The following Terms and Conditions govern the clients dealing with Neeraj Dewan, SEBI registered Research Analyst.

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1. Availing the research services:

 By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of Neeraj Dewan (RA) at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

 

2. Obligations on RA:

RA 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.

 

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. 

RA  shall  collect,  store,  upload  and  check  KYC  records  of  the  clients  with  KYC Registration Agency (KRA) as specified by SEBI from time to time. 

 

4. Standard Terms of Service:

 The consent of client shall be taken on the following understanding: 

“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.

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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 –

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i.    Any  investment  made  based  on  the  recommendations  in  the  research  report

are subject to market risk.

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ii.   Recommendations  in  the  research  report  do  not  provide  any  assurance  of returns.

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iii.  There  is  no  recourse  to  claim  any  losses  incurred  on  the  investments  made based on the recommendations in the research report.”

 

I, Neeraj Dewan, declare that​:

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i.    I’m duly  registered  with  SEBI  as  a  RA  pursuant  to  the  SEBI  (Research Analysts)  Regulations, 2014  and  the  registration  details  are: 

Registration number   :           INH000014614

Registration date        :           January 29, 2024

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ii.   I have the registration and qualifications   required   to   render   the   services contemplated   under   the   RA   Regulations,   and   the   same   are   valid   and subsisting; 

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iii.  Research  analyst  services  provided  by  me  do  not  conflict  with  or  violate  any provision of law, rule or regulation, contract, or other instrument to I’m a party or to which any of its property is or may be subject;

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iv.  The  maximum fee  that  may  be  charged  by me  is  ₹1.51  lakhs  per  annum  per family of client.

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v.   The  recommendations  provided  by  me do  not  provide  any  assurance  of returns.  

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Additionally, I declare that:

i.    I’m 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. 

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5. Consideration and mode of payment:

 The client shall duly pay to RA, the agreed fees  for  the  services  that  RA  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). 

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6. Risk factors:

Client agrees that dealing in securities is inherently risky, any reliance on the content or reports on the site is at the clients own risk, and the client assumes any and all risks associated with his decisions. Prior to the execution of a stock investment, client is advised to consult with his broker or other financial representative to verify pricing and other information.

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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.

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8. Termination of service and refund of fees:

 Disclosure that the RA may suspend or  terminate  rendering  of  research  services  to client  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. 

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9. Grievance redressal and dispute resolution:

 Any grievance related to (i) non-receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) 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:

Neeraj Dewan, email id – neerajdewan@yahoo.com                         

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. 

RA shall redress grievances of the client in a timely and transparent manner.  Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

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10. Additional clauses:

All additional voluntary clauses added by the RA 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.

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11. Mandatory notice:

 Clients shall be requested to go through Do’s and Don’ts while dealing  with  RA  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.

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12. Most Important Terms and Conditions (MITC):

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[Forming part of the Terms and Conditions for providing research services]

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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.

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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).

Note:

2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research

services of the RA.

2.2. The fee limit does not include statutory charges.

2.3. The fee limits do not apply to a non-individual client / accredited investor.

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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 for 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.

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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).

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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.

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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.

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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.

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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.

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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.

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10. For any grievances,

Step 1: the client should first contact the RA using the details on its website or following

contact details:

Neeraj Dewan  Email id – neerajdewan@yahoo.com

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

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11. Clients  are  required to keep contact  details,  including  email  id  and mobile  number/s

updated with the RA at all times.

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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.