Terms & Conditions

Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the RA at his/her sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

Obligations on RA

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 Government, as may be in force from time to time.

Client information and KYC

The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time.

KYC records

The RA shall collect, store, upload and check KYC records of clients with a KYC Registration Agency (KRA) as specified by SEBI from time to time.

Standard Terms of Service

The consent of the client shall be taken on the following understanding:

"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 Analyst) Regulations, 2014, including the fee structure.

I / We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by the research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

I / We understand that —

1. Any investment made based on the recommendations in the research report is subject to market risk;
2. Recommendations in the research report do not provide any assurance of returns;
3. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report."

Declaration of the RA

1. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014, and its registration details are: INH000027760, Jun 03, 2026, Validity Perpetual;
2. It has the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
3. The research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum per family of client;
5. The recommendations provided by the RA do not provide any assurance of returns.

Additionally, as the RA is an individual, the RA declares that it is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with / influence or have the potential to interfere with / influence the independence of the research report and/or recommendations contained therein.

Consideration and mode of payment

The client shall duly pay to the RA the agreed fees for the services rendered and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s) / mechanism(s).

Risk factors

Investment in securities carries standard risks, including market risk, liquidity risk and the risk of loss of capital. Recommendations do not provide any assurance of returns, and investments may lose value.

Conflict of interest

The RA shall adhere to the applicable regulations / circulars / directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. Mandatory conflict-of-interest disclosures are set out on the Disclosures page.

Termination of service and refund of fees

The RA may suspend or terminate rendering of research services on account of suspension / cancellation of registration of the RA 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 / suspension to the end of the subscription period.

Grievance redressal and dispute resolution

Any grievance related to (i) non-receipt of a research report, (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by the RA shall be escalated promptly by the client to the designated person: Ms. Nameeta Priyadarshnee Panda, connect@researchbull.in. The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations. The RA shall redress grievances in a timely and transparent manner. Any dispute between the RA and the client may be resolved through arbitration or through any other mode or mechanism as specified by SEBI from time to time.

Additional clauses

All additional voluntary clauses added by the RA shall not be in contravention with the rules / regulations / circulars of SEBI. Any change in such voluntary clauses / document(s) shall be preceded by a notice of 15 days.

Mandatory notice

Clients are requested to go through the Do's and Don'ts while dealing with an RA as specified in SEBI Master Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated 21 May 2024, or as may be specified by SEBI from time to time. See Do's & Don'ts.

Most Important Terms and Conditions (MITC)

(Standardised by the Industry Standards Forum (ISF) in consultation with SEBI and RAASB.)

1. These terms and conditions, and the consent thereon, are for the research services provided by the Research Analyst (RA). The RA cannot execute or carry out any trade (purchase / sell 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 will be subject to the maximum amount prescribed by SEBI / RAASB from time to time (applicable only for 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 limit does not apply to a non-individual client / 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, UPI, etc. Cash payment is not allowed. Optionally, the client may make payments through the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited (currently the recognised RAASB).
5. The RA is required to abide by the applicable regulations / circulars / directions specified by SEBI and RAASB from time to time in relation to 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.
6. Any assured / guaranteed / fixed-returns 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 analysis of available data under certain assumptions as of the date of preparation / publication of the research report.
8. Any investment made based on 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 based on the recommendations. Any reliance placed on the research report shall be as per the client's own judgement and assessment of the conclusions contained therein.
9. The SEBI registration, enlistment with 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 its website or the following contact details: Ms. Nameeta Priyadarshnee Panda, connect@researchbull.in, +91 87967 24796.
    • Step 2: if the resolution is unsatisfactory, the client may lodge grievances through SEBI's SCORES platform at 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 and OTPs for the client's Trading Account, Demat Account and Bank Account. Never share such information with anyone, including the RA.

Optional Centralised Fee Collection Mechanism

The RA shall provide guidance to clients on the optional 'Centralised Fee Collection Mechanism for RA' (CeFCoM) available for payment of fees to the RA. See Payment & KYC.