Disclosures & Disclaimers

Standard Research Rationale

• (a) Securities are chosen through a combination of Technical and Fundamental Analysis.
• (b) Our selection methods are research-driven and encompass technical indicators such as Price, Volume, RSI, and MACD, alongside data-informed fundamental analysis.
• (c) Recommendations for securities are based on the bullish and bearish sentiments derived from the analysed parameters.
• (d) To protect against potential losses, stop-loss measures are implemented for each security, guided by these parameters.
• (e) A daily closing chart of securities for 3 years or more is available at NSE Charting Portal and BSE Charting Portal.

Source: Brokers’ charts and various platforms that leverage exchange data, along with regulatory and company websites for accurate information.

Ratings Explained

• (a) Buy/Add: Purchase at the Current Market Price (CMP) or the price specified in the call.
• (b) Sell/Exit: Sell at the CMP or the price outlined in the call.
• (c) Hold: Retain securities until the price target or stop-loss is achieved.
• (d) Book Profit: Sell a portion of securities while keeping the remainder for potential further targets or stop-loss.
• (e) Apply: Submit applications for securities such as IPOs, OFS, Buybacks, etc.
• (f) Open Position: If stop-loss and target levels are not provided, particularly for long-term investments, exit at a profit or loss of 10 to 15%, whichever occurs first.
• (g) Adhere strictly to group calls; personal inquiries about Buy, Sell, and Hold may lead to unintended losses if group recommendations are not followed.

Disclaimer & Disclosure in Research Report

Research Report Terms & Conditions

• (a) Recommendations are based on publicly available information believed to be reliable and accurate at the time of publication.
• (b) Unless otherwise stated, recommendations are intended for a 12-month investment horizon.
• (c) Ratings are based on absolute returns (positive or negative) and should be interpreted accordingly.
• (d) Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• (e) Ratings may be revised or withdrawn due to reassessment of valuation, market events, or lack of clarity.
• (f) Opinions are subject to change without notice, with no obligation to inform clients of such changes.
• (g) Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• (h) There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• (i) Pro-rata refunds may be considered for subscriptions due to dissatisfaction, but these are not tied to investment outcomes.
• (j) Rinki Shyamlal Jaiswal, along with partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions.
• (k) All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and avoid misleading statements.
• (l) A daily closing chart of securities is available at NSE and BSE (links above).
• (m) Views on securities are based on both technical and fundamental analysis.
• (n) Rinki Shyamlal Jaiswal adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or Portfolio Management Services (PMS).
• (o) All participants must follow the instructions provided during group calls; one-on-one investment or trading services are not offered, as this is against RA regulations.
• (p) Personal queries related to group calls will not be entertained; members are responsible for their own profits and losses.
• (q) Copyright and confidentiality: research reports are issued for personal use only and no part may be reproduced, redistributed, or published without written authorization from Rinki Shyamlal Jaiswal.

Analyst Certification and Business Activities

I, Rinki Shyamlal Jaiswal, as a SEBI-registered Research Analyst, certify that:

• (a) The views expressed in this report represent the honest and independent opinions of the analyst(s) on the subject securities.
• (b) This report has been prepared using data from publicly available sources deemed reliable.
• (c) The analyst’s compensation is not influenced by the views or recommendations expressed herein.

Business Activity

Rinki Shyamlal Jaiswal is engaged in the business of providing independent equity research services, offering Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary. Registered with SEBI as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

Other Business Activities

May also involve activities such as education, referral, and recommendation of third-party products, both regulated and unregulated, depending on client demand, while maintaining an arm’s-length distance from SEBI Research Analyst activities.

Conflict of Interest & Ownership Disclosure

Neither the firm, its analysts, nor their relatives or associates:

• (a) Have a financial interest in the subject company at the time of publication.
• (b) Own 1% or more of the subject company’s equity securities.
• (c) Have any material conflict of interest with the subject company at the time of publication.
• (d) Have received any compensation (direct or indirect) from the subject company in the past 12 months.
• (e) Have provided any investment banking, merchant banking, or brokerage services to the subject company.
• (f) Serve in any managerial, officer, or directorial capacity for the subject company.
• (g) Are involved in market-making activities for the subject company.
• (h) Have had the subject company as a client in the last 12 months.

Compensation & Conflicts of Interest

• (a) Have not received any compensation from the subject company during the past twelve months.
• (b) Have not managed or co-managed any public offering of securities for the subject company in the past twelve months.
• (c) Have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• (d) Have not received any compensation for products or services other than investment banking, merchant banking, or brokerage services in the past twelve months.
• (e) Have not received any other benefits or incentives from the subject company or any third party in connection with this research report.

Employment & Operational Involvement

Have not served as an officer, director, or employee of the subject company at any point, and are not engaged in any market-making activity for the subject company.

Client Relationship & Service Status

The subject company has not been a client of Rinki Shyamlal Jaiswal during the twelve months prior to the publication of this report, and no services have been rendered to the subject company during this period.

Third-Party Research Quality and Cross-Review

A process is in place to review third-party research reports, if used, to ensure that no untrue statements of material fact or misleading information are included.

Disciplinary History

Rinki Shyamlal Jaiswal, and associates have no prior disciplinary action, regulatory penalties, or adverse rulings from SEBI or any other authority.

Key Disclosures and Risk Factors

• (a) All research reports and recommendations are provided solely for informational purposes and should not be construed as an offer or solicitation to buy, sell, hold, or subscribe to any securities or financial instruments.
• (b) Liability for loss or damages arising from unintentional errors or omissions is expressly disclaimed.
• (c) Investment in capital markets is inherently subject to risks; clients should assess their own risk tolerance and consider consulting a qualified financial advisor prior to making investment decisions.
• (d) Research products are not tailored to individual investment objectives, financial situations, or specific needs.
• (e) Clients obtaining research recommendations should exercise independent judgment and act in accordance with their financial capacity and risk appetite.

Risk Warnings

• (a) Investment in securities markets is subject to market risks; read all related documents carefully before investing.
• (b) Market conditions may cause partial or permanent loss of capital or portfolio value.
• (c) Securities quoted are for illustration only and are not recommended.
• (d) Past performance is not indicative of future results.

Open Position Risk

Research recommendations may remain open-ended, and in certain cases, no stop-loss or target levels may be defined. In such scenarios, a portfolio could be at risk of heavy losses caused by rapid market movements or unforeseen company-specific events. Investors can choose to exit their positions, accepting a loss of 10 to 15% in adverse market conditions. Individual inquiries regarding entry and exit cannot be accommodated.

No Loss or Refund Guarantee

• (a) There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• (b) Pro-rata refunds may be considered for subscriptions due to dissatisfaction, but these are not tied to investment outcomes.

Social Media Disclaimer

Any content shared via social media handles is intended for educational purposes only and should not be interpreted as financial advice or recommendations. Always consult a SEBI-registered investment adviser before making any financial decisions.

Use of AI and Algorithm Tools in Research

The research process includes technical and fundamental analysis, occasionally supported by AI and algorithm-based tools. While these tools enhance analytical capabilities:

• (a) They may introduce data biases, system vulnerabilities, or errors in interpretation, which could lead to losses.
• (b) AI and algorithm-generated insights carry a risk of misleading recommendations due to inaccurate or poor-quality input data.
• (c) Client data privacy and security remain a top priority and are handled in accordance with applicable laws and regulations.
• (d) Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data-centre communication failures, and misleading results from poor data.
• (e) There is no guarantee of success or return when acting on AI-generated recommendations.
• (f) Clients bear the full risk of any investment decisions made based on such advice.
• (g) The provider is not liable for any losses or damages incurred as a result of actions taken as per AI recommendations.

Model Portfolio Disclaimer

Model portfolios may be issued in full compliance with SEBI regulations. These are not tailored to individual financial goals, and clients must independently assess risk-reward based on their profile. Model portfolios:

• (i) Include securities and weightage based on research-driven methodology, aligned with general market views and sectoral outlooks at the time of issuance.
• (ii) Are accompanied by a detailed rationale.
• (iii) Are continuously monitored and updated when necessary.
• (iv) Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

Notice on Unregulated Products: US or Foreign Securities, Crypto, Forex & Third-Party Services

• (a) Recommendations related to US or Foreign Securities, Crypto assets, and Forex trading are outside SEBI’s jurisdiction.
• (b) Investors have no SEBI protection or dispute resolution for these products.

High Risk Warning

• (i) Significant potential for total capital loss due to market volatility and lack of regulation.
• (ii) Increased risk of fraud and operational failure.
• (iii) Investors should exercise caution based on their risk tolerance and financial situation, as no liability is accepted for any losses or damages incurred.

Business Activity and Disclosures

Focus is primarily on Research Analyst activities, offering clients defined ratings for Buy, Sell, Hold, and other options. Any additional activities do not pose a conflict of interest with the responsibilities of a Research Analyst.

Compliance and Transparency

This disclosure is made to ensure transparency regarding potential outside business interests and affiliations of the Principal Officer. There is no conflict of interest between research activities and other activities.

Fee Payment & Investor Protection

• (a) All service fees must be paid only via the official website or verified bank/payment gateway channels/@valid UPI.
• (b) The Centralized Fee Collection Mechanism (CeFCoM), if applicable, may also be used.
• (c) Payments made to any personal accounts or unauthorized third parties will not be acknowledged, and no liability will arise therefrom.
• (d) No third party or employee is authorized to offer return guarantees; any such activity should be reported to the Compliance Officer and SEBI immediately.
• (e) Engaging with unauthorized persons, including employees or associates, or accepting return guarantees without officially informing the company, will not create any liability on the company for resulting losses.
• (f) Reporting such incidents both internally (Compliance Officer) and to SEBI is a critical step to help stop potentially illegal investment schemes.

Contact Details

Regulatory Escalation (If Unresolved Within 7 Days)

If dissatisfied with the response, complaints may be raised through:

• (a) SEBI SCORES: SEBI SCORES Portal
• (b) SEBI ODR Portal: SEBI SMART ODR Portal
• (c) Toll-Free SEBI Helpline: 1800 22 7575 / 1800 266 7575

Investor Education & Downloads

• SEBI Investor Awareness Portal: SEBI Investor Awareness Portal
• Saarthi App (Android): Google Play
• Saarthi App (iOS): App Store

Investor Caution

SEBI advises investors to exercise extreme caution:

• (1) Verify registration of entities before investing at SEBI Intermediaries Verification Page.
• (2) Carry out transactions only through authentic trading apps of SEBI-registered intermediaries, verified at SEBI Investor Support Page.
• (3) Use “Validated UPI Handles” (“@valid” UPI IDs of SEBI-registered investor-facing intermediaries) and the “SEBI Check” platform at SEBI Check Platform or through the Saarthi app, for secure investor payments.

Please read the Client Consent, Investor Charter, MITC, Complaint Table, Grievance Redressal, Refund Policy, Fraud Awareness, and related pages on this website to avoid any future conflict of interest.