Regulatory Disclosures

Most Important Terms and Conditions

The disclosures we are required to make to clients under the SEBI (Research Analysts) Regulations, 2014 and related SEBI circulars. Please read this in full before availing research services.

Most Important Terms and Conditions (MITC)

Standardised by the Industry Standards Forum in consultation with RAASB and SEBI, per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025, issued under Regulation 24(6) of the SEBI (Research Analysts) Regulations, 2014.

1
These terms and consent are for research services only. The Research Analyst cannot execute or carry out any trade on the client’s behalf — clients must not permit the RA to execute trades for them.
2

The fee charged is capped at the SEBI/RAASB-prescribed limit, applicable to Individual/HUF clients only, excluding accredited investors.

₹151,000 per annum, per family, across all research services

This limit excludes statutory charges and does not apply to non-individual clients or accredited investors.
3

The RA may charge fees in advance if agreed by the client, not exceeding one year (per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/48 dated April 2, 2025). On premature termination by either party, the client receives a pro-rata refund for the unexpired period, with no breakage fee retained by the RA. Statutory charges (e.g. GST) already paid are not part of the refundable service fee. A client wishing to terminate must give 15 days’ written notice to Asanresearch26@gmail.com; the refund is calculated from the date the notice period ends, not the date of the request.

Worked example

Annual fee ₹12,000; client terminates with 90 days remaining in the subscription (after the 15-day notice period) → Refund = ₹12,000 × (90 ⁄ 365) ≈ ₹2,959, exclusive of GST already paid.
4
Accepted payment modes: cheque, online bank transfer, UPI and similar traceable channels. Cash is not accepted. Clients may optionally use the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited.
5
The RA follows SEBI/RAASB conflict-of-interest rules and will promptly disclose any conflict affecting the services rendered.
6
Assured, guaranteed or fixed-return schemes are prohibited by law. The RA will not offer any such scheme.
7
The RA cannot guarantee returns, profits, accuracy or risk-free outcomes. All views are based on data available and assumptions made as of the report date.
8
Investments based on recommendations carry market risk; there is no assurance of returns and no recourse for losses. Reliance on any report is per the client’s own judgement.
9
SEBI registration, RAASB enlistment and NISM certification do not guarantee performance or returns.
10

For grievances, see the Grievance Redressal section below.
11
Clients must keep their email address and mobile number updated with the RA at all times.
12
The RA will never ask for the client’s trading, demat or bank login credentials or OTPs — never share these with anyone, including the RA.

Terms and Conditions for Research Services

Minimum Mandatory Terms and Conditions per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated January 8, 2025.

1. Availing the research services

By accepting delivery of the research service, the client confirms that they have elected to subscribe to the RA’s research service at their sole discretion. The RA confirms that services are rendered in accordance with the RA Regulations.

2. Obligations on the RA

The RA and client are bound by the SEBI Act, 1992, and all applicable rules, regulations and Government notifications in force from time to time.

3. Client information and KYC

The client shall furnish the details required by the RA’s standard form. The RA shall collect, store, upload and check KYC records with a KYC Registration Agency (KRA) as specified by SEBI.

4. 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 Analysts) Regulations, 2014, including the fee structure. I/We are subscribing to the research services for our own benefit and consumption, and any reliance placed on the research report shall be as per our own judgement. I/We understand that investments based on the report’s recommendations are subject to market risk, carry no assurance of returns, and offer no recourse for losses incurred.”

5. Consideration and mode of payment

Fees and statutory charges are payable through cheque, online transfer, UPI or CeFCoM — never cash. Advance fees, if agreed, may not exceed one year’s fees.

6. Risk factors

Investments in securities are subject to market risk. There is no guarantee of returns from any recommendation. Past performance does not indicate future results. Clients should independently evaluate all risks, including market, liquidity and concentration risk, before acting on any recommendation.

7. Conflict of interest

The RA adheres to SEBI/RAASB rules on disclosure and mitigation of actual or potential conflicts of interest, and promptly informs clients of any conflict affecting the services rendered. Relevant disclosures, if any, accompany the applicable research report.

8. Termination of service and refund of fees

Notice period: a client wishing to terminate must give 15 days’ written notice to the RA’s compliance contact. The refund is calculated from the date the notice period ends.
Client-initiated termination: pro-rata refund for the unexpired period after notice, with no breakage fee retained.
RA-initiated termination (registration suspended more than 60 days, or cancelled): pro-rata refund from the effective date of suspension or cancellation to the end of the subscription period.
Exclusions: statutory charges (e.g. GST) already paid are not part of the refundable service fee.
Refunds are processed through the original payment channel, promptly, and without deduction for reports already delivered.

9. Grievance redressal and dispute resolution

Escalate to the RA’s designated compliance contact first; unresolved matters proceed to SEBI SCORES or Smart ODR — see the Grievance Redressal section below.

10. Mandatory notice

Clients are requested to review the Do’s and Don’ts below, as specified in SEBI master circular no. SEBI/HO/MIRSD-PoD-1/P/CIR/2024/49 dated May 21, 2024.

Do’s and Don’ts

As specified under SEBI master circular no. SEBI/HO/MIRSD-PoD-1/P/CIR/2024/49 dated May 21, 2024.

Do’s

Always deal with a SEBI-registered Research Analyst.
Ensure the Research Analyst holds a valid registration certificate.
Check the RA’s SEBI registration number.
Refer to the list of SEBI-registered Research Analysts on the SEBI website.
Pay attention to the disclosures made in research reports before investing.
Pay the Research Analyst only through banking channels, and retain duly signed receipts.
Check the research recommendation before buying securities or applying in a public offer.
Ask all relevant questions and clear your doubts before acting on any recommendation.
Inform SEBI if a Research Analyst offers assured or guaranteed returns.

Don’ts

Do not provide funds for investment to the Research Analyst.
Do not fall prey to luring advertisements or market rumours.
Do not get attracted to limited-period discounts, incentives or gifts offered by a Research Analyst.
Do not share the login credentials or passwords of your trading and demat accounts with the Research Analyst.

Grievance Redressal

1
Contact us directly
Write to Asanresearch26@gmail.com or call +91 88770 64579. You can also use our grievance form. We endeavour to resolve grievances within 7 business days, or such timeline as SEBI may specify.
2
Escalate to SEBI SCORES
If unresolved, lodge a grievance through SEBI’s SCORES platform at scores.sebi.gov.in.
3
Online Dispute Resolution
Consider Online Dispute Resolution (ODR) through the Smart ODR portal at smartodr.in.

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Asan Research Analyst LLP · LLPIN ACZ-3936
Compliance: Asanresearch26@gmail.com · +91 88770 64579