Dwipanjit Handique
SEBI Registered Research Analyst providing evidence-based, transparent equity research for the Indian securities market.
Every recommendation is grounded in disciplined analysis, fully disclosed, and compliant with SEBI (Research Analysts) Regulations, 2014.
Market Risk Disclosure: Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
About
Research with integrity.
Compliance by design.
Dwipanjit Handique is a SEBI Registered Research Analyst (SEBI Reg. No. INH000028936) committed to delivering disciplined, unbiased equity research for individual and institutional investors navigating the Indian securities market.
With deep expertise in fundamental analysis and a strict adherence to SEBI's regulatory framework, every report published under this registration is grounded in data, disclosed transparently, and free from conflicts of interest.
Services
Research, not advice.
All services are research-only in nature. These are generic research reports, not personalized investment advice. Please consult a SEBI-registered Investment Adviser for personalized guidance.
What every subscriber gets
Fees for individual and HUF clients never exceed ₹1,51,000 per family per year, and advance fees never exceed one year, as required by SEBI. Access begins only after KYC, the signed client agreement and the MITC acknowledgement are complete.
Important: All research services are generic in nature and are NOT personalized investment advice. I am registered as a Research Analyst (RA) and NOT as an Investment Adviser (IA). Research does not account for your individual financial goals, risk appetite, or portfolio. Please consult a SEBI-registered IA for personalized advice.
Education
Market Mastery Studio
A focused, modern education programme covering market structure, technical analysis, derivatives, risk psychology, and strategy playbooks — built for learners who want clarity, not noise.
Purely educational. Independent from any personalised investment advice.
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01
Market Foundations
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02
Technical Analysis Lab
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03
Futures Trading Desk
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04
Options Theory Engine
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05
Options Strategy Playbook
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06
Risk, Sizing, and Trading Psychology
Not investment advice
Research Reports
Published Research
All reports include mandatory SEBI disclosures. Reports are for registered clients only.
All research reports published on this website are for information purposes only. They do not constitute an offer or solicitation to buy or sell securities. Past performance is not indicative of future results. Every report carries a mandatory SEBI disclosure footer with registration number, financial interest declaration, and disclaimer.
Mandatory — SEBI Regulation 19A
✓ Investor CharterInvestor Charter
Reproduced in the form prescribed by SEBI for Research Analysts. Charter version: 2 June 2025
Select a part to expand it.
Vision
Invest with knowledge & safety.
Mission
Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.
- To publish research report based on the research activities of the RA
- To provide an independent unbiased view on securities.
- To offer unbiased recommendation, disclosing the financial interests in recommended securities.
- To provide research recommendation, based on analysis of publicly available information and known observations.
- To conduct audit annually
- To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
- To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.
Onboarding of Clients
- Sharing of terms and conditions of research services
- Completing KYC of fee paying clients
Disclosure to Clients
- To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
- To disclose the extent of use of Artificial Intelligence tools in providing research services
- To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures
- To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
- To distribute research reports and recommendations to the clients without discrimination.
- To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
- To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information
- To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines
- To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services
- To treat all clients with honesty and integrity
- To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.
Mode of filing the complaint with research analyst
In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance. You may write to dwipanjit.researchanalyst@gmail.com or call +91 88220 68674.
Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
- SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) — https://scores.sebi.gov.in
- First review done by designated body (RAASB)
- Second review done by SEBI
- Email to designated email ID of RAASB
If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.
With regard to physical complaints, investors may send their complaints to:
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
- 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 receive information about all the statutory and regulatory disclosures
- Right to Fair & True Advertisement
- Right to Awareness about Service Parameters and Turnaround Times
- Right to be informed of the timelines for each service
- Right to be Heard and Satisfactory Grievance Redressal
- Right to have timely redressal
- Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst
- Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
- Additional Rights to vulnerable consumers — Right to get access to services in a suitable manner even if differently abled
- Right to provide feedback on the financial products and services used
- Right against coercive, unfair, and one-sided clauses in financial agreements
Do’s
- Always deal with SEBI registered Research Analyst.
- Ensure that the Research Analyst has a valid registration certificate.
- Check for SEBI registration number. Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website at the SEBI intermediary list.
- Always pay attention towards disclosures made in the research reports before investing.
- Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
- Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
- Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.
- Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
- Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
- Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
- Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
- Inform SEBI about Research Analyst offering assured or guaranteed returns.
Don’ts
- Do not provide funds for investment to the Research Analyst.
- Don’t fall prey to luring advertisements or market rumors.
- Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
- Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.
Regulatory Disclosures
Disclosure — Research Analyst Services
In compliance with the SEBI (Research Analysts) Regulations, 2014 and the Master Circular for Research Analysts in force from time to time
Financial Interest: Financial interest, if any, in the security mentioned in a report will be disclosed in that specific report.
Corporate Relationship: Direct or indirect corporate relationship, if any, with the company mentioned will be disclosed in the report.
Compensation: Compensation received from the company or its group companies in the last 12 months, if any, will be disclosed in the report.
Disclaimer: Investment in securities is subject to market risks. Read all the related documents carefully before investing. The views expressed in this report are based on the analysis of available data and are subject to change without notice.
Dwipanjit Handique is registered with SEBI as a Research Analyst in terms of SEBI (Research Analysts) Regulations, 2014. The SEBI registration number is INH000028936. This registration does NOT constitute any approval or endorsement by SEBI of the quality of service or the veracity of any statement or claim made here.
Dwipanjit Handique is NOT registered as a Portfolio Manager, Investment Adviser, Stock Broker, or Depository Participant. Any activity that falls outside the scope of Research Analyst registration is NOT conducted or offered.
A Conflict of Interest Log is maintained as per Regulation 16 of SEBI (RA) Regulations, 2014. All personal holdings, family holdings, and associate holdings in recommended securities are disclosed in the relevant research report.
Front-Running Prevention: No securities recommended in any research report shall be traded (bought or sold) by the RA, associates, or family members during the period between the research report preparation and its publication, or during the documented cooling-off period after publication, except as disclosed in the report.
Performance Fees: No performance-based fee or profit-sharing arrangement is in place unless explicitly permitted under the prevailing Master Circular and disclosed in the MITC document.
Any financial interest in securities mentioned in published research reports is disclosed in the individual report. The RA, associates, and family members may or may not hold positions in recommended securities. All such positions are updated in each report.
No compensation has been received from any company covered in this research in the last 12 months, unless explicitly stated in the specific report.
Research reports are prepared using publicly available information including, but not limited to: Annual Reports, Quarterly Financial Results, Exchange Filings (BSE/NSE), SEBI Disclosures, Management Interviews, and Sector Data from Government sources (CMIE, RBI, MOSPI, MCA).
All AI-assisted analysis, if any, is subject to Human-in-the-Loop (HITL) verification by the registered RA. The RA is legally responsible for every statement in each published report regardless of preparation method.
Transparency
Investor Complaint Data
As required by SEBI, complaint data is updated monthly. Last updated: —
Data for the month ending —
| Sr. No. | Received from | Pending at the end of last month | Received | Resolved* | Total Pending# | Pending complaints > 3months | Average Resolution time^ (in days) |
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Number of complaints received during month against the RA due to impersonation by some other entity: —
Note: In case of any complaints received against the RA due to impersonation of the RA by some other entity, the RA may adjust the number of such complaints from total number of received/resolved complaints while preparing the above table. Further, RA must close such impersonation related complaints after following the due process as specified by SEBI/ RAASB.
| Sr. No. | Month | Carried forward from previous month | Received | Resolved* | Pending# |
|---|---|---|---|---|---|
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| Sr. No. | Year | Carried forward from previous year | Received | Resolved* | Pending# |
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* Inclusive of complaints of previous months/years resolved in the current month/year.
# Inclusive of complaints pending as on the last day of the month/year.
^ Average Resolution time is the sum total of time taken to resolve each complaint, in days, in the current month divided by total number of complaints resolved in the current month.
Where a complaint arises because another entity impersonated the Research Analyst, it is counted separately above and closed only after following the process specified by SEBI / RAASB.
Mandatory — Regulation 25(3)
Compliance Audit Status
A SEBI-registered Research Analyst must have an annual compliance audit conducted by a member of ICAI, ICSI or ICMAI within six months of each financial year end, file the report with RAASB within one month of the audit report and in no case later than 31 October, and publish the status of that audit — including any adverse findings — on this website.
Clients may request a copy of the compliance audit report by writing to dwipanjit.researchanalyst@gmail.com.
Grievance Redressal
Have a complaint?
We have a process.
SEBI mandates a structured, time-bound grievance redressal mechanism. Follow the steps below. Your rights are protected.
Write to dwipanjit.researchanalyst@gmail.com or call +91 88220 68674. Please include your registered name, contact details, nature of grievance, and relevant report/date.
The Research Analyst shall strive to redress your grievance immediately, and in any case not later than 21 days of receiving it. If it is not resolved in that time, you may lodge a formal complaint on the SEBI SCORES portal. Complaints against a Research Analyst carry a two-level review — first by the designated body (RAASB), then by SEBI. You can also call SEBI at 1800 22 7575 (Toll Free).
Open SCORES Portal ↗For disputes that remain unresolved through SCORES, you may access SEBI's Online Dispute Resolution (ODR) framework for conciliation and arbitration.
Open SMART ODR ↗Contact Details
Accessibility
Accessibility statement
Read the full accessibility statement
This website and the client dashboard are built to be usable by investors with disabilities.
Standard we work to. We aim to conform to WCAG 2.1 Level AA, alongside IS 17802 (Indian Standard for accessible ICT products and services), the Guidelines for Indian Government Websites, and the Rights of Persons with Disabilities Act, 2016 — as required by SEBI's digital accessibility framework for regulated entities.
What that means in practice. Text meets minimum contrast ratios, every form control has a programmatic label, the site works with a keyboard alone, content is structured with proper headings and landmarks so screen readers can navigate it, and the layout reflows on small screens without horizontal scrolling.
Adjust this site to suit you. Every page carries an accessibility toolbar, reached from the button marked with a person icon in the bottom-right corner of the screen, or by tabbing to it with the keyboard. It can enlarge text up to 200%, turn on high contrast, remove colour, invert the display, underline and highlight every link, switch to a more legible typeface, enlarge the pointer, strengthen the keyboard focus indicator, and show a reading guide that follows the pointer. Your choices are remembered on your own device and apply to the client dashboard as well. They are stored only in your browser and are never sent to us.
Nodal officer for accessibility. Dwipanjit Handique (proprietor and SEBI-registered Research Analyst, INH000028936) is the designated nodal officer for digital accessibility.
Found a barrier? Tell us. If any part of this website or the client dashboard is difficult to use because of a disability, write to dwipanjit.researchanalyst@gmail.com with the page and the problem. We will acknowledge within 2 working days and aim to fix or provide the information in an accessible alternative format promptly. If you are not satisfied with the response, the escalation routes in the Grievance Redressal section apply, including SCORES and SmartODR.
Assessment status. An internal review of every investor-facing page — automated checks plus manual keyboard and screen-reader testing — was last carried out on 29 July 2026, and the defects it found have been corrected. An independent accessibility audit by an IAAP-certified professional has not yet been commissioned; it is required under the SEBI framework and is being arranged. Until that audit is complete, this page states our own assessment rather than a certified conformance claim. The statement is reviewed at least annually and updated whenever the site changes materially.
Legal
Terms & Conditions
MITC-Compliant as per SEBI Circular (Feb 2025). Last Updated: 24 May 2026
Dwipanjit Handique provides generic equity research reports, sector analysis, and educational content as a SEBI Registered Research Analyst. The SEBI registration number is INH000028936. All services are research-only in nature and do NOT constitute personalized investment advice, portfolio management, or fund management.
The RA is NOT a Portfolio Manager, Investment Adviser, or Stock Broker. Any activity outside the defined scope of Research Analyst registration under SEBI (RA) Regulations, 2014 is not offered or implied.
These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.
Fees are fixed or subscription-based as described in the MITC document provided at onboarding. Payment is accepted only through traceable banking or regulated payment channels to registered accounts. No cash payments are accepted.
You may also pay through the Centralised Fee Collection Mechanism (CeFCoM), administered by BSE Limited as the recognised Research Analyst Administration and Supervisory Body (RAASB). Using CeFCoM is entirely your choice and is not a condition of service — fees are routed through the mechanism and you receive independent confirmation of the payment. Full details are in clause 13 of the Terms and Conditions, and I will arrange it on request.
Performance-based fees or profit-sharing is NOT offered unless explicitly stated and permitted under the prevailing SEBI Master Circular.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future results. Research reports are based on publicly available data and subjective analysis — they are not guarantees of profit, nor do they protect against loss.
The investor is solely responsible for the investment decision and its outcomes. Dwipanjit Handique shall not be held liable for any financial loss arising from actions taken based on research reports.
All research reports, website content, and materials published by Dwipanjit Handique are proprietary and protected by intellectual property laws. Unauthorized reproduction, redistribution, or republication without written consent is prohibited.
Clients may use research content for personal investment decision-making only. Commercial use, resale, or redistribution of reports is strictly prohibited.
To the maximum extent permitted by law, Dwipanjit Handique's liability for any claim arising from research services shall be limited to the fees paid for the specific service giving rise to the claim. No liability is accepted for indirect, consequential, or incidental losses.
These terms are governed by the laws of India and the regulations of SEBI. Any disputes shall be subject to competent courts in India and SEBI's dispute resolution mechanism as applicable.
Policy
Refund Policy
Read the full refund policy
If you stop the service early, you get your money back for the time you have not used. That is your right under the Most Important Terms & Conditions you accept when you subscribe, and it applies whether you end the service or I do. No cancellation or breakage fee is charged.
Ending a subscription early — proportionate refund
If either you or I end a research service before its paid period finishes, you are entitled to a refund of the fees for the unexpired period, calculated to the day — not rounded down to whole months. Having already received research during the period does not reduce it.
Worked example: ₹12,000 paid for a full year, ended after 182 days. 183 days of 365 remain, so ₹6,016.44 is returned. Your dashboard shows the same calculation on your own plan.
If my registration is suspended or cancelled
If SEBI suspends my certificate of registration for more than 60 days, or cancels it, I refund fees on a pro-rata basis from the effective date of that suspension or cancellation to the end of your subscription period. You do not need to ask for this.
Other circumstances in which a refund is due
- Service not delivered. If I fail to provide what was subscribed for reasons within my control, that part is refunded in full.
- Change of mind within 3 working days. If you cancel within 3 working days of paying and no recommendation has been issued or accessed by you, the fee is returned in full.
- Charged twice, or charged too much. Any duplicate payment is returned in full. Any amount taken above the SEBI fee ceiling of ₹1,51,000 per family per year is returned in full.
- A technical fault I cannot fix. If a fault on my side stops you receiving the service and is not resolved within 3 working days, the affected period is refunded.
What is not refunded
- Losses on investments, or dissatisfaction with how a recommendation performed. Research is not a promise of returns, and market outcomes are not a service failure.
- The portion of a period you have already had the service for — only the unexpired part is returned.
- Statutory charges such as GST already paid to the government, and bank or gateway charges, where these cannot be recovered.
The education course is a separate product and is not a research service. Its own terms apply to it, and nothing in this policy limits your rights in respect of research services.
How to ask, and how long it takes
Use the End this plan early button on the My plans page of your dashboard, or email dwipanjit.researchanalyst@gmail.com with your name, the service, and the payment reference. Your request takes effect from the day you make it — you are not charged for a notice period.
I acknowledge within 3 working days and return approved refunds within 7 business working days to the account you paid from — the same timeframe SEBI sets for resolving any grievance. Where fees were collected through the Centralised Fee Collection Mechanism (CeFCoM) operated by BSE Limited, the refund is processed through CeFCoM, which can take longer; I will tell you the expected date when I acknowledge.
If you disagree with a refund decision, it is not final. Raise it with me first, then escalate to SEBI’s SCORES portal, and then to SmartODR for online dispute resolution. The full route is set out in the Grievance Redressal section above.
If something outside my control interrupts the service
Research may be interrupted by things neither of us can control — a change in law or regulation, an order of a government or regulator, a suspension of internet or telecom services in the area where I work, the blocking of a messaging platform, a failure at a service provider I depend on, a natural disaster, or my own serious illness or hospitalisation.
If that happens I will tell you as soon as I reasonably can, and your subscription is extended by the length of the interruption at no further cost, so you still receive the full period you paid for. If the service cannot resume within a reasonable time the subscription ends and the unexpired period is refunded to you, on the same proportionate basis as any other early termination. An interruption is never a reason to keep money for time you did not receive.
Two things this does not cover, because neither interrupts the service. First, your dashboard is the primary channel and the permanent record of every recommendation, and Telegram is a convenience alongside it — if a messaging platform becomes unavailable, delivery continues in your dashboard.
Second, a loss of internet access at your end is not an interruption of my service. Your dashboard stays online and every recommendation issued while you were offline is still there, in full, when you reconnect — nothing expires and nothing is missed. The clause above is about my ability to publish research, not your ability to reach it on a given day.
Who this applies to
These fee and refund terms apply to individual and HUF clients who are not accredited investors, as set out in SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/48 dated 2 April 2025. For non-individual clients, accredited investors and institutional investors, fee and refund terms are agreed bilaterally in the contract — ask me and I will set them out in writing before you subscribe.
This policy sits alongside, and does not override, clause 8 of the Terms and Conditions and the Most Important Terms & Conditions prescribed by SEBI (circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated 17 February 2025). Where any wording here differs from those, they prevail. Last updated: 4 August 2026.
Compliance
Anti-Money Laundering (AML) Policy
Read the full AML / KYC policy
Dwipanjit Handique is committed to full compliance with the Prevention of Money Laundering Act, 2002 (PMLA) and SEBI guidelines on KYC and AML.
KYC Requirements
All fee-paying clients must complete mandatory KYC before services commence. PAN and Aadhaar verification is required. KYC documents are stored securely and in compliance with data protection norms.
Cash Transaction Policy
No cash payments are accepted for any service. All transactions are conducted through registered banking channels, UPI, or regulated payment gateways with full audit trails.
Suspicious Transaction Reporting
Suspicious transactions, as defined under PMLA, will be reported to the Financial Intelligence Unit (FIU-India) as required by law. Client information may be shared with regulatory authorities when legally mandated.
Record Retention
All KYC records, transaction records, and research reports are retained for a minimum period of 5 years in accordance with SEBI and PMLA requirements.
Quick Facts
FAQ for investors and answer engines
Clear factual answers about the website, compliance boundary, grievance process, and education product.
Who is Dwipanjit Handique?
Dwipanjit Handique is presented as a SEBI Registered Research Analyst providing research-only Indian equity market insights, disclosures, investor charter information, grievance redressal details, and educational market content. SEBI Reg. No. INH000028936.
Does this website provide personalized investment advice?
No. The services described here are research-only and educational in nature. They are not personalized investment advice, portfolio management, brokerage, fund management, guaranteed returns, or assured profit services.
How can investors raise a complaint?
Investors can first contact the compliance officer at dwipanjit.researchanalyst@gmail.com. If unresolved, they may use the SEBI SCORES portal at scores.sebi.gov.in and then SMART ODR at smartodr.in for eligible disputes.
What is Market Mastery Studio?
Market Mastery Studio is the connected educational course app. It covers market structure, technical analysis, derivatives foundations, risk psychology, and strategy playbooks. It is educational only and not personalized investment advice.
Contact
Get in touch.
For research enquiries, subscriptions, or compliance-related queries. Responses within 2 working days.