Disclosure Document

Prepared in accordance with the Securities and Exchange Board of India (Research Analyst) Regulations, 2014

SEBI Research Analyst Registration Number: INH000013907
BSE Enlistment Number: 5935

This Disclosure Document has been prepared in compliance with the provisions of the SEBI (Research Analyst) Regulations, 2014. Its primary objective is to provide essential and material information regarding the nature, scope, and associated aspects of research and recommendation services offered by the Research Analyst, in order to assist prospective and existing clients in making an informed decision before availing such services.

1. Identity of the Research Analyst

• Name: Zanil Shah

• Legal Status: Individual Research Analyst

• SEBI Registration Number: INH000013907

• Date of Registration: December 12, 2024

• Nature of Services: Engaged in providing research and recommendation services pertaining to securities and financial markets.

2. Description of the Research Entity
a. History and Present Business

• The Research Analyst is registered with SEBI as an Individual Research Analyst.

• The core objective is to offer investment research and recommendations to clients.

• The Research Analyst is committed to aligning their interests with those of the client and to offering services that are best suited to the client's needs.

3. Terms and Conditions of Research and Recommendation Services

• The specific terms and conditions governing the provision of research and recommendation services are detailed in a separate document titled "Terms and Conditions".

• Clients are advised to refer to that document for full details.

4. Disciplinary History

• As of the date of this Disclosure Document:
o There are no material litigations, disciplinary actions, or legal proceedings pending or initiated by any regulatory authority against the Research Analyst or any of their associates or relatives.
o There are no findings from inspections or investigations that have resulted in any action against the Research Analyst.

5. Details of Associates

• The Research Analyst confirms that they do not have any associates.

6. Disclosures with Respect to Research and Recommendation Services
I. Financial Interest

• The Research Analyst, or their associates or relatives, may have a financial interest or actual/beneficial ownership of 1% or more in the securities that are the subject of recommendations.

• Specific instances, if any, are disclosed at the time of the respective recommendation or publication of the research report.

II. Conflicts of Interest

• As of the date of this Disclosure Document:
o There are no actual or potential conflicts of interest arising out of any association or relationship between the Research Analyst (including their associates and relatives) and any issuer of securities/products recommended.
o In the event any conflict arises in the future, the same shall be disclosed to the client at the relevant time.

III. Ownership of Securities

• The Research Analyst, their associates, or relatives may have beneficial ownership of 1% or more in the securities of the subject company as of the end of the calendar month immediately preceding the date of the research report or public appearance.

• Such ownership, if applicable, shall be disclosed at the time of the relevant recommendation or report.

IV. Association with Issuer

• The Research Analyst, their associates, or relatives have no connection or association of any sort with any issuer of the securities/products recommended.

V. Conflict from Issuer Relationship

• There is no actual or potential conflict of interest on account of any material information, facts, or associations with the issuer of securities that may compromise the independence or objectivity of the research.

VI. Receipt of Remuneration

• The Research Analyst and their associates have not received any remuneration or consideration from the issuer of the securities/products recommended.

VII. Compensation from Subject Company

• No compensation has been received by the Research Analyst or their associates from the subject company in the preceding 12 months.

VIII. Public Offering Involvement

• The Research Analyst and their associates have not managed or co-managed any public offering of the subject company in the past 12 months.

IX. Investment Banking Services

• The Research Analyst and their associates have not received any compensation from the subject company for investment banking, merchant banking, or brokerage services in the preceding 12 months.

X. Other Services

• The Research Analyst and their associates have not received any compensation for any products or services from the subject company in the preceding 12 months.

XI. Research-Linked Compensation

• The Research Analyst and their associates have not received any compensation or benefits from the subject company or any third party in connection with the research reports or recommendations provided.

This Disclosure Document shall be read in conjunction with the Terms and Conditions and other service-related documents executed with the client. It is intended to maintain transparency and compliance with the regulatory framework laid down by SEBI.