Most Important Terms and Conditions (MITC)

Last updated: 23 October 2026

1. These terms and conditions, and the consent to them, are for the research services provided by the Research Analyst (RA). The RA cannot execute or carry out any trade (purchase or sale transaction) on behalf of the client. Clients are therefore advised not to permit the RA to execute any trade on their behalf.
2. The fee charged by the RA to the client is subject to the maximum amount prescribed by SEBI or the Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only to individual and HUF clients).
   • The current fee limit is ₹1,51,000 per annum per family of client for all research services of the RA.
   • The fee limit does not include statutory charges.
   • The fee limits do not apply to a non-individual client or an accredited investor.
3. The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of premature termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the unexpired period.
4. Fees to the RA may be paid by the client through any of the specified modes, such as cheque, online bank transfer or UPI. Cash payment is not allowed. Optionally, the client can make payments through the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited (the currently recognised RAASB).
5. The RA is required to abide by the applicable regulations, circulars and directions specified by SEBI and the RAASB from time to time in relation to the disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavour to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. Any assured, guaranteed or fixed-return schemes, or any other schemes of a similar nature, are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
7. The RA cannot guarantee returns, profits, accuracy or risk-free investments from the use of the RA’s research services. All opinions, projections and estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation or publication of the research report.
8. Any investment made on the basis of recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on investments made on the basis of the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
9. The SEBI registration, enlistment with the RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances:
    Step 1: the client should first contact the RA using the details on this website: mnshgoyal@gmail.com, +91 73801 22211 (see the escalation matrix).
    Step 2: if the resolution is unsatisfactory, the client can lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in.
    Step 3: the client may also consider online dispute resolution (ODR) through the Smart ODR portal at smartodr.in.
11. Clients are required to keep their contact details, including email ID and mobile number(s), updated with the RA at all times.
12. The RA shall never ask for the client’s login credentials or OTPs for the client’s trading account, demat account or bank account. Never share such information with anyone, including the RA.