Legal

Investor Charter — Research Analyst (RA)

Last updated: 05/10/2025

This Investor Charter describes the services, disclosures, grievance redressal, investor rights, and responsibilities pertaining to Research Analyst services.

A. Vision and Mission Statements for Investors

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Details of Business Transacted by the Research Analyst with respect to Investors

To publish research report based on the research activities of the RA.
To provide an independent unbiased view on securities.
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
To provide research recommendation, based on analysis of publicly available information and known observations.
To conduct audit annually.
To ensure that all advertisements adhere to the provisions of the Advertisement Code for Research Analysts.
To maintain records of interactions with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Details of Services Provided to Investors (No Indicative Timelines)

Onboarding of Clients.
Sharing of terms and conditions of research services.
Completing KYC of fee paying clients.
Disclosure to Clients:
- To disclose information that is material for the client to make an informed decision, including details of business activity, disciplinary history, terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
- To disclose the extent of use of Artificial Intelligence tools in providing research services.
- To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures.
- To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
- To distribute research reports and recommendations to the clients without discrimination.
- To maintain confidentiality with respect to publication of the research report until made available in the public domain.
- To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
- To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
- To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
- To treat all clients with honesty and integrity.
- To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Details of Grievance Redressal Mechanism and How to Access It

Investor can lodge complaint/grievance against Research Analyst in the following ways:

With the Research Analyst: In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
On SCORES 2.0 or with RAASB: SCORES 2.0 (a web-based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) — https://scores.sebi.gov.in.
Two-level review: First review by designated body (RAASB); second review by SEBI.
Email: to designated email ID of RAASB.
SMARTODR: If not satisfied with the resolution provided by Market Participants, the Investor may file the complaint/grievance on SMARTODR platform for resolution through online conciliation or arbitration.

Physical complaints (postal address):
Office of Investor Assistance and Education,
Securities and Exchange Board of India (SEBI),
SEBI Bhavan, Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

E. Rights of Investors

Do’s

Right to Privacy and Confidentiality
Right to Transparent Practices
Right to Fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure
Right to receive information about all the statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times
Right to be informed of the timelines for each service
Right to be Heard and Satisfactory Grievance Redressal
Right to have timely redressal
Right to Exit from financial product or service in accordance with the terms and conditions agreed with the research analyst
Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
Additional Rights to vulnerable consumers: access to services in a suitable manner even if differently abled; right to provide feedback; right against coercive, unfair, and one-sided clauses in financial agreements

F. Expectations from Investors (Responsibilities of Investors)

Do’s

Always deal with SEBI registered Research Analyst.
Ensure that the Research Analyst has a valid registration certificate; check SEBI registration number.
Refer to the list of all SEBI registered Research Analysts: SEBI RA List.
Read all disclosures made in research reports before investing.
Pay your Research Analyst through banking channels only and maintain duly signed receipts with payment details. You may use Centralized Fee Collection Mechanism (CeFCoM) of RAASB if the RA has opted for it. (Applicable for fee paying clients only)
Before buying/selling securities or applying in public offer, check for the research recommendation provided by your RA.
Ask relevant questions and clear doubts with your RA before acting on recommendations.
Seek clarifications and guidance especially for complex and high-risk financial products/services.
Know that you have the right to stop availing RA services as per the agreed terms.
Know that you have the right to provide feedback to your RA.
Know that you will not be bound by any clause prescribed by the RA which contravenes regulatory provisions.
Inform SEBI about any RA offering assured or guaranteed returns.

Don’ts

Do not provide funds for investment to the Research Analyst.
Don’t fall prey to luring advertisements or market rumors.
Do not get attracted to limited period discount or other incentives/gifts offered by a RA.
Do not share login credentials and passwords of your trading, demat or bank accounts with the Research Analyst.