Stock Broking

Sovereign Global is a Member of BSE Ltd (Member Code : 6803)and having SEBI registration no. INZ000309234. Investments in securities market are subject to market risks, read all the related documents carefully before investing. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advisors, as they believe necessary.

The contents herein shall not be considered as an invitation or persuasion to trade or invest. NWIL and its affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Please note Brokerage would not exceed the SEBI prescribed limit. SGMPL also acts in the capacity of distributor for Products such as Alternative Investment Funds (AIF), Non-Convertible Debentures (NCDs), etc. The third-party products that SGMPL distributes are not Exchange traded products, and SGMPL, is just acting as a distributor of these products and all disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism.

SGM Investment Services LLP

Distribution services are offered by SGM Investment Services LLP; an entity created amongst the existing directors of SGMPL. Principal places of business of SGM Investment Services LLP is R-739, 2nd Floor, Block R, New Rajendra Nagar, New Delhi, Delhi – 110060.

SGM Investment Services LLP is a registered distributor with:

• Association of Mutual Funds in India (AMFI): Registration Number 270419 (for Mutual Funds). Valid until 11-Jun-2026. The date of initial registration of AMFI is 12-Jun-2023. Mutual Fund Investments are subject to market risks. Please read all scheme related documents carefully before investing. Investment in the securities involves risks. The user is required to undergo risk profiling before investing. Guided view is indicative in nature and is based on the information provided by the user voluntarily. Each user of this information should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred here (including the merits and risks involved) and should consult his own advisors to determine the merits and risks of such investment. Past performance is not necessarily a guide to future performance.

For any grievance relating to Stock Broking, please call +91 98196 67208 or write to helpdesk; Email ID: info@sovereignglobal.in.

In absence of a response/complaint not addressed to your satisfaction, you may lodge a complaint with:

• SEBI at https://scores.sebi.gov.in
• SMARTODR Dispute Website: https://smartodr.in

*Please quote your Service Ticket/Complaint Ref No. while raising your complaint at SEBI SCORES portal

In case of redressal of complaint, you should first approach SGMPL. SEBI also facilitates you to lodge your complaint online with SCORES. For filing complaints with SEBI, Register on SCORES portal and provide mandatory details like Name, PAN, Address, Mobile Number, Email ID. The said process is easy & quick with effective communication and speedy redressal of the grievances.

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations):

The term Sovereign Global Markets Private Limited (also known as Sovereign Global) (SGMPL) is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of Stock Broking, Research Analysts including preparing and distribution of Research Reports and related allied activities for which SGMPL is registered with various regulators. The Registered office of SGMPL is at 3rd Floor, 25/8, East Patel Nagar, Central Delhi, Delhi, 110008. Name of the Compliance officer: Mr. Rohan Modi, Contact number : (011)-48027709-11; E-mail address: compliance@sovereignglobal.in. The research reports are prepared and distributed by the term Sovereign Global Markets Private Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000012263 respectively.

The term "you" refers to the user or viewer of our website.

No warranties

This Website is provided "as is" without any representations or warranties, express or implied. SGMPL and its group companies, director, employees, affiliates and associates, make no representations or warranties in relation to the Website or the information and materials provided on the Website.

• This Website will be constantly available, or available at all; or
• The information on this Website is complete, true, accurate or non-misleading

Other disclaimers

Without prejudice to the generality of the foregoing paragraph, SGMPL and its group companies, directors, employees, affiliates and associates state that:

• The information given on the website is purely an interpretation / view of the viewer and SGMPL and its group companies, subsidiaries, directors, employees, affiliates and associates shall not be liable or responsible in any manner.
• Any information available on the Website are true, fair and accurate to the best of the information available and SGMPL and its group companies, subsidiaries, directors, employees, affiliates and associates do not in any manner whatsoever verify or vouch for the accuracy or authenticity of the information.
• The information analysis given in the research reports is purely an interpretation / view of the author and SGMPL and its group companies, directors, employees, affiliates and associates shall not be liable or responsible in any manner whatsoever for the trades executed by the customers on the basis of these reports.
• Any comparative indices that are made available on the Website are mere indicators and are in no manner meant to reflect or influence the buying decision of the customers. SGMPL and its group companies, directors, employees, affiliates and associates do not in any manner whatsoever verify or vouch for the accuracy or authenticity of the results.
• While doing any fund transfer, the respective bank shall be responsible for transfer of funds during trading activities (if any) executed on the Website and SGMPL and its group companies, directors, employees, affiliates and associates shall not be responsible or liable in any manner whatsoever for the late payments or losses incurred on account of the same.
• Nothing on this website constitutes, or is meant to constitute, advice of any kind. If you require advice in relation to any investments, legal, financial, medical matters or any other matters, you should consult an appropriate professional.
• SGMPL and its group companies, subsidiaries, directors, employees, affiliates and associates are under no obligation to update or keep the information current. Neither SGMPL nor any of its affiliates, group companies, subsidiaries, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. For data reference to any third party in this material no such party will assume any liability for the same. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of SGMPL and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
• Disclaimer for reports: The documents/reports/research analysis available on the Website does not constitute an offer or solicitation for the purchase or sale of any Security / financial instrument or as an official confirmation of any transaction. SGMPL and its group companies, directors, employees, affiliates and associates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in these reports. The documents/reports/research analyses are provided for assistance only and is not intended to be and must not alone be taken as the basis for any decision. The user assumes the entire risk of any use made of this information. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. The information given in this document is as of the date and time of the documents/reports/research analysis and there can be no assurance that future results or events will be consistent with this information. The information is subject to change without any prior notice SGMPL and its group companies, directors, employees, affiliates and associates reserves the right to make modifications and alterations to this statement as may be required from time to time. However, SGMPL and its group companies, directors, employees, affiliates and associates are under no obligation to update or keep the information current. Neither SGMPL nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. For data reference to any third party in this material no such party will assume any liability for the same. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of SGMPL and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders. This is a Private website owned by SGMPL. Unauthorized scanning of vulnerabilities and exploitation of the same is strictly prohibited. If you have been found to do so, SGMPL may bring Civil and/or Criminal action and/or legal proceedings against you which shall be entirely at your costs and consequences.

Limitations of liability

SGMPL and its group companies, directors, employees, affiliates and associates will not be liable to you (whether under the law of contact, the law of torts or otherwise under any other law) in relation to the contents of, or use of, or otherwise in connection with, this Website:

• For any indirect, special or consequential loss; or
• For any business losses, loss of revenue, income, profits or anticipated savings, loss of contracts or business relationships, loss of reputation or goodwill, or loss or corruption of information or data.

These limitations of liability apply even if SGMPL and its group companies, directors, employees, affiliates and associates have been expressly advised of the potential loss.

Reasonableness

By using this Website, you agree that the exclusions and limitations of liability set out in this website disclaimer are reasonable. If you do not think they are reasonable, you must not use this Website.

Other parties

You accept that, SGMPL has an interest in limiting the personal liability of its officers, employees, directors, affiliates and group companies. You agree that you will not bring any claim personally against SGMPL and its group companies, directors, employees, affiliates and associates in respect of any losses you suffer in connection with the website.

Without prejudice to the foregoing paragraph, you agree that the limitations of warranties and liability set out in this website disclaimer will protect SGMPL and its group companies, directors, employees, affiliates and associates.

Unenforceable provisions

If any provision of this Website disclaimer is, or is found to be, unenforceable under applicable law, that will not affect the enforceability of the other provisions of this Website disclaimer.

Jurisdiction

Your use of this website and any dispute arising out of such use of the website is subject to the laws of India. You hereby consent to the exclusive jurisdiction and venue of courts in Delhi, India in all disputes arising out of or relating to the use of this Website. Use of this website is unauthorized in any jurisdiction that does not give effect to all provisions of these terms and conditions, including without limitation this paragraph.

Disclaimer for U.S. Persons

SGMPL is not a registered broker – dealer under the U.S. Securities Exchange Act of 1934, as amended (the“1934 act”) and under applicable state laws in the United States. In addition, SGMPL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, the information contained in this portion of our website is not intended to be, and should not be, viewed by U.S. persons or any person in the United States. By accessing such information, you are hereby deemed to represent that (a) you are not a U.S. person and (b) you are not in the United States.

The content of the website does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool in the United States. The Securities, if any, described in this website have not been, and will not be, registered under the Securities Act, or with any securities’ regulatory authority of any state or other jurisdiction in the United States. The information in this website does not constitute, and should not be construed as, "general solicitation or general advertising" as defined under Regulation D of the Securities Act, or "directed selling efforts" under Regulation S of the Securities Act. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.

THIS DOCUMENT IS INTENDED SOLELY TO PROVIDE INFORMATION TO THE QUALIFIED INSTITUTIONAL INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. If you are not the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. This communication is intended solely for the person to whom it is addressed and may contain confidential or privileged information. The document is intended to be educational only and not for a marketing or prospecting purpose. The views and opinions expressed as part of this presentation do not necessarily state or reflect those of SGMPL, its holding company(ies), subsidiaries and associates including entities in overseas jurisdictions.

The content of the website or any information contained therein must not be distributed, published, reproduced, or disclosed (in whole or in part) by recipients to any other person. The content of the website must not be acted on or relied on by persons who are not qualified institutional investor. Any investment or investment activity to which this website relates, is available only to qualified institutional investor and will be engaged only with qualified institutional investor. Any person who is not a qualified institutional investor should not act or rely on this website or any of its contents.

Disclaimer for U.K. Persons

The contents of the website have not been approved by an authorized person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). In the United Kingdom, this document is intended for (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005 (the "Order"); (b) persons falling within Article 49(2)(a) to (d) of the Order (including high net worth companies and unincorporated associations); and (c) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). THIS document IS INTENDED SOLELY TO PROVIDE INFORMATION TO THE QUALIFIED INSTITUTIONAL INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. If you are not the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. This communication is intended solely for the person to whom it is addressed and may contain confidential or privileged information. The content of the document is intended to be educational only and not for a marketing or prospecting purpose. The views and opinions expressed as part of this document do not necessarily state or reflect those of SGMPL, its holding company (ies), subsidiaries and associates including entities in overseas jurisdictions.

Disclaimer for Canadian Persons

SGMPL and/or its subsidiaries/associated companies is/are resident outside of Canada and are not associated persons of any Canadian registered adviser and/or dealer and, therefore, are not subject to supervision by a Canadian registered adviser and/or dealer, and are not required to satisfy the regulatory licensing requirements of the Ontario Securities Commission, other Canadian provincial securities regulators, the Investment Industry Regulatory Organization of Canada and are not required to otherwise comply with Canadian rules or regulations regarding, among other things, the research analysts' business or relationship with a subject company or trading of securities by a research analyst.

There is no offer or Sale of Securities through this website. The contents of the website are for information only and are intended for only to "Permitted Clients" (as defined in National Instrument 31-103 ("NI 31-103")) who are resident in the Province of Ontario, Canada (an "Ontario Permitted Client"). Any products or services described in this website are made available only in accordance with applicable Canadian securities law and only where they may be lawfully offered for sale. If the person accessing this website is not an Ontario Permitted Client, as specified above, then the recipient should not access the same and should exit from the website.

SGMPL and/or its subsidiaries / associated companies is relying on an exemption from the adviser and/or dealer registration requirements under NI 31-103 available to certain international advisers and/or dealers. Please be advised that (i) SGMPL is not registered in the Province of Ontario to trade in securities nor is it registered in the Province of Ontario to provide advice with respect to securities; (ii) SGMPL’s Head Office or Principal place of business is located in India; (iii) all or substantially all of SGMPL’s assets may be situated outside of Canada; (iv) there may be difficulty enforcing legal rights against SGMPL because of the above.

Disclaimer for UAE Persons

The content of the website is INTENDED SOLELY TO PROVIDE INFORMATION TO THE INSTITUTIONAL QUALIFIED INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. Further, the information in this document does not constitute a public offer of securities in the United Arab Emirates and is not intended to be a public offer. The website has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority of the United Arab Emirates or the Dubai Financial Services Authority. The content of the website must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any other person. The website must not be acted on or relied on by persons who are not INSTITUTIONAL QUALIFIED INVESTORS. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged only with relevant persons. Any person who is not a INSTITUTIONAL QUALIFIED INVESTORS should not act or rely on this communication or any of its contents. The content of the website must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any other person. The website must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged only with relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.

Disclaimer for Australia Persons

Any information set out on the website is only intended for persons who are "Professional Investors" as described in Section 761(G) of the Corporations Act 2001 (as amended). It is not intended to for any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. All information on the website is general information only and is not to be considered any form of advice (whether investment or otherwise) or a recommendation, solicitation, or an offer to purchase or sell investments or related financial products or any financial services. The receiver of the website should make their own decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an appropriate independent advisor. SGMPL and its group companies does not hold an Australian Financial Services License and is not licensed in Australia to provide financial product advice or services and is relying on "limited connection relief exemption" when dealing with "Professional Investors" (Wholesale client category) in Australia.

Disclaimer for Singapore Persons

The content of the website IS INTENDED SOLELY TO PROVIDE INFORMATION ONLY TO THE INSTITUTIONAL OR ACCREDITED INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS AS DEFINED UNDER THE SECURITIES AND FUTURES ACT "SFA". If you are not the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. Any such information contained or discussed in the document is subject to change and SGMPL and its group companies shall not have any responsibility to maintain the information made available or to supply any correction therewith. In no event will SGMPL and its group companies be liable for any special direct or indirect or consequential damages which may be incurred from the use of the information made available, even if it has been advised of the possibility of such damages. The company and its employees mentioned in these communications cannot be held liable for any error's inaccuracies and/or omission howsoever caused. Any opinion or advice if any herein is made on a general basis and is subject to change without notice. The information provided in this document may contain optimistic statements regarding future events or future financial performance of countries, markets, or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided if any in this document. This document has not been reviewed by the Monetary Authority of Singapore "MAS".

Additional Marketing Disclaimer for all other International Jurisdiction

The content of this website is restricted in certain jurisdictions and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, by anyone in any jurisdiction in which such an offer or solicitation is not authorised or may not lawfully be made (without compliance with any registration or other legal requirements) or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer in any jurisdiction. The above information is for general guidance only, it is the responsibility of receivers to inform themselves as to any income or other tax consequences arising in the jurisdictions in which they are resident or domiciled or have any other presence for tax purposes, as well as any foreign exchange or other fiscal, or legal or regulatory restrictions which are relevant to their particular circumstances in connection with the acquisition, holding or disposal of any securities if any mentioned in this document. This document is strictly private and confidential and may not be reproduced or use for any other purpose and not be provided to any person other than the recipient thereof. If you are not the intended recipient you must not copy, distribute, or take any action or place reliance on it. If you have received this communication by error, please notify the sender immediately. Any such information contained or discussed on the website is subject to change and SGMPL Group or any of its Directors, Employees, agents or representatives shall not have any responsibility to maintain the information made available or to supply any correction therewith. In no event will SGMPL or any of its Directors, Employees, agents or representatives, be liable for any special direct or indirect or consequential damages which may be incurred from the use of the information made available, even if it has been advised of the possibility of such damages. The company and its employees mentioned in these communications cannot be held liable for any error's inaccuracies and/or omission howsoever caused. Any opinion or advice herein is made on a general basis and is subject to change without notice. The information provided in this website may contain optimistic statements regarding future events or future financial performance of countries, markets, or companies. You must make your own financial assessment of the relevance, accuracy and adequacy of the information provided therein.

Disclaimer for Polls

• The views and opinions mentioned in the polls are that of the participants and not that of Sovereign Global Markets Private Limited (also known as Sovereign Global) (SGMPL).
• The poll results are in no way an endorsement of Sovereign Global (SGMPL) and if a participant/viewer intends to take any financial decisions basis the polls then it will be at their discretion and risk.
• SGMPL will not be responsible for any losses arising out of such financial decisions.

Terms and Conditions for Research Analyst

• Availing the research services: By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service offered by Sovereign Global Markets Private Limited (herein after referred to as "SGMPL") at his/her/their sole discretion. SGMPL confirms that research services shall be rendered in accordance with the applicable provisions of the SEBI's Research Analyst (RA) Regulations.
• Obligations on RA: SGMPL 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 all such details in full as may be required by SGMPL in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. SGMPL shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.
• Standard Terms of Service: The client hereby consents 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.

  SGMPL hereby declares and confirms that:

  • It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: (SEBI Regn. No: INH000012263, Regn. Date: April 17, 2023);
  • It has 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 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 property is or may be subject;
  • The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family to Individual and HUF clients.
  • The recommendations provided by RA do not provide any assurance of returns.
• Consideration and mode of payment: The client shall duly pay to SGMPL, the agreed fees for the services that the company 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: The recommendations provided by SGMPL in the capacity of a Research Analyst and distributed as per SEBI (Research Analysts) Regulations 2014. Such recommendations does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained therein is from publicly available data or other sources believed to be reliable. Such recommendations shall be provided for assistance only and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of such information. Each recipient of such research services should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. SGMPL or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in such recommendation.
• Conflict of interest: SGMPL 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. SGMPL shall disclose any potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
• Termination of service and refund of fees: In case of suspension of certificate of registration of SGMPL for more than 60 (sixty) days or cancellation of the RA registration, SGMPL 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.

• 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 by reaching out to SGMPL's support at info@sovereignglobal.in.

  SGMPL 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. SGMPL shall redress grievances of the client in a timely and transparent manner. Any dispute between SGMPL 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 additional voluntary clauses added by SGMPL 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.
• 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: As may be applicable, SGMPL shall provide the guidance to their clients on an optional 'Centralised Fee Collection Mechanism for IA and RA'(CeFCoM) available to them for payment of fees to RA.

Most Important Terms and Conditions (MITC)

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

• 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:

  • 2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
  • 2.2. The fee limit does not include statutory charges.
  • 2.3. 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,

  • Step 1: the client should first contact the RA using the details on its website or following contact details:

  (RA to provide details as per ‘Grievance Redressal / Escalation Matrix’)

  • 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
• 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 SGMPL and SGMPL 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.