The Trading Mitra will not engage in any transaction in the securities that have been recommended to clients as Research Analyst for a period of thirty days prior to the recommendation and for 5 days after the date of such recommendation. No association or conflict exists that may affect the impartiality of advice.

Full disclosure will be provided if any conflict arises.

Nature of Advisory and Client Responsibility: We offer non-binding, non-executory advisory services. The final decision to act on any recommendation lies with the client. Clients are fully responsible for their own investment and trading decisions. Our role is limited to providing advice based on research and market analysis.

Personal Trading by the Research Analyst — Disclosure & Client Acknowledgement On behalf of the Research Analyst (SEBI-Registered Research Analyst):

1. Personal Trading:
   The Research Analyst (“RA”) may, from time to time, transact in securities that are also the subject of the RA’s research reports or recommendations. Such personal trades are executed in accordance with the RA’s individual investment objectives, risk appetite, time horizon, target prices, and stop-loss levels, which may differ materially from those communicated in client advisories or research outputs.
2. No Implied Advice from Personal Trades:
   The RA’s personal trades do not constitute client-specific advice and should not be construed as a directive for clients to buy/sell/hold. Any difference between the RA’s execution and the parameters in research communications is solely due to the RA’s proprietary goals and constraints.
3. Client Reliance on Formal Communications Only:
   Clients are strictly advised to act only on the basis of the research report/advice formally communicated by the RA through the designated channels and/or upon the triggering of target or stop-loss levels stated therein. Mimicking or acting upon the RA’s personal trades, outside of a corresponding formal recommendation, is done entirely at the client’s own discretion and risk.
4. Fiduciary Conduct & Conflict Management:
   While SEBI regulations permit a Research Analyst to trade in covered securities subject to applicable disclosures and internal controls, the RA maintains a fiduciary duty to ensure that client interests are not compromised. The RA adheres to prescribed codes of conduct, disclosure requirements, and conflict-management procedures to mitigate potential conflicts arising from personal trading.
5. Client Acknowledgement & Indemnity:
   By engaging with the RA’s research services, the client acknowledges and agrees that (i) any decision to imitate or rely on the RA’s personal trades—absent a formal recommendation from the RA—is taken solely at the client’s risk, and (ii) the client shall bear full responsibility for all outcomes of such actions and shall indemnify and hold the RA harmless from any loss, claim, liability, or consequence arising therefrom. This disclosure forms an integral part of the RA’s Terms of Engagement and should be read in conjunction with the RA’s Research Analyst Disclosures and Code of Conduct.

End of Contractual Relationship — Research Analyst Services

1. Scope and Tenure:
   The Research Analyst’s (“RA”) responsibility is limited strictly to the tenure and scope of the subscribed research plan as set out in the engagement letter/subscription order.
2. Automatic Cessation:
   Upon expiry of the plan term, the RA’s professional obligations—including issuance of further research updates, follow-on commentary, trade tracking/management, or clarifications—cease automatically without any further notice.
3. No Post-Expiry Deliverables Without Renewal:
   No research updates or support will be provided after expiry unless the client renews the research subscription. The client is solely responsible for ensuring timely renewal to continue receiving research communications.
4. No Discretion/Execution:
   For clarity, the RA does not execute, manage, or monitor client trades and does not provide portfolio management or suitability assessment. All investment decisions rest with the client.

Risk Disclosure & Client Responsibility

1. High-Risk Product:
   Derivatives are complex, leveraged instruments and carry a high degree of risk. Prices can be volatile and losses may exceed the initial outlay.
2. Nature of Service (Research, Not Advice):
   Any communication from the RA in relation to derivatives constitutes impersonal research/commentary and not client-specific advice, suitability assessment, or a recommendation tailored to the client’s financial circumstances.
3. Client Understanding & Education Material:Advisory in any Segment including Equity and Derivatives: Clients availing derivative segment advisory must acknowledge that derivatives carry high risk. It is the client’s responsibility to fully understand the product, associated risk, and implications of leverage. We recommend clients to open education material on Zerodha Varsity https://zerodha.com/varsity/ and strongly advised them to read and thoroughly understand the contents before acting on any equity or derivative recommendation. We have no association, linkage, or commercial arrangement with Zerodha Varsity. The reference to Zerodha Varsity is made purely for educational purposes. We shall not be held responsible for losses due to client’s negligence or misinterpretation. Client is responsible to maintain the required margin required. It’s the responsibility of client not the RA.

4. Margins, Leverage & Compliance:
   The client is solely responsible for maintaining required margins, understanding leverage implications, monitoring positions, and complying with broker/exchange requirements. These responsibilities rest with the client, not the RA.
5. No Liability for Client Negligence/Misinterpretation:
   The RA shall not be responsible for losses arising from the client’s negligence, misunderstanding, misinterpretation, or improper use of research content, including but not limited to errors in execution, margin shortfalls, or failure to manage risk.
6. Independent Judgment & Professional Advice:
   Clients should exercise independent judgment and, where needed, seek advice from a qualified Investment Adviser (IA) regarding suitability, risk tolerance, and asset allocation. The RA’s role is limited to publishing research under the SEBI (Research Analysts) Regulations.

Execution Discipline & Risk Awareness

Clients acknowledge that any research-linked action should mirror the parameters indicated in the research communication (including, where stated, quantity sizing and timing). Any deviation by the client—such as partial or delayed execution—may lead to outcomes that differ from the research view. The RA shall not be responsible for losses arising from incorrect, partial, or untimely execution by the client.

Market Risk Disclosure

Clients understand that financial markets are inherently volatile and that equities and derivative instruments involve a high degree of risk. While the RA exercises professional judgment and due diligence in publishing research, no returns or profits are guaranteed. Research on derivative instruments is suitable only for investors who already understand such products and possess adequate risk capacity. Losses in leveraged products can exceed the capital deployed.

Nature of Service & Client Responsibility

The RA provides impersonal research and does not offer client-specific suitability assessments or execution/portfolio management. Clients act on the research at their own discretion and are solely responsible for determining suitability, risk, and position sizing in light of their personal circumstances, including maintaining margins and complying with broker/exchange requirements

Acknowledgement of Disclosures & Indemnity

By accessing the RA’s research, the client confirms having read and understood all declarations, disclosures, disclaimers, and terms accompanying the research service. The client accepts full responsibility for decisions taken on the basis of such research and agrees to indemnify the RA against claims, losses, or liabilities covered under the engagement terms, disclosures, and disclaimers.

The Trading Mitra will not engage in any transaction in the securities that have been recommended to clients as Research Analyst for a period of thirty days prior to the recommendation and for 5 days after the date of such recommendation. No association or conflict exists that may affect the impartiality of advice.

Full disclosure will be provided if any conflict arises.

Nature of Advisory and Client Responsibility: We offer non-binding, non-executory advisory services. The final decision to act on any recommendation lies with the client. Clients are fully responsible for their own investment and trading decisions. Our role is limited to providing advice based on research and market analysis.

Personal Trading by the Research Analyst — Disclosure & Client Acknowledgement On behalf of the Research Analyst (SEBI-Registered Research Analyst):

1. Personal Trading:
   The Research Analyst (“RA”) may, from time to time, transact in securities that are also the subject of the RA’s research reports or recommendations. Such personal trades are executed in accordance with the RA’s individual investment objectives, risk appetite, time horizon, target prices, and stop-loss levels, which may differ materially from those communicated in client advisories or research outputs.
2. No Implied Advice from Personal Trades:
   The RA’s personal trades do not constitute client-specific advice and should not be construed as a directive for clients to buy/sell/hold. Any difference between the RA’s execution and the parameters in research communications is solely due to the RA’s proprietary goals and constraints.
3. Client Reliance on Formal Communications Only:
   Clients are strictly advised to act only on the basis of the research report/advice formally communicated by the RA through the designated channels and/or upon the triggering of target or stop-loss levels stated therein. Mimicking or acting upon the RA’s personal trades, outside of a corresponding formal recommendation, is done entirely at the client’s own discretion and risk.
4. Fiduciary Conduct & Conflict Management:
   While SEBI regulations permit a Research Analyst to trade in covered securities subject to applicable disclosures and internal controls, the RA maintains a fiduciary duty to ensure that client interests are not compromised. The RA adheres to prescribed codes of conduct, disclosure requirements, and conflict-management procedures to mitigate potential conflicts arising from personal trading.
5. Client Acknowledgement & Indemnity:
   By engaging with the RA’s research services, the client acknowledges and agrees that (i) any decision to imitate or rely on the RA’s personal trades—absent a formal recommendation from the RA—is taken solely at the client’s risk, and (ii) the client shall bear full responsibility for all outcomes of such actions and shall indemnify and hold the RA harmless from any loss, claim, liability, or consequence arising therefrom. This disclosure forms an integral part of the RA’s Terms of Engagement and should be read in conjunction with the RA’s Research Analyst Disclosures and Code of Conduct.

End of Contractual Relationship — Research Analyst Services

1. Scope and Tenure:
   The Research Analyst’s (“RA”) responsibility is limited strictly to the tenure and scope of the subscribed research plan as set out in the engagement letter/subscription order.
2. Automatic Cessation:
   Upon expiry of the plan term, the RA’s professional obligations—including issuance of further research updates, follow-on commentary, trade tracking/management, or clarifications—cease automatically without any further notice.
3. No Post-Expiry Deliverables Without Renewal:
   No research updates or support will be provided after expiry unless the client renews the research subscription. The client is solely responsible for ensuring timely renewal to continue receiving research communications.
4. No Discretion/Execution:
   For clarity, the RA does not execute, manage, or monitor client trades and does not provide portfolio management or suitability assessment. All investment decisions rest with the client.

Risk Disclosure & Client Responsibility

1. High-Risk Product:
   Derivatives are complex, leveraged instruments and carry a high degree of risk. Prices can be volatile and losses may exceed the initial outlay.
2. Nature of Service (Research, Not Advice):
   Any communication from the RA in relation to derivatives constitutes impersonal research/commentary and not client-specific advice, suitability assessment, or a recommendation tailored to the client’s financial circumstances.
3. Client Understanding & Education Material:Advisory in any Segment including Equity and Derivatives: Clients availing derivative segment advisory must acknowledge that derivatives carry high risk. It is the client’s responsibility to fully understand the product, associated risk, and implications of leverage. We recommend clients to open education material on Zerodha Varsity https://zerodha.com/varsity/ and strongly advised them to read and thoroughly understand the contents before acting on any equity or derivative recommendation. We have no association, linkage, or commercial arrangement with Zerodha Varsity. The reference to Zerodha Varsity is made purely for educational purposes. We shall not be held responsible for losses due to client’s negligence or misinterpretation. Client is responsible to maintain the required margin required. It’s the responsibility of client not the RA.

4. Margins, Leverage & Compliance:
   The client is solely responsible for maintaining required margins, understanding leverage implications, monitoring positions, and complying with broker/exchange requirements. These responsibilities rest with the client, not the RA.
5. No Liability for Client Negligence/Misinterpretation:
   The RA shall not be responsible for losses arising from the client’s negligence, misunderstanding, misinterpretation, or improper use of research content, including but not limited to errors in execution, margin shortfalls, or failure to manage risk.
6. Independent Judgment & Professional Advice:
   Clients should exercise independent judgment and, where needed, seek advice from a qualified Investment Adviser (IA) regarding suitability, risk tolerance, and asset allocation. The RA’s role is limited to publishing research under the SEBI (Research Analysts) Regulations.

Execution Discipline & Risk Awareness

Clients acknowledge that any research-linked action should mirror the parameters indicated in the research communication (including, where stated, quantity sizing and timing). Any deviation by the client—such as partial or delayed execution—may lead to outcomes that differ from the research view. The RA shall not be responsible for losses arising from incorrect, partial, or untimely execution by the client.

Market Risk Disclosure

Clients understand that financial markets are inherently volatile and that equities and derivative instruments involve a high degree of risk. While the RA exercises professional judgment and due diligence in publishing research, no returns or profits are guaranteed. Research on derivative instruments is suitable only for investors who already understand such products and possess adequate risk capacity. Losses in leveraged products can exceed the capital deployed.

Nature of Service & Client Responsibility

The RA provides impersonal research and does not offer client-specific suitability assessments or execution/portfolio management. Clients act on the research at their own discretion and are solely responsible for determining suitability, risk, and position sizing in light of their personal circumstances, including maintaining margins and complying with broker/exchange requirements

Acknowledgement of Disclosures & Indemnity

By accessing the RA’s research, the client confirms having read and understood all declarations, disclosures, disclaimers, and terms accompanying the research service. The client accepts full responsibility for decisions taken on the basis of such research and agrees to indemnify the RA against claims, losses, or liabilities covered under the engagement terms, disclosures, and disclaimers.