Parties to these Terms and Conditions:

i.Research Analyst: The Ankit C. Shah, Brand Name: Stock Researchers a SEBI

Registered Research Analyst, holding Registration No. INH000011334, with its

registered office located at 702, Viniyog CHS., M.G. Cross Road Number – 4,

Goregaon West, Mumbai - 400104 hereinafter referred to as the "Research

Analyst" or “RA”;

ii. Client: The individual or entity subscribing to or availing research services

provided by the Research Analyst, hereinafter referred to as the "Client."

1. Availing The Services:

The Client hereby accepts the research services and confirms to avail the research

services on its own discretion provided by the Research Analyst (“RA”), and the

Research Analyst agrees to provide such services in accordance with the terms and

conditions set forth underneath.

2. Obligations on RA and Client:

The client and the Research Analyst shall be bound by all applicable regulations,

rules, circulars, and amendments issued by SEBI, including the SEBI (Research

Analysts) Regulations, 2014 and all the other notifications of the Government, if any

from time to time.

3. Client Information and KYC:

The client is bound, upon acceptance of services, to submit all requisite documents

as requested by the research analyst and help the RA to complete the KYC process.

“The client hereby gives consent to the research analyst to fetch his KYC documents

from the KYC Registration Agency (KRA).”

4. Standard Terms of Service:

The Client acknowledges and gives his consent to be bound by the terms set forth

herewith, as well as any applicable amendments or updates provided by the

Research Analyst.i. ii. iii.

The client hereby agrees:

1. I 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.

2. I am subscribing to the research services for my own benefit and consumption,

and any reliance placed on the research report provided by the Research

Analyst shall be based on my own judgment and assessment of the

conclusions contained in the research report.

I understand that:

Any investment made based on the recommendations in the research report is

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 investments made based on

the recommendations in the research report.

Declaration by Research Analyst:

The Research Analyst further declares that,

1. It is duly registered with SEBI as an RA having Registration No.:

INH00001134, Date of Registration: 3rd February, 2023.

2. It has registration and qualifications required to render the services

contemplated under the RA Regulations, and the same are valid and

subsisting.

3. The services provided by the RA do not conflict with or violate any provision

of law, rule, regulation, contract, or other instrument to which it is a party or

to which any of its property is or may be subject.

4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum

per family of clients.

5. The recommendations provided by the RA do not provide any assurance of

returns.

6. The RA is not engaged in any additional professional or business activities on

a full-time or executive capacity that may interfere with or influence the

independence of the research report and/or recommendations.

5. Consideration And Mode of Payment.

1.The client shall duly pay the fees to the RA of the invoice raised or for any agreed

amount either written/oral within 2 days.

2. The Client agrees to make all payments via: UPI/Netbanking/Payment

Gateway or any other verified banking channel. Client shall not pay any fees in

cash.

3. The Client hereby agrees to pay the fees in the Bank account of Research Analyst

only. The RA shall not be liable for any payment made to third party account.

6. Risk Factors:

The Client understands that the services provided by the Research Analyst involve

inherent risks, and the Client agrees to bear full responsibility for any financial or

other consequences arising from the use of these services.

Investment in the market is subject to market risk, and is also subject to the

following:

1. Trading in equities, derivatives, and other securities are subject to market risks

and there is no assurance or guarantee of returns.

2. Past performance does not indicate future performance.

3. Research recommendations may not always be profitable, as actual market

movements may differ from anticipated trends.

4. The Research Analyst is not responsible or liable for any losses resulting from

research recommendations.

5. Investment in securities market are subject to market risks. Read all the related

documents carefully before investing.

6. Registration granted by SEBI, membership of BASL, and certification from NISM

do not guarantees the performance of the intermediary or provide any assurance

of returns to investors.

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. Some of disclosures are as follows:

1. The Research Analyst or any of its officer/employee does not trade in securities

which are subject matter of recommendation.

2. There are no actual or potential conflicts of interest arising from any connection

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. Such conflict of interest shall be

disclosed to the client as and when they arise.3. Research Analyst or its employee or its associates have not received any

compensation from the company which is subject matter of recommendation.

Client is advised to refer the detailed disclosure provided on our website.

8. Termination of Service and Refund of Fees:

The Agreement may be terminated by the client, if the Research Analyst fails to

provide the research recommendations. However, the client cannot terminate the

agreement solely based on not achieving the desired returns or incurring the losses

from trading on the recommendations or the client discontinues the services

without a valid reason, or in case of force majeure.

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.

9. Grievance Redressal:

In the event of grievances related to non-receipt of the research report, missing

content, or deficiencies in services, the Client may raise a grievance. The Research

Analyst will ensure Redressal within 7 days of such complaint.

The client is required to follow the following procedure for any grievance:

➢ Step 1: The client should first contact the RA at the contact details mentioned

below:

Contact No.: +91 9152882728

Mail ID: compliance@stockresearchers.net

➢ Step 2: In case, if the client is unsatisfied, he can lodge a complaint with the SEBI

through SEBI’s SCORES platform at www.scores.sebi.gov.in.

➢ Step 3: The client can also consider to seek resolution through the Online Dispute

Resolution (ODR) mechanism through SMART ODR Portal:

https://smartodr.in.DISCLAIMER: The client is strictly required to follow the procedure as mentioned

above, otherwise the RA shall not be liable delay in resolution of the grievance.

NOTE: Clients are advised to read the Do's and Don’ts for dealing with the

Research Analyst, as mentioned in SEBI Master Circular No. SEBI/HO/MIRSD-

POD-1/P/CIR/2024/49 dated May 21, 2024, or any updates provided by SEBI in the

future.

The clients are requested to go through all the Disclaimers, Disclosures, Refund

Policy and information as mentioned on its website.

10. Most Important Terms and Conditions:

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:

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.

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 mentioned herewith:

Contact No.: +91 9152882728

Mail ID: compliance@stockresearchers.net

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.

11. Optional Centralised Fee Collection Mechanism:

There is an optional ‘Centralized Fee Collection Mechanism for Investment

Advisors and Research Analysts’ (CeFCoM) for fee payments. The Research

Analyst has presently not opted for the same and once the Research Analyst gets

registered for it, then thereafter said mechanism will be available for the client.

12. Confidentiality:

Client shall not share any confidential information with third party without prior

consent from the RA which has come to its knowledge.

13. Dispute:

No suit, prosecution or other legal proceeding shall lie against the Research Analyst

for any damage caused or likely to be caused by anything which is done in good

faith or intended to be done under the provisions of the Securities and Exchange

Board of India (Research Analyst) Regulations, 2014.

Any Disputes between the parties shall be resolved through arbitration or other

methods mutually agreed upon, in accordance with applicable legal and regulatory

guidelines.

14. Severability:

If any provision of this Terms and Conditions is found to be invalid, illegal, or

unenforceable, the remaining provisions will remain in full effect, provided the

essential purpose of the Terms and Conditions is not undermined.

15. Force majeure:

Neither party shall be held liable for failure or delay in performance under this

Terms and Conditions due to circumstances beyond their reasonable control,

including but not limited to natural disasters, government actions, or other

unforeseen events.

The client agrees to abide with the terms and conditions of the research services.