Terms of Service

1. Availing the research services

By accepting delivery of the research service, the client confirms that he or she has elected to subscribe to the research service of the research analyst (“RA”, Manish Goel) at his or her sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the SEBI (Research Analysts) Regulations, 2014 (“RA Regulations”).

2. Obligations of the research analyst

The RA and the client shall be bound by the SEBI Act and all applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of the Government, as in force from time to time. The RA shall comply with the RA Regulations, maintain the disclosures and records they require, and render research services in the best interest of the client.

3. Client information and KYC

The client shall furnish, in full, all details that the RA may require in its standard form, with supporting documents, as may be made mandatory by the RAASB or SEBI from time to time. The RA shall collect, store, upload and check the KYC records of the client with a KYC Registration Agency (KRA), as specified by SEBI from time to time. Research services begin only after KYC is complete.

4. Standard terms of service and client consent

The client provides the following consent before the service begins:

“I/We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analysts) Regulations, 2014, including the fee structure. I/We am/are subscribing to the research services for my/our own benefit and consumption, and any reliance placed on the research report provided by the research analyst shall be as per my/our own judgement and assessment of the conclusions contained in the research report. I/We understand that (i) any investment made on the basis of the recommendations in the research report is subject to market risk; (ii) recommendations in the research report do not provide any assurance of returns; and (iii) there is no recourse to claim any losses incurred on the investments made on the basis of the recommendations in the research report.”

5. Declaration of the research analyst

The RA declares that:

1. he is duly registered with SEBI as a research analyst under the RA Regulations, registration no. INH100004775 dated 24 March 2022, and is enlisted with BSE (RAASB) under no. 5228;
2. he holds the registration and qualifications required to render the services contemplated under the RA Regulations, and they are valid and subsisting;
3. the research services provided by him do not conflict with or violate any provision of law, rule, regulation, contract or other instrument to which he is a party or to which any of his assets are subject;
4. the maximum fee that he may charge is ₹1,51,000 per annum per family of client (for individual and HUF clients, excluding statutory charges); and
5. the recommendations provided by him do not provide any assurance of returns.

6. Consideration and mode of payment

The client shall duly pay the RA the agreed fees for the services that the RA renders to the client, and statutory charges, as applicable, in the manner and through the modes specified below.

The fee for this research plan is ₹1,50,000 plus GST at the applicable rate (currently 18%, i.e. ₹27,000) — ₹1,77,000 — paid once, in full, before delivery, together with any other statutory charges that apply. It covers a set of four research reports, all of which are delivered on the day the fee is received. The plan may be taken once per family in any 12-month period, so that fees remain at all times within the limits specified by SEBI and the RAASB. Fees are payable only through banking channels — cheque, NEFT, RTGS, IMPS or UPI — to an account in the name of the RA. Cash is not accepted. A tax invoice is issued for every payment.

7. Risk factors

• Market risk. Share prices fluctuate, sometimes sharply, and may stay below their fair value for long periods. Capital invested can be lost in part or in full.
• Business risk. Competition, regulation, technology, management decisions and governance failures can impair a company’s value.
• Liquidity risk. Shares of small and mid-sized companies may be thinly traded and harder to buy or sell at the expected price.
• Valuation and assumption risk. Research relies on estimates and assumptions that may prove wrong. Opinions are based on information available on the date of the report and may change.
• Concentration risk. The plan consists of four recommendations; investors should consider diversification and their own capacity for risk.
• Macroeconomic risk. Interest rates, inflation, currency movements, taxes and geopolitical events can affect all companies.
• Data risk. Research uses public information believed to be reliable, but its accuracy cannot be guaranteed.

8. Conflict of interest

The RA shall adhere to the regulations, circulars and directions of SEBI in relation to the disclosure and mitigation of any actual or potential conflict of interest. Each research report discloses any financial interest that the RA or his associates hold in the subject company, and any other material conflict of interest. The RA will promptly inform the client of any conflict of interest that may affect the services being rendered.

9. Termination of service and refund of fees

• The RA may suspend or terminate rendering of research services to the client on account of the suspension or cancellation of his registration by SEBI, and shall refund the residual amount to the client. In case of suspension of the certificate of registration of the RA for more than 60 (sixty) days, or cancellation of the RA registration, the RA shall refund the fees on a pro rata basis for the period from the effective date of cancellation or suspension to the end of the subscription period.
• Under this plan the fee is paid once, for a set of four research reports, and all four are delivered on the day the fee is received. The service paid for is therefore complete on delivery: once the reports have been delivered, no residual amount or unexpired subscription period remains, and the fee is not refundable. The courtesy notes described in clause 11 carry no charge, and no part of the fee relates to them.
• If the service ends before the reports are delivered — whether because the client cancels, or because the RA terminates the service or is unable to deliver it for any reason, including the suspension or cancellation of his registration — the full fee is refunded, without any cancellation or other charge.
• The client may end the service at any time by writing to the RA by email. The RA may terminate the service for a material breach of these terms by the client.
• Refunds are made within 7 working days to the bank account from which the fee was paid. See the refund policy.

10. Grievance redressal and dispute resolution

Any grievance — including non-receipt of a research report, missing pages or inability to open or download a report, an inaccuracy in a report, or any issue about fees or refunds — may be raised with the RA at mnshgoyal@gmail.com or +91 73801 22211. The RA shall resolve it within 21 days of receipt. If the client is not satisfied, the client may lodge a complaint on SEBI’s SCORES platform (scores.sebi.gov.in) and may also seek resolution through online conciliation or arbitration on the Smart ODR portal (smartodr.in). See grievance redressal.

11. Additional terms of this research plan

1. Scope. A set of four research reports, each on one company and researched for a holding horizon of about five years, delivered together; and, as a courtesy and at no charge, a short note by email if, within twelve months of the payment, the RA’s view on any of the four companies changes materially (for example, a downgrade or an exit).
2. Timelines. All four reports are sent on the day the fee reaches the RA’s bank account. If it arrives after 6:00 pm IST, or on a Sunday or public holiday, they are sent on the next working day. Each report states its date and is based on information available on that date.
3. Delivery. Reports and notes are sent by email to the client’s registered email address. Every client receives the same reports, and a courtesy note goes at the same time to all clients entitled to it.
4. No personalised advice or execution. The research is general and is not tailored to any client. The RA does not execute trades, handle funds or securities, or manage portfolios.
5. Confidentiality and copyright. Reports are for the client’s personal use. They may not be shared, forwarded, reproduced or published, in whole or in part. Copyright in all research remains with the RA.
6. Client responsibilities. The client shall keep contact details and KYC information up to date, read each report’s disclosures, and make investment decisions on his or her own judgement.
7. Communication. Official communication is by email. The RA will never ask for login credentials, passwords or OTPs for any trading, demat or bank account.
8. No automatic charges. Nothing renews or is charged automatically. The plan may be taken again only after twelve months, and only if the client chooses.
9. Changes. Any change to these additional terms will be notified to clients by email at least 15 days before it takes effect, and shall not contravene any SEBI regulation or circular. Changes required by law take effect as specified by SEBI.
10. Governing law. These terms are governed by the laws of India. Subject to the SEBI grievance redressal and online dispute resolution mechanisms, courts at Chandigarh shall have jurisdiction.

12. Mandatory notice

Clients are requested to go through the Do’s and Don’ts while dealing with research analysts, as specified in SEBI master circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2024/49 dated 21 May 2024, or as may be specified by SEBI from time to time. They are summarised on the investor charter page.

13. Most Important Terms and Conditions

The Most Important Terms and Conditions (MITC) form part of these terms, and the client’s consent to them is recorded before the service begins.

14. Optional Centralised Fee Collection Mechanism

SEBI has provided an optional Centralised Fee Collection Mechanism for investment advisers and research analysts (CeFCoM), operated by BSE as the RAASB. The RA does not currently receive fees through CeFCoM; fees are payable only through the banking channels described in clause 6. Clients will be informed in advance if this changes.

15. Contact

Manish Goel, SEBI Registered Research Analyst (INH100004775) · Flat No. 2209B, Block 13, Chandigarh Housing Board, Sector 63, Chandigarh – 160022 · mnshgoyal@gmail.com · +91 73801 22211