Disclosure of minimum mandatory Terms & Conditions to clients pursuant to SEBI Research Analyst (‘RA’) Regulations

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 INDstocks Private Ltd (Formerly Known as INDmoney Private Ltd ) (“INDstocks”) at his/her sole discretion. INDstocks confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
Obligations on RA: INDstocks and client shall be bound by 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
Client Information and KYC: The client shall furnish all such details in full as may be required by INDstocks in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. INDstocks shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.
Standard Terms of Service: “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 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 that:
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 :INH000018948, Registration date: 05-12-2024);
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 1.51 lakhs per annum per family of client.
5. The recommendations provided by RA do not provide any assurance of returns.
Consideration and mode of payment: The client shall duly pay to INDstocks, the agreed fees for the services that INDstocks renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s). Note: - Currently, INDstocks does not charge its retail clients for research services.
Risk factors Investments in securities market are subject to market risks, read all the related documents carefully before investing.
Conflict of interest INDstocks 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 disclosures regarding actual and potential conflict of interest shall be made available in the research reports published.
Termination of service and refund of fees Disclosure that INDstocks may suspend or terminate rendering of research services to clients on account of suspension/ cancellation of registration of RA by SEBI and shall refund the residual amount to the client. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.
Grievance redressal and dispute resolutionAny grievance related to
1. non-receipt of research report or
2. missing pages or inability to download the entire report,
3. any other deficiency in the research services provided by RA shall be escalated promptly by the client to the person/employee designated by RA, in this behalf.
INDstocks 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.
INDstocks shall redress grievances of the client in a timely and transparent manner. Any dispute between INDstocks and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.
Additional Clauses All additional voluntary clauses added by the INDstocks should not be in contravention with rules/ regulations/ circulars of SEBI. Any changes in such voluntary clauses/document(s) shall be preceded by a notice of 15 days.
Mandatory notice As investors you are requested to go through Do’s and Don’ts while dealing with INDstocks as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.
Optional Centralised Fee Collection Mechanism SEBI has introduced optional ‘Centralised Fee Collection Mechanism for IA and RA’ (CeFCoM) available for payment of fees to RA. However, INDstocks has not availed the said facility.
Use of Artificial Intelligence (‘AI’) tools in RA services: The extent of use of artificial intelligence tools shall be disclosed as a part of the research reports published.
Most Important Terms and Conditions (MITC):
1. These terms and conditions, and consent thereon are for the research services provided by INDstocks Private Ltd (Formerly known as INDmoney Private Limited) ("INDstocks") and INDstocks cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Thus, the clients are advised not to permit INDstocks to execute any trade on their behalf.
2. INDstocks 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. INDStocks will endeavour to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
3. 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 clients by INDStocks.
4. INDstocks cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the INDstocks’s research services. All opinions, projections, estimates of INDstocks are based on the analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
5. 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 INDStocks shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
6. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of INDstocks or assure any returns to the client.
7. For any grievances:
  1. Step 1: the client should first contact INDstocks using the details on its website or following contact details:(INDstocks to provide details as per 'Grievance Redressal / Escalation Matrix')
  2. Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform atwww.scores.sebi.gov.in.
  3. Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal athttps://smartodr.in
8. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of INDstocks or assure any returns to the client.
9. INDstocks 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 INDstocks.
For any grievance - Escalation Matrix