Terms and Conditions for Research Services

Dwipanjit Handique — SEBI Registered Research Analyst
SEBI Registration No. INH000028936 · BSE Enlistment No. 7390

These Terms and Conditions govern the research services provided by Dwipanjit Handique, an individual registered with the Securities and Exchange Board of India as a Research Analyst (the “RA”), to the person subscribing to those services (the “Client”).

No research service will be rendered and no fee will be charged until the Client’s consent to these Terms and Conditions has been received.

Particulars of the Research Analyst

1. Availing the research services

By accepting delivery of the research service, the Client confirms that he/she has elected to subscribe 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 SEBI (Research Analysts) Regulations, 2014 (the “RA Regulations”).

2. Obligations on RA

The RA and the Client shall be bound by the SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. 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.

The RA shall collect, store, upload and check KYC records of the Client with a KYC Registration Agency (KRA) as specified by SEBI from time to time. The Client agrees to provide PAN, proof of identity, proof of address, mobile number and email address, and to keep these updated.

4. Standard Terms of Service

The consent of the Client is taken on the following understanding:

Declaration of the Research Analyst

1. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: Registration number INH000028936, registered on 16 July 2026;
2. It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
3. 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 RA is Rs 1.51 lakhs per annum per family of client;
5. The recommendations provided by RA do not provide any assurance of returns.

The RA being an individual, further 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 research report and/or recommendations contained therein.

5. Consideration and mode of payment

The Client shall duly pay to the RA the agreed fees for the services that the RA renders to the Client and statutory charges, as applicable.

The fee limit does not include statutory charges and does not apply to a non-individual client or an accredited investor. Fees and statutory charges shall be payable through the specified manner and mode(s)/mechanism(s) notified by the RA.

6. Risk factors

• Investment in the securities market is subject to market risks. Read all the related documents carefully before investing.
• Securities prices fluctuate on account of company-specific, sector-specific, macroeconomic, political, regulatory, currency and liquidity factors, and may fall as well as rise.
• Research recommendations are opinions formed on the basis of publicly available information and known observations as at the date of the report, under stated assumptions. Subsequent events may render them inaccurate.
• Past performance of recommendations is not indicative of future results, and no representation is made that similar outcomes will be achieved.
• The Client may lose the entire capital invested. There is no recourse to claim any losses incurred on investments made on the basis of recommendations in a research report.
• Recommendations concerning small-cap, micro-cap, illiquid or derivative instruments carry a higher risk of loss and of being unable to exit at the quoted price.
• Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

7. 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. The RA discloses that:

• Any financial interest of the RA or the RA’s relatives in the subject company, and any actual or beneficial ownership of one per cent or more of the securities of the subject company, is disclosed on each research communication;
• Any compensation received from the subject company or its group companies in the preceding twelve months is disclosed on each research communication;
• The RA does not act as a market maker, and does not execute or carry out any trade on behalf of any client;
• The RA maintains an arm’s-length relationship between its research analyst activities and any other permitted activity;
• The RA and its relatives shall not deal or trade in securities that the RA recommends or follows within thirty days before and five days after the publication of a research report;
• Any conflict of interest that may affect the services rendered to the Client will be promptly communicated to the Client.

8. Termination of service and refund of fees

The RA may suspend or terminate rendering of research services to the Client on account of suspension or 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.

In case of pre-mature termination of the research services by either the Client or the RA, the Client shall be entitled to seek refund of proportionate fees only for the unexpired period. No breakage fee shall be charged.

9. 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 named below.

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, and in any event shall strive to redress a grievance immediately and not later than 21 days of its receipt. The RA shall redress grievances of the Client in a timely and transparent manner.

Any dispute between the RA and the Client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

10. Additional clauses

All additional voluntary clauses added by the RA shall not be in contravention with any rules, regulations or circulars of SEBI. Any change in such voluntary clauses or documents shall be preceded by a notice of 15 days to the Client.

Voluntary clauses presently applicable:

• Research reports and recommendations are for the exclusive use of the Client. Redistribution, reproduction, forwarding or onward sharing, in whole or in part, is prohibited.
• Research services are generic in nature and are not personalised investment advice. The RA is registered as a Research Analyst and not as an Investment Adviser, Portfolio Manager, Stock Broker or Depository Participant.
• Delivery of research services may be made through the client dashboard on the RA’s website, email, or a closed messaging group operated by the RA.

11. Mandatory notice

The Client is requested to go through the Do’s and Don’ts while dealing with a Research Analyst, as specified by SEBI in the Master Circular for Research Analysts in force from time to time, and as set out in the Investor Charter published at https://dwipanjithandique.in.

12. Most Important Terms and Conditions (MITC)

The following terms are standardised by SEBI and are reproduced as prescribed.

1. 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.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
   • The current fee limit is Rs 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 limits do not apply to a non-individual client / accredited investor.
3. 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 pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.
4. Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized 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 endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. Any assured/guaranteed/fixed returns schemes or any other schemes of 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, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
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 following contact details: Dwipanjit Handique, dwipanjit.researchanalyst@gmail.com, +91 88220 68674 (see the Grievance Redressal / Escalation Matrix at clause 9 above).
    Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in
    Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in
11. Clients are required to keep 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 RA.

13. Optional Centralised Fee Collection Mechanism (CeFCoM)

An optional Centralised Fee Collection Mechanism for IA and RA (CeFCoM), administered by BSE Limited as the recognised RAASB, is available to the Client for payment of fees to the RA. Payment through CeFCoM is at the Client’s option and is not a condition of service. Where the Client elects to use CeFCoM, fees are routed through the mechanism and the Client receives independent confirmation of the payment. Details are available at the RAASB’s website and on request from the RA.

14. Use of Artificial Intelligence tools

The RA discloses the extent of use of Artificial Intelligence tools in providing research services, as required under the RA Regulations:

• AI tools may be used to assist with data collation, screening, summarisation of publicly available information, and drafting support.
• Every recommendation is reviewed and approved by the Research Analyst, who remains solely responsible for its content. AI tools do not generate recommendations autonomously.
• Where an AI tool has assisted in preparing a research communication, that communication is marked as AI-assisted.
• The RA is solely responsible for the security, confidentiality and integrity of Client data where AI tools are used, irrespective of the scale of adoption or the tool or provider involved.
• Client personal and KYC data is not submitted to any third-party AI tool.

15. Consent

By signing below, the Client confirms that he/she has read and understood these Terms and Conditions, including the Most Important Terms and Conditions at clause 12, the fee structure at clause 5, and the risk factors at clause 6, and consents to the research services being rendered on this basis.