Disclosures with respect to Research and Recommendations Services

• The Research Analyst or any of its officers/employees does not trade in securities which are the 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 conflicts 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 the 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 or 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 those mentioned 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 third party in connection with the research report/recommendation.
• The subject company was not a client of the Research Analyst or its employee or its associates during the twelve months preceding the date of recommendation services provided.
• Research Analysts or its employee or its associates have not served as an officer, director, or employee of the subject company.
• Research Analysts have not been engaged in market-making activity of the subject company.

Standard Warning

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

Disclaimer

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