Research Disclaimer and Disclosure

SEBI Registered Research Analyst Registration No.: INH000011927

BSE Enlistment No.: 5760

Registered Office:

#1108, Sector 21-B, Chandigarh – 160022

Head Office:

Finvasia Tower, C-214, 4th Floor, Phase-8B, Sector-74, Industrial Focal Point, SAS Nagar (Mohali), Punjab – 160055

Corporate Office:

23rd Floor, Sunshine Tower, Plot No. 616, Senapati Bapat Marg, Dadar West, Parel, Mumbai, Maharashtra – 400013

General Disclosure

This Disclosure Document has been prepared in accordance with the provisions of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, as amended from time to time.

The purpose of this document is to provide investors with material information regarding the Research Analyst and the research services offered, enabling investors to make informed investment decisions.

The views, opinions, recommendations and research reports issued by the Research Analyst are based on publicly available information believed to be reliable. However, the Research Analyst does not warrant the completeness, accuracy or adequacy of such information. Investments in securities are subject to market risks and investors should carefully consider their own investment objectives, financial situation and risk appetite before acting upon any recommendation.

Registration granted by SEBI, certification from NISM or membership of any recognised body shall not be construed as a guarantee of performance or assurance of returns to investors.

About the Research Analyst

Research Analyst: Finvasia Securities Private Limited

Finvasia Securities Private Limited is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst bearing Registration No. INH000011927. The registration was granted on 16 March 2023.

The Research Analyst is engaged in providing research reports, research analysis and investment recommendations relating to securities listed or proposed to be listed on recognised stock exchanges.

Terms and Conditions

Terms and conditions of Research and Recommendation Services are detailed in the terms and condition document. Please refer to the same for details.

Disciplinary History

There are no pending material litigations, disciplinary proceedings, inspections or investigations where regulatory action has been initiated or taken by SEBI or any other regulatory authority against the Research Analyst which materially affects its research activities.

Details of Associates

The following entities are associates/related parties of the Research Analyst:

  • Finofin Insurance & Advisory Services Private Limited
  • Finfutech Solutions Private Limited
  • Diglen Solutions Private Limited
  • Finvasia Ventures Private Limited
  • Finvasia India Private Limited
  • Finvasia Financial Services Private Limited
  • KPDN Info Tech Private Limited
  • Scalpert Technologies Private Limited
  • Hatchcodes Techsolution Private Limited
  • Gini Health India Private Limited
  • Ethniq Ayush Exports LLP
  • Stackflow Technologies LLP
  • Finvasia Charitable Foundation

Risk Disclosure

Investments in securities markets are subject to market risks. The value of investments may fluctuate due to market conditions, economic developments, regulatory changes, company-specific events and other factors. Past performance is not indicative of future results.

The Research Analyst does not guarantee any returns or profits from investments based on research recommendations.

Different investment products involve varying degrees of risk and there can be no assurance that any investment strategy or recommendation will achieve its intended objective.

Research reports and recommendations are provided solely for informational purposes and shall not be construed as an offer, solicitation, invitation, recommendation, or guarantee to purchase, subscribe to, sell, or otherwise deal in any securities.

Investors are advised to independently evaluate the merits and risks associated with any investment decision and, where considered necessary, seek appropriate professional, financial, legal, tax or other expert advice before making any investment decision.

Statutory Disclosures

The Research Analyst hereby makes the following disclosures in accordance with Regulation 19 of the SEBI (Research Analysts) Regulations, 2014:

  • The Research Analyst, its associates or relatives may, from time to time, have a financial interest in the securities recommended in a research report. Any such financial interest existing at the time of publication of the research report or the date of the public appearance shall be specifically disclosed.
  • There may have actual or potential conflicts of interest arising from any connection of Research Analyst or his associate or his relative to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services.
  • The Research Analyst, its associates or relatives may hold actual or beneficial ownership of one per cent or more of the securities of the subject company as at the end of the month immediately preceding the date of publication of the research report or the date of the public appearance. Any such ownership shall be specifically disclosed.
  • Following disclosures if any will be disclosed in the relevant research report :
  1. If Research analyst or its associates receive any compensation from the subject company in past 12 months. The same will also be disclosed during public appearance.
  2. If Research analyst or its associates manage or co-manage the public offering of subject Company in past 12 months.
  3. If Research analyst or its associates receive any compensation for investment banking or merchant banking of brokerage services from subject company in past 12 months.
  4. If Research analyst or its associates receive any compensation or other benefits from the subject company or third party in connection with the research report or research recommendations.
  5. If Research analyst or its associates receive any compensation for products or services, other than investment banking, merchant banking or brokerage services, from the subject company in past 12 months.
  6. If the subject company is or was a client of the Research Analyst during the twelve months preceding the date of distribution of the research report. The type(s) of research services provided shall also be specifically disclosed in the relevant research report.
  • Research Analyst will not serve as an officer, director or employee of the subject company.
  • Research Analyst will not engage in market making activity of the subject company.
  • The Research Analyst may use Artificial Intelligence (AI) tools and automated technologies for research assistance, data processing, analytics and operational efficiency. All research reports, recommendations and investment opinions are subject to appropriate human review and oversight before dissemination. The Research Analyst remains solely responsible for the accuracy, integrity, confidentiality, regulatory compliance and quality of research services irrespective of the extent of use of AI tools. The specific extent of use of AI tools in providing a particular research service shall be disclosed to the client as required under Regulation 19(vii) of the SEBI (Research Analysts) Regulations, 2014.
  • The Research Analyst shall comply with the Investor Charter for Research Analysts as specified by SEBI from time to time. A copy of the Investor Charter is available on the Research Analyst's website and shall be provided to clients on request.
  • The Research Analyst is not engaged in execution, portfolio management or fund management services unless specifically permitted under applicable regulatory provisions.

Compliance Officer

Name: Mr. Kunal Malviya

Email: ccofspl@shoonya.com

Contact No.: +91 8288826999

Customer Support Number

Contact No. +91 9779902002

Email: clientsupport@shoonya.com

Finvasia Securities Private Limited

Reg. Address: #1108, Sector 21-B, Chandigarh – 160022

Head Office: Finvasia Tower, C-214, 4th Floor, Phase 8B, Sector 74, Industrial Focal Point, SAS Nagar (Mohali), Punjab – 160055

Corporate Office: Finvasia Securities Private Limited, 23rd Floor, Sunshine Tower, Plot No. 616, Senapati Bapat Marg, Dadar West, Parel, Mumbai, Maharashtra – 400013, India

NSE Clearing Member: M51912, NSE Member Code: 14846, BSE Member Code: 4043, MCX Member ID: 55135.

SEBI Reg: INZ000176037 (Cash, F&O, CDS, Commodity), AMFI ARN: 103331, CDSL DP ID: 12084300, SEBI Regn : IN-DP-317-2017

Research Analyst SEBI Regn. No. INH000011927

Research Analyst (RA) – Terms and Conditions

  • 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 Finvasia Securities Private Limited at his/her sole discretion. Finvasia Securities Private Limited confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
  • Obligations on RA: Finvasia Securities Private Limited 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.
  • Client Information and KYC: The Client shall furnish complete and accurate information, along with such supporting documents as may be required by Finvasia Securities Private Limited, in the prescribed format, in accordance with the requirements specified by the Research Analyst Administration and Supervisory Body (RAASB), SEBI, or any other applicable regulatory authority from time to time. Finvasia Securities Private Limited shall collect, verify, maintain, upload, and update the Client's Know Your Customer (KYC) records with the KYC Registration Agency (KRA) and the Central KYC Registry (CKYCR), as applicable, in accordance with the provisions of the applicable SEBI regulations, circulars, and guidelines issued from time to time.
  • Standard Terms of Service: We declare that:
    • We are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and the registration details are: SEBI Registration Number: INH000011927; SEBI Registration Date: March 16, 2023.
    • We have registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
    • Research analyst services provided by us 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 property is or may be subject;
    • The maximum fee that may be charged is ₹1.51 lakhs per annum per family of client. For clarity purposes, Finvasia does not charge any fee specifically for RA services. We only charge the brokerage if you take a trade with Finvasia as per Tariff Sheet above.
    • The recommendations provided do not provide any assurance of returns.
  • Consideration and mode of payment: The client shall duly pay to Finvasia Securities Private Limited, the agreed fees for the services that Finvasia Securities Private Limited 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).
  • Risk factors: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
  • 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.

For clarity purposes, Finvasia Securities Private Limited does not charge any specific fee for RA services and hence, no RA fee will be refundable.

  • Grievance redressal and dispute resolution: Any grievance related to (i) nonreceipt 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 Finvasia Securities Private Limited, shall be escalated promptly by the client to the person/employee designated, in this behalf:

Finvasia Securities Private Limited 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.

Finvasia Securities Private Limited 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.

  • Additional clauses: Any changes in any voluntary clauses/document(s) shall be preceded by a notice of 15 days.
  • 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.
  • Optional Centralised Fee Collection Mechanism: There is an optional 'Centralised Fee Collection Mechanism for RA (CeFCoM) available to the clients for payment of fees to RA. As we do not charge any fees to the client, for RA services, it is not applicable to us.
  • Conflict of interest: Finvasia Securities Private Limited 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.

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

Most Important Terms and Conditions (MITC)

  • 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.
  • 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:
    • The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
    • The fee limit does not include statutory charges.
    • The fee limits do not apply to a non-individual client / accredited investor.
  • 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 quarter. 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.
  • 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).
  • 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.
  • 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.
  • 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.
  • 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.
  • The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
  • For any grievances,
  • Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
  • 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.

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

Standard Terms of Service

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 –

  • Any investment made based on the recommendations in the research report are subject to market risk.
  • Recommendations in the research report 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.
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