Everything you should read before you act on a report.

Standard research rationale

• a.Securities are chosen through a combination of technical and fundamental analysis.
• b.Our selection methods are research-driven and encompass technical indicators such as price, volume, RSI and MACD, alongside data-informed fundamental analysis.
• c.Recommendations for securities are based on the bullish and bearish sentiments derived from the analysed parameters.
• d.To protect against potential losses, we implement stop-loss measures for each security, guided by these parameters.
• e.A daily closing chart of securities for three years or more is available at charting.nseindia.com and charting.bseindia.com.

Source: Brokers’ charts and various platforms that leverage exchange data, along with regulatory and company websites for accurate information.

Ratings explained

Disclaimer and disclosure in research reports

Research report terms and conditions

• a.The recommendations provided in a report are based on publicly available information we believe to be reliable and accurate at the time of publication.
• b.Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.
• c.Ratings provided are based on absolute returns, positive or negative, and should be interpreted accordingly.
• d.Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• e.We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity.
• f.Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes.
• g.Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• h.There is no scope for refunding losses incurred from acting on any research report or commentary.
• i.While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.
• j.Arvind Maruti Desai, Proprietor of Samarth Trade, along with associates and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports.
• k.All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements.
• l.A daily closing chart of securities is available at charting.nseindia.com and charting.bseindia.com.
• m.The view on securities is based on both technical and fundamental analysis.
• n.We adhere strictly to the SEBI (Research Analysts) Regulations, 2014, and do not offer investment advisory or portfolio management services.
• o.All participants must follow the instructions provided during our group calls. We do not offer any one-on-one investment or trading services, as this is against research analyst regulations.
• p.Personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses.

Copyright and confidentiality

• i.Research reports are issued for personal use only.
• ii.No part of a report may be reproduced, redistributed or published without written authorisation from Arvind Maruti Desai, Proprietor of Samarth Trade.

Analyst certification

I, Arvind Maruti Desai, Proprietor of Samarth Trade, as a SEBI-registered research analyst, certify that:

• a.The views expressed in a report represent the honest and independent opinions of the analyst on the subject securities.
• b.The report has been prepared using data from publicly available sources deemed reliable.
• c.The analyst’s compensation is not influenced by the views or recommendations expressed in it.

Conflict of interest and ownership disclosure

Neither the research analyst, nor relatives or associates:

• a.Have a financial interest in the subject company at the time of publication.
• b.Own 1% or more of the subject company’s equity securities.
• c.Have any material conflict of interest with the subject company at the time of publication.
• d.Have received any compensation, direct or indirect, from the subject company in the past 12 months.
• e.Have provided any investment banking, merchant banking or brokerage services to the subject company.
• f.Serve in any managerial, officer or directorial capacity for the subject company.
• g.Are involved in market-making activities for the subject company.
• h.Have the subject company as a client in the last 12 months.

Where any of the above does apply to a particular security, it will be disclosed within the research report itself.

Compensation and conflicts of interest

The research analyst and associates:

• a.Have not received any compensation from the subject company during the past twelve months.
• b.Have not managed or co-managed any public offering of securities for the subject company in the past twelve months.
• c.Have not received any compensation for investment banking, merchant banking or brokerage services from the subject company in the past twelve months.
• d.Have not received any compensation for products or services other than investment banking, merchant banking or brokerage services from the subject company in the past twelve months.
• e.Have not received any other benefits or incentives from the subject company or any third party in connection with a research report.

Employment and operational involvement

• a.Have not served as an officer, director or employee of the subject company at any point.
• b.Are not engaged in any market-making activity for the subject company.

Client relationship and service status

The subject company has not been a client of Arvind Maruti Desai, Proprietor of Samarth Trade, during the twelve months prior to the publication of a report, and no services have been rendered to the subject company during this period.

Third-party research quality and cross-review

A process is in place to review third-party research reports, where used, to ensure that no untrue statements of material fact or misleading information are included.

Disciplinary history

Arvind Maruti Desai, Proprietor of Samarth Trade, and associates have no prior disciplinary action, regulatory penalties, or adverse rulings from SEBI or any other authority.

Key disclosures and risk factors

• a.All research reports and recommendations are provided solely for informational purposes and should not be construed as an offer or solicitation to buy, sell, hold or subscribe to any securities or financial instruments.
• b.Arvind Maruti Desai, Proprietor of Samarth Trade, along with associates and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports.
• c.Investment in capital markets is inherently subject to risks. Clients should assess their own risk tolerance carefully and consider consulting a qualified financial adviser prior to making investment decisions.
• d.Our research products are not tailored to individual investment objectives, financial situations or specific needs.
• e.Clients obtaining research recommendations should exercise independent judgement and act in accordance with their financial capacity and risk appetite, fully appreciating the risks involved in securities markets.

No loss or refund guarantee

• a.There is no scope for refunding losses incurred from acting on any research report or commentary.
• b.While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.

Social media disclaimer

Any content shared via our social media handles is intended for educational purposes only and should not be interpreted as financial advice or recommendations.

Always consult a SEBI-registered investment adviser before making any financial decisions.

Use of AI and algorithmic tools in research

Our research process includes technical and fundamental analysis, occasionally supported by AI and algorithm-based tools. While these enhance analytical capability:

• a.They may introduce data biases, system vulnerabilities or errors in interpretation, which can lead to losses.
• b.AI and algorithm-generated insights carry a risk of misleading recommendations due to inaccurate or poor-quality input data.
• c.Client data privacy and security remain a priority and are handled in accordance with applicable laws and regulations.
• d.Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data centre communication failures, and misleading results from poor data.
• e.There is no guarantee of success or return when acting on AI-generated recommendations.
• f.You bear the full risk of any investment decisions made on the basis of such output.
• g.We are not liable for any losses or damages incurred as a result of actions taken on AI-supported recommendations.

Model portfolio disclaimer

Model portfolios may be issued in full compliance with SEBI regulations. They are not tailored to individual financial goals, and clients must independently assess risk and reward against their own profile. Where issued, model portfolios will:

• i.Include securities, and assign weightage, on a research-driven methodology aligned with general market views and sectoral outlooks at the time of issuance.
• ii.Be accompanied by a detailed rationale.
• iii.Be continuously monitored and updated when necessary.
• iv.Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

Business activity and disclosures

Arvind Maruti Desai, Proprietor of Samarth Trade, primarily focuses on research analyst activities, offering clients defined ratings for buy, sell, hold and other options. Any additional activities do not pose a conflict of interest with the responsibilities of a research analyst.

Compliance and transparency

This disclosure is made to ensure transparency regarding potential outside business interests and affiliations of the principal officer. There is no conflict of interest between research activities and other activities.

Fee payment and investor protection

• a.All service fees must be paid only via our official website, www.samarthtrade.com, or verified bank and payment gateway channels, or an @valid UPI handle.
• b.The Centralized Fee Collection Mechanism (CeFCoM) may be used where applicable.
• c.Payments made to any personal accounts or unauthorised third parties will not be acknowledged, and no liability will arise from them.
• d.No third party or employee is authorised to offer return guarantees. Report any such activity to our compliance officer and to SEBI immediately.
• e.If you engage with such unauthorised persons, including our associates, or accept return guarantees without officially informing us, we will not be liable for any resulting losses or liabilities.
• f.Reporting such incidents both internally and to the regulator is a critical step in helping stop potentially illegal investment schemes.

Regulatory escalation

If your complaint remains unresolved after 7 days, or you are dissatisfied with our response, raise it through:

Toll-free SEBI helpline: 1800 22 7575 / 1800 266 7575

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