Regulatory disclosures

Disclosures under the SEBI (Research Analysts) Regulations, 2014

Made under Regulation 24(2) and the Third Schedule, as amended. Last updated: pre-launch draft, July 2026.

Analyst certification

The views expressed in our research reports and recommendations accurately reflect the personal views of the Research Analyst about the subject securities. No part of the Research Analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in any research report.

Conflict of interest policy

We maintain and follow a policy to identify, manage and disclose conflicts of interest. Where the Research Analyst or associates hold, or intend to hold, a position in a recommended security, that interest is disclosed in the recommendation itself. Research is not influenced by any business relationship, and no recommendation is made in exchange for consideration from the subject company.

Standing disclosures

Unless specifically stated otherwise in an individual recommendation, in relation to the subject company:

• The Research Analyst and relatives do not hold any financial interest of 1% or more.
• The Research Analyst has not received any compensation from the subject company in the past twelve months (including for investment banking, merchant banking, brokerage, or products and services).
• The Research Analyst is not an officer, director or employee of the subject company.
• The Research Analyst has not been engaged in market making for the subject company.

Where any of the above does not hold for a particular recommendation, the position is disclosed within that recommendation's mandatory disclosure block.

Compensation

Our compensation is derived solely from research subscription fees paid by clients. We do not accept compensation tied to any specific recommendation, nor any performance-linked or profit-sharing arrangement, which is prohibited.

Annual compliance audit

An annual compliance audit is conducted within six months of the end of each financial year and submitted to SEBI within one month thereafter. The audit status and any adverse findings are published on this page. Status for FY 2026–27: to be published following the first audit cycle.

Standard disclaimers