. Market Risk in Investments: Equities, derivatives, mutual funds, and ETFs are all subject to market risks. This involves various risks that may harm your portfolio, including market fluctuations, financial changes, operational disruptions, regulatory shifts, competition pressures, technology failures, supply chain issues, environmental non-compliance, credit defaults, and litigation liabilities. Market risks may lead to partial or total loss of investments under certain market conditions. Risks in Open Futures and Options Trading are VERY HIGH. The RA does not guarantee the accuracy or results of recommended securities. Historical performance does not guarantee future outcomes. Investors should evaluate the suitability of any research recommendation for their personal situation and, if needed, consult with an independent financial advisor.
   2. Uncertainty in Investment Strategy Success: There's no guarantee that the investment / FNO strategies suggested will meet their goals due to the unpredictable nature of market risks.
   3. Volatility Affects Outcomes: Our research recommendations might not consistently lead to profits because of market volatility or unexpected events.
   4. Liability Disclaimer: Alpha Stocks assumes no responsibility for any financial losses that arise from market changes or from clients acting on our research recommendations.
      Alpha Stocks disclaims any responsibility for outcomes if clients act on recommendations that come from unauthorized sources or any platform falsely representing our identity on social media or public domains.

      RA provides research analysis and specific securities recommendations but does not offer portfolio management services, personal account handling, profit sharing, or risk-profiling-based investment advisory services.
      Please Note
      Investments in the securities market are subject to market risks. Please read all related documents carefully before investing. Registration granted by SEBI and certification from NISM do not guarantee performance by the intermediary or assure returns to investors. Past performance is not indicative of future results.

7. Conflict of interest: The RA shall adhere to the applicable regulations/ circulars/ directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. (Disclosure statement placed at Annexure A.)
8. Termination of service and refund of fees: Disclosure that the RA may suspend or terminate rendering of research services to client on account of suspension/ cancellation of registration of RA by SEBI and shall refund the residual amount to the client. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.
   If a client opts to discontinue RA services, the fee for one month or the current month will not be refunded under any conditions, as it accounts for portfolio and securities-related costs, as well as potential misuse of our services, making a full refund impractical.
9. Grievance redressal and dispute resolution: Any grievance related to (i) non- receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA, in this behalf.
   Designated Person / Employee Name: Parshuram Desai
   Email ID: sharedesai@gmail.com / parashuramdesai.ra@gmail.com
   Phone: 94057 32104 / 95298 41149
   The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.
   RA shall redress grievances of the client in a timely and transparent manner.
   Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.
   SEBI SCORES Link: https://scores.sebi.gov.in/
   SEBI ODR Link: https://smartodr.in/
   SEBI Toll-Free Number: 1800 22 7575 or 1800 266 7575
   Clients may also write to any SEBI Office – Addresses Link: https://www.sebi.gov.in/contact-us.html
   SCORES iOS App: https://apps.apple.com/us/app/sebiscores/id6478849917
   SCORES Google Play Store App: https://play.google.com/store/apps/details?id=com.sebi
10. Additional clauses: All additional voluntary clauses added by the RA should not be in contravention with rules/ regulations/ circulars of SEBI. Any changes in such voluntary clauses/document(s) shall be preceded by a notice of 15 days. Some voluntary clauses for Alpha Stocks include:
    1. Fees paid for research services are refundable, subject to specific conditions.
    2. Any modifications or updates to the terms and conditions will be reflected on our website or app.
11. Mandatory notice: Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time. Visit alphastocks.co.in
12. Most Important Terms and Conditions (MITC):
    1. These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.
    2. The fee charged by RA to the client will be subject to the maximum of 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 Rs 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.
    3. RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.
    4. Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
    5. The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
    6. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
    7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
    8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
    9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
    10. For any grievances,
        Step 1: the client should first contact the RA using the details on its website or following contact details given below:
        Designated Person / Employee Name: Parshuram Desai
        Email ID: sharedesai@gmail.com / parashuramdesai.ra@gmail.com
        Phone: 94057 32104 / 95298 41149
        Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in
        Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in 
    11. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
    12. The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account Demat Account and Bank Account. Never share such information with anyone including RA.
13. Optional Centralised Fee Collection Mechanism (CeFCoM): SEBI’s initiative ensures that investor payments are safely channelled to legitimate SEBI-registered advisors only. It allows investors to monitor all transactions with SEBI-registered advisors. Investors can obtain a CeFCoM link from registered Research Analysts and use multiple payment options to complete transactions.
14. Protecting Yourself from Social Media Scams in the Securities Market: The emergence and widespread adoption of social media have transformed our methods of connecting and sharing information. Unfortunately, some entities exploit Social Media Platforms (SMPs) to lure and deceive unsuspecting investors in the securities market. These entities employ various strategies to gain the trust and confidence of potential investors.
    1. Unsolicited Invitations: They often send unsolicited links to join WhatsApp Groups (such as VIP Groups or Free Trading Courses) to entice prospective clients.
    2. Fake Profiles: These entities create fraudulent profiles that present them as experts in the securities market.
    3. Impersonation: Frequently, they impersonate SEBI-registered intermediaries, well-known public figures, celebrities, CEOs, or MDs of established organizations.
    4. Fake Testimonials: They mislead investors by showcasing fabricated testimonials from group members, claiming substantial profits. As a result, investors are tricked into transferring funds to these entities' bank accounts, with false promises of similar high returns.
       Given this situation, investors are urged to be cautious and not trust unsolicited messages from unverified individuals, and to avoid joining questionable WhatsApp Groups or Communities.

 

Guidelines for Investors

1. Engage only with SEBI-registered intermediaries and utilize authentic trading apps.
2. Verify the registration status of entities with SEBI at: [SEBI Registration Verification] (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes.html) before making any investments.
3. Conduct transactions solely through the official trading apps of SEBI-registered intermediaries found at: [SEBI Investor Support] (https://investor.sebi.gov.in/Investor-support.html).
4. Investors should only communicate through the genuine social media handles of SEBI-registered entities.

SEBI is releasing this statement to alert investors about the widespread fraud and scams perpetrated by unscrupulous entities, and to provide guidance on how to protect themselves while engaging in the securities market through SEBI-registered intermediaries.

Tips from a Research Analyst on Reducing Your Risk of Stock Market Scams via Social Media Platforms:

1. 1. Step One: Search for the Research Analyst's name at: [SEBI's official website] (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14)
   2. Step Two: Obtain the email address and phone number of that Research Analyst.
   3. Step Three: Communicate with the Research Analyst regarding products and services exclusively through the email address provided on the SEBI portal mentioned above.
   4. Step Four: If the Research Analyst responds from the same email address, you can be assured you are communicating with a genuine SEBI-registered professional
   5. Step Five: If they respond from a different email address, disregard the communication, as they may be impersonators attempting to scam you out of your hard-earned savings.

The Use of AI Tools in Research and Advisory Services involves several key points:

1. 1. Our Recommendations are based on technical and fundamental analysis.
   2. Our Responsibility for client data security, confidentiality and compliance is upheld on the use of AI.
   3. AI trading risks include system vulnerabilities that can amplify errors.
   4. Handling sensitive data poses privacy and security risks, including potential breaches.
   5. Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, and misleading results from poor data.
   6. Severe data glitches may result in significant losses related to your security or portfolio.

Client-level segregation of Research and distribution activities:

The RA mandates client-level segregation of research and distribution activities per Regulation 26C(5) of RA Regulations. Existing clients cannot access both services within the same group/family of the RA. New clients can choose either research or distribution services at on-boarding, but not both.

Model Portfolio by Research Analyst:

RA will adhere to the Research Analysts Guidelines for recommending a model  portfolio whenever necessary.

Rating:

• Buy - Buy securities / stocks as per the price / price range defined in the research report
• Sell - Sell securities / stocks as per the price / price range defined in the research report
• Hold - Hold securities / stocks till further stop loss or target
• Apply - Apply for a public offer like IPO, Buy-Back, OFS, etc.
• Book Profit - Close open position or sell holdings as per the price / price range defined in the research report
• Exit - Close open position or sell holdings as per the price / price range defined in the research report
• Add - Buy part quantity of securities / stocks
• Reduce - Sell part quantity of securities / stocks
• Staggered Buy - means purchasing securities / stocks in four equal portions. The first portion is bought at the price or price range specified in the report. The second portion is purchased at a price 10% lower than the first portion's buy price. The third and fourth portions are bought together at a price 10% lower than the second portion's buy price. For instance, if the total quantity to be bought is 400 shares, it is divided into four equal parts of 100 shares each. If the first 100 shares are bought at Rs.1,000, the second 100 shares should be bought at Rs.900 (10% below Rs.1,000). The third and fourth portions, totaling 200 shares, are then bought at Rs.810 (10% below Rs.900).
• Staggered Exit - means selling securities / stocks in four equal portions. The first and second portions are sold together at the price or price range specified in the report. The third portion is sold at a price 10% lower than the sell price of the first and second portions. The fourth portion is sold at a price 10% lower than the sell price of the third portion. For example, if the total quantity to sell is 200 shares, it is divided into four equal parts of 50 shares each. If the first and second portions, totaling 100 shares, are sold at Rs.500, the third portion of 50 shares should be sold at Rs.450 (10% below $500). The fourth portion of 50 shares is then sold at Rs.405 (10% below Rs.450).

Force Majeure

Alpha Stocks, including its employees and associates, will not be held accountable for any losses, damages, or delays resulting from uncontrollable external events like natural disasters, civil or military disturbances, power outages, communication breakdowns, or any other unforeseeable circumstances beyond our control.

Confidentiality and Security

1. 1. Confidentiality of Research: All research reports, recommendations, and associated data are confidential and exclusively accessible to our paid subscribers. Any unauthorized sharing or distribution of this information will lead to legal consequences and immediate cessation of services without a refund.
   2. Account Security: Alpha Stocks does not have access to or control over client Demat or trading accounts. Clients must never disclose sensitive information like User IDs, passwords, or OTPs to any employee or associate of Alpha Stocks.

Payment Terms

Official Payment Channels: All payments must be directed to the official accounts listed on the RA’s website alphastocks.co.in or through our designated SaaS partner. Payments should never be made to any other account under any pretext.

Client Notifications

By opting for our services, you agree to receive notifications, newsletters, promotional materials, and research reports through email, SMS, Telegram, or WhatsApp.

 

Legal Jurisdiction

By using the Website alphastocks.co.in or its Services, you agree that SEBI laws will govern any issues or disputes related to the Services, as well as any conflicts between you and the Owner. If litigation explicitly allowed under these Services arises, both Parties consent to the exclusive jurisdiction of the courts in Panaji, Goa, India. This choice of law, venue, and jurisdiction is mandatory, not optional.

Indemnification

You agree to indemnify and hold the Research Analyst (RA), its officers, employees, and affiliates harmless from any claims, damages, losses, or liabilities resulting from:

1. 1. Your violation of these Terms and Conditions or any legal breach.
   2. Misuse or unauthorized access to your account.
   3. Third-party claims stemming from your actions or lack thereof.

Subscribing to our services signifies your acknowledgment and acceptance of these terms, indicating your informed and voluntary consent.

Suspension & Termination:

Suspension: We may suspend your account or access to Services, with or without prior notice, if you violate these Terms and Conditions or if mandated by SEBI or regulators.

Termination: We reserve the right to terminate this Agreement immediately if:

1. 1. You breach the Terms and Conditions.
   2. SEBI or any authorized regulatory body directs us to do so.
   3. You fail to pay fees (after any applicable grace period).
   4. Refunds, if applicable, are processed accordingly.

Contact us:

Parshuram Desai, Research Analyst

E-mail Address: parashuramdesai.ra@gmail.com

Registered Office: H.No. 540/2, Near Saibaba Temple, New Vaddem, Vasco, Goa. – 403802

Annexure A

Disclosure

1. Research services offered includes
   1. preparation or publication of the research report or content of the research report; or
   2. providing or issuing research report or research analysis; or
   3. making 'buy/sell/hold' recommendation; or
   4. giving price target or stop loss target; or
   5. offering an opinion concerning public offer, or
   6. recommending model portfolio; or
   7. providing trading calls; or
   8. any other service of similar nature or character,
      with respect to securities that are listed or proposed to be listed in a stock exchange.
2. In addition to our research services, we provide educational courses designed to enhance the financial knowledge and trading skills of our clients. These courses cover a braod spectrum of topics related to financial markets, trading strategies, risk management and investment principles. While our courses discuss how to analyze markets and make informed decisions, they do not provide tailored investment recommendations or advice. By offering these educational resources, we strive to contribute to a more informed investor community, promoting better decision making without crossing into the realm of personalized financial advice.
3. There have been no instances of disciplinary actions, penalties, or any similar measures imposed by regulatory or administrative bodies against “PARSHURAM DASHRATH DESAI, RESEARCH ANALYST Registration No. INH000019415” its Partners, or associates.
4. The research reports present the personal opinions of the Research Analysts “PARSHURAM DASHRATH DESAI: INH000019415” on the subject issuer(s), company(ies), or securities. The information in this report is gathered from publicly available sources. The research report or research recommendation is based on facts, figures and information that are considered true, correct and reliable. Furthermore, I confirm that my compensation is not influenced in any way by the recommendations or views expressed in this report.
   We have also reviewed the research report or Research recommendations for any untrue statements of material facts or any false or misleading information.
   The report or recommendations are prepared solely for informational purposes and do not constitute an offer document or solicitation to buy or sell or hold or subscribe for securities or other financial instruments for clients.
5. Investments in securities market are subject to market risk. Read all the related documents carefully before investing.
6. "PARSHURAM DASHRATH DESAI: INH000019415," along with its partners, employees, officers, and affiliates, shall not be liable for any loss or damage incurred by any individual due to unintentional errors in the information provided in the research report or recommendations.
   Investors risk losing their entire investment or portfolio under certain market conditions; therefore, when acting on advice or recommendations from research reports, they should assess their own risk tolerance or seek guidance from financial advisors. 
   The research reports and recommendations are not tailored to any individual’s specific investment goals, financial circumstances, or unique needs.
   Clients utilizing these research reports or recommendations should make decisions based on their own risk tolerance and financial situation, while also recognizing the inherent risks of capital market investments.
7. Registration granted by SEBI and certification from NISM is no way guarantee performance of the intermediary or provide any assurance of returns to investors.
8. The research analyst or his associate or his relative do not have financial interest in the subject company.
9. The research analyst or its associates or relatives, do not have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance.
10. The research analyst or his associate or his relative do not have any other material conflict of interest at the time of publication of the research report or at the time of public appearance.
11. The research analyst or its associates have not received any compensation from the subject company in the past twelve months.
12. The research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months.
13. The research analyst or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
14. The research analyst or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
15. The research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
16. The subject company is or was not a client during twelve months preceding the date of distribution of the research report or public appearance.
17. The research analyst has not served as an officer, director or employee of the subject company.
18. The research analyst has not been engaged in market making activity for the subject company.
19. 1. The Use of AI Tools in Research and Advisory Services involves several key points:
    • Our Recommendations are based on technical and fundamental analysis with some use of AI (Artificial Intelligence)
    • Our Responsibility for client data security, confidentiality, and compliance is upheld on the use of AI.
    • AI trading risks include system vulnerabilities that can amplify errors.
    • Handling sensitive data poses privacy and security risks, including potential breaches.
    • Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, and misleading results from poor data.
    • Severe data glitches may result in significant losses related to your security or portfolio.
20. The research analyst has not received any compensation or benefits from the companies covered in the research reports or public appearances, nor from any third party related to the creation of these research reports or public appearances. Therefore, there is no material conflict of interest for the research analyst at the time of publishing these documents or public appearances.
21. Only engage with research calls that are provided by research analysts through their official groups, emails, messages, or social media. Avoid taking action or making investments based on research calls from any other sources, including our employees, as they are not authorized to communicate research calls directly to clients. If you choose to invest without informing the research analyst or their compliance officer, you will be solely responsible for the consequences, and we will not entertain any loss claims or legal actions.