Investor Charter

Details of business transacted by the Research Analyst

With respect to investors, the Research Analyst (RA) will:

Publish research reports based on RA's research activities.
Provide an independent, unbiased view on securities.
Offer unbiased recommendations and disclose financial interests in recommended securities.
Base research recommendations on publicly available information and known observations.
Conduct annual audits.
Ensure all advertisements adhere to the Advertisement Code for Research Analysts.
Maintain records of interactions with clients and prospective clients related to research services.

Details of services provided to investors

(No indicative timelines unless stated)

Onboarding of Clients

Sharing terms and conditions of research services.
Completing KYC of fee-paying clients.

Disclosure to Clients

Disclose material information needed for informed decisions (business activity, disciplinary history, terms of service, associates, risks, conflicts of interest).
Disclose extent of use of Artificial Intelligence tools in providing research services.
If distributing third-party research, disclose material conflicts or provide web address pointing to those disclosures.
Disclose any conflict of interest between research services and other activities of the RA.
Distribute research reports and recommendations without discrimination.
Maintain confidentiality of a research report until it is public.
Respect clients' data privacy and protect confidential information from unauthorized use.
Disclose timelines for services and adhere to them.
Provide clear guidance and caution when recommending complex or high-risk products.
Treat all clients with honesty and integrity.
Keep client information confidential unless required by law or with client consent.

Grievance Redressal Mechanism

If an investor has a grievance, the following routes are available:

Mode of filing a complaint with the Research Analyst

Approach the concerned Research Analyst. RA will strive to redress the grievance immediately, but not later than 21 days from receipt of the grievance.

Filing via SCORES / RAASB

SCORES 2.0 — SEBI's web-based centralized grievance redressal system: https://scores.sebi.gov.in

Two-level review for complaints against an RA:

First review by designated body (RAASB).
Second review by SEBI.

Investors can also use online conciliation/arbitration platforms (e.g., SMARTODR) for unresolved matters. For physical complaints, contact SEBI Office of Investor Assistance and Education at SEBI Bhavan, Bandra-Kurla Complex, Mumbai.

Contact

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Rights of Investors

Right to Privacy and Confidentiality
Right to Transparent Practices
Right to Fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times
Right to be Informed of Timelines
Right to be Heard and Satisfactory Grievance Redressal
Right to Exit from Financial Product per agreed terms
Right to Clear Guidance and Caution for Complex/High-Risk Products
Additional access rights for vulnerable consumers (e.g., differently-abled)
Right to Provide Feedback
Right against Coercive and One-sided Clauses

Expectations from Investors (Responsibilities)

Do's

Deal only with SEBI-registered Research Analysts.
Ensure the RA has a valid registration certificate.
Check SEBI registration number (list on SEBI website).
Pay attention to disclosures in research reports before investing.
Pay your RA through banking channels and keep signed receipts.
Before buying/selling securities, check the RA's research recommendations.
Ask relevant questions and clear doubts with the RA before acting on recommendations.
Seek clarifications for complex or high-risk products.
Know that you can stop availing RA services as per terms agreed.
Provide feedback on services received.
Do not accept clauses that contravene regulatory provisions.
Inform SEBI about any RA offering assured/guaranteed returns.

Don'ts

Do not provide investment funds to the Research Analyst.
Do not fall prey to luring advertisements or market rumours.
Do not get attracted to limited-period discounts, gifts, or incentives.
Do not share trading/demat/bank account login credentials with the RA.