Most Important Terms & Conditions

Most Important Terms and Conditions (MITC) of Research Analyst (RA)

• These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst. The Research Analyst cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Thus, the clients are advised not to permit the RA to execute any trade on their behalf.
• The fee charged by the RA to the client will 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).
  1. The current fee limit is Rs. 1,51,000/- per annum per family of the 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.
• 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 premature termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the unexpired period.
• Fees to the 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 the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited, which is currently the recognized RAASB.
• The RA is required to abide by the applicable regulations, circulars, and 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.
• Any assured, guaranteed, or fixed-return schemes, or any other schemes of similar nature, are prohibited by law. No such scheme 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, and estimates are based on the analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
• Any investment made based on recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on investments made based on such recommendations. Any reliance placed on the research report shall be based on the client's own judgment and assessment of the conclusions contained therein.
• 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:

1. Step 1: The client should first contact the RA using the details available on its website or email contact details.
2. Step 2: If the resolution is unsatisfactory, the client can lodge grievances through SEBI's SCORES platform at www.scores.sebi.gov.in.
3. 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 their 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 or OTPs for the client's Trading Account, Demat Account, or Bank Account. Never share such information with anyone, including the RA.

Optional Centralised Fee Collection Mechanism

• Centralized Fee Collection Mechanism (CeFCoM): This initiative by SEBI aims to ensure that investor payments are securely directed to legitimate SEBI-registered advisors rather than elsewhere.
• It enables investors to track all payments made to SEBI-registered advisors.
  1. Investors can request a link for the Centralized Fee Collection Mechanism (CeFCoM) from registered Research Analysts and make payments using various approved payment methods.

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.
• Unsolicited Invitations: They often send unsolicited links to join WhatsApp groups (such as VIP Groups or Free Trading Courses) to entice prospective clients.
• Fake Profiles: These entities create fraudulent profiles that present them as experts in the securities market.
• Impersonation: They frequently impersonate SEBI-registered intermediaries, well-known public figures, celebrities, CEOs, or MDs of established organizations.
• 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 with false promises of high returns.
• Given this situation, investors are urged to be cautious, avoid trusting unsolicited messages from unverified individuals, and refrain from joining suspicious WhatsApp Groups or Communities.

Guidelines for Investors

• Engage only with SEBI-registered intermediaries and utilize authentic trading applications.
• Verify the registration status of entities with SEBI before making any investment: SEBI Registration Verification .
• Conduct transactions only through the official trading applications of SEBI-registered intermediaries: SEBI Investor Support .
• Investors should communicate only through the genuine social media handles of SEBI-registered entities.
• SEBI issues this guidance to alert investors about fraud and scams carried out by unscrupulous entities and to help investors protect themselves while dealing with SEBI-registered intermediaries.

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

1. Step One: Search for the Research Analyst's name on SEBI's Official Website .
2. Step Two: Obtain the email address and phone number of the Research Analyst.
3. Step Three: Communicate with the Research Analyst regarding products and services only through the email address available on the SEBI portal.
4. Step Four: If the Research Analyst responds using the same registered email address, you can be confident that you are communicating with a genuine SEBI-registered professional.
5. Step Five: If the response comes from a different email address, ignore the communication, as it may be from impersonators attempting to scam you.