For the purpose of Disclosures as per SEBI (Research Analyst) Regulations, 2014, Research Analyst is referred as “Research Entity”

A. Descriptions about “Research Entity”

· History, Present business and Background

Research Entity is registered with SEBI as Research Analyst with Registration No. INH000019202. The firm got its registration on January 1, 2025 and is engaged in research Services.

Other than the Research Services that come under the purview of SEBI Research Analyst regulation, the entity has been offering business consulting & business research services to a set of institutions, family offices & HNI families since it’s incorporation on July 23, 2019. These business consulting & business research services do not come under the purview of SEBI Regulations. The same was declared to the regulator as part of the Research Analyst application process.

The Equity research service is a separate business vertical within the overall organization with a dedicated set of employees. The focus of Equity Research vertical is to provide equity research and recommendations services to the clients. Analyst aligns its interests with those of the client and seeks to provide the best suited services.

· Terms and conditions of Research and Recommendation Services

Terms and conditions of Research and Recommendation Services are detailed in the terms and condition document. Please refer to the same for details.

· Disciplinary history

i. No penalties have been issued by SEBI under the SEBI Act or Regulations made there under against the Research entity, Research Analyst or its associates or relatives.

ii. There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research entity, Research Analyst or its associates or relatives.

Details of its associates

No Associates

B. Disclosures with respect to Research and Recommendations Services

· Research entity or Research Analyst or his associate or his relative may have financial interest or actual / beneficial ownership of one per cent or more in the securities recommended in its personal portfolio at the end of the month immediately preceding the date of publication of the research report or date of the public appearance. Details of the same may be referred through the disclosures made at the time of advice.

· There are no actual or potential conflicts of interest arising from any connection of Research entity or Research Analyst or his associate or his relative 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 research entity or its associates or relatives, may have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation. Details of the same may be referred through the disclosures made at the time of advice.

· Research entity or Research analyst or its associate or relatives has no connection or association of any sort with any issuer of products/ securities recommended herein.

· Research analyst or his associate or his relative has 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 and recommendations services.

· Research entity or Research analyst or its associates has not received any kind of remuneration or consideration form the products/ securities recommended herein.

· Research entity or Research analyst or its associates have not received any compensation from the subject company in past 12 months.

· Research entity or Research analyst or its associates have not managed or co-managed the public offering of Subject Company in past 12 months.

· Research entity or Research analyst or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company in past 12 months.

· Research entity or Research analyst or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months

· Research entity or Research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report or research recommendations.

· Research entity or Research analyst or its associates have not received any compensation for products or services from the subject company in past 12 months.

· The subject company is or was not a client of Research entity or Research analyst or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.

· Research Analysts or its associates has not served as an officer, director or employee of the subject company.

· Research Entity has not used Artificial Intelligence tools for providing the research services to its clients