Disclosure
The Research Analyst never guarantees the returns on the recommendation provided. Investor shall take note that Investment/trading in stocks/Index or other securities is always subject to market risk.

Standard Warning

“Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”

Disclosures with respect to Research Activity

• The Research Analyst or any of its officer/employee does not trade in securities which are subject matter of recommendation.
• 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.
• Research Analyst or its employee or its associates have not received any compensation from the company which is subject matter of recommendation.
• Research Analyst or its employee or its associates have not managed or co-managed the public offering of any company.
• Research Analyst or its employee or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company.
• Research Analyst or its employee or its associates have not received any compensation for products or services other than above from the subject company.
• Research Analyst or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
• The subject company was not a client of Research Analyst or its employee or its associates during twelve months preceding the date of recommendation services provided.
• Research Analysts or its employee or its associates has not served as an officer, director or employee of the subject company.
• Research Analysts has not been engaged in market making activity of the subject company.

Disclaimer

“Registration granted by SEBI, and certification from NISM in no way guarantee performance of the Research Analyst or provide any assurance of returns to investors.