Investor Charter in Respect of RAs

Vision

Invest with knowledge and safety.

Mission

To empower every investor to:

• Make informed investment decisions aligned with their needs.
• Invest in the right financial products.
• Manage and monitor their portfolios effectively.
• Access transparent reports.
• Achieve long-term financial wellness.

• Publish research reports based on the Research Analyst’s independent analysis.
• Provide unbiased and independent views on securities.
• Offer fair and transparent recommendations, including disclosures of financial interests, if any.
• Provide research recommendations based on publicly available information and analytical observations.
• Conduct annual audits.
• Ensure all advertisements comply with the Advertisement Code for Research Analysts.
• Maintain records of client interactions, including prospective clients, where discussions about research services occur.

Client Onboarding

• Sharing terms and conditions of research services.
• Completing KYC of fee-paying clients.

Disclosures to Clients

Provide all material information required for informed decision-making, including:

• Business activities.
• Disciplinary history.
• Terms and conditions.
• Details of associates.
• Risks and conflicts of interest.
• Disclose the extent of usage of Artificial Intelligence tools in research services.
• While distributing third-party research reports, disclose any material conflict of interest of the third-party provider or provide a link directing to relevant disclosures.
• Disclose any conflict between research services and other activities of the Research Analyst.

Additional Service Standards

• Distribute reports and recommendations to all clients without discrimination.
• Maintain confidentiality of research reports until publicly released.
• Respect clients’ data privacy and ensure protection against unauthorized access.
• Disclose service timelines and maintain adherence to them.
• Provide clear guidance and cautionary notes when recommending complex or high-risk financial products/services.
• Treat all clients with honesty and integrity.
• Ensure client information is kept confidential unless required for legal obligations or when client consent is provided.

1. Filing Complaints with the Research Analyst

Investors may lodge complaints directly with the Research Analyst. All grievances will be addressed promptly, and no later than 21 days from receipt.

2. Filing Complaints on SCORES / RAASB

Investors may escalate complaints through:

• SCORES 2.0 – SEBI’s web-based centralized grievance redressal platform (scores.sebi.gov.in).
• Research Analyst Administration and Supervisory Body (RAASB).
• First-level review: RAASB.
• Second-level review: SEBI.
• Email to the designated RAASB email ID.

3. Filing Complaints on SMART ODR

If dissatisfied with the resolution by the Market Participant, investors may file complaints on the SMARTODR platform for online conciliation or arbitration.

4. Physical Submission of Complaints

Investors may send physical complaints to:

• Right to Privacy and Confidentiality.
• Right to Transparent Practices.
• Right to Fair and Equitable Treatment.
• Right to Adequate Information.
• Right to Initial & Continuing Disclosures.
• Right to Fair and True Advertisement.
• Right to be informed about service parameters and turnaround times.
• Right to be heard and receive satisfactory grievance redressal.
• Right to exit any financial product/service as per agreed terms.
• Right to receive clear guidance when dealing with complex or high-risk products.
• Additional rights for vulnerable consumers, including accessible services.
• Right to provide feedback on services and products.
• Right against coercive, unfair, or one-sided clauses in agreements.

Do’s

• Always deal with SEBI-registered Research Analysts.
• Verify the Research Analyst’s valid SEBI registration number.
• Refer to the updated list of SEBI-registered Research Analysts available on the SEBI website.
• Carefully review all disclosures in research reports before investing.
• Make payments only through banking channels and keep signed receipts.
• If applicable, use the CeFCoM mechanism for fee payments (for fee-paying clients).
• Check the Research Analyst’s recommendations before buying/selling securities or applying for public issues.
• Ask relevant questions and clarify doubts before acting on recommendations.
• Seek guidance especially for complex or high-risk products/services.
• Know your right to discontinue services as per agreed terms.
• Know your right to provide feedback on services received.
• Remember that no clause contradicting regulatory provisions is binding on you.
• Report any Research Analyst offering assured or guaranteed returns to SEBI.

Don’ts

• Do not provide funds to the Research Analyst for investment.
• Do not fall for misleading advertisements or market rumors.
• Do not be influenced by limited-period discounts, incentives, or gifts.
• Do not share your trading, demat, or bank login credentials or passwords with the Research Analyst.