Terms & Conditions including MITC

Last updated: June 2026

Mandatory Terms and Conditions including Most Important Terms and Conditions (“MITC”).

The Client has read and understood the terms and conditions of the research services provided by the Research Analyst, including the fee structure and mechanism for charging and payment of the fee.

Standard terms of service

1. Availing the Services: By accepting delivery of the research service, you as a Client of the RA confirm that you have elected to subscribe the research service of the RA at your sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2. Obligation of the RA: The RA and the Client shall be bound by the Securities and Exchange Board of India Act, 1992 (“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 the Research Analyst Administration and Supervisory Body (“RAASB”) / SEBI from time to time. The RA shall collect, store, upload and check KYC records of the Clients with the KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Standard Terms of Service: By giving consent (online/offline) to the terms and conditions mentioned in this Agreement / Annexure 1, you hereby confirm that you have read and understood the terms and conditions applicable to an RA as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.

   You hereby agree and acknowledge that you are subscribing to the research services for your own benefits and consumption, and any reliance placed on the research report provided by the RA shall be as per your own judgement and assessment of the conclusions contained in the research report.

   You further agree and acknowledge that: (a) any investment made based on the recommendations in the research report are subject to market risk; (b) recommendations in the research report do not provide any assurance of returns; and (c) there is no recourse to claim any losses incurred on the investments made based on the recommendations.

5. Declaration of the RA: We agree and acknowledge that: (a) we are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014, and our registration details are (Name: Rachit Jain; SEBI Reg. No.: INH000022738; BSE Enlistment No.: 6756; Validity: Aug 14, 2025 to Perpetual); (b) we have the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting; (c) Research Services provided by us do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which the RA is a party or to which any of the RA’s property is or may be subject; (d) the maximum fee that may be charged by the RA is INR 1.51 lakhs per annum per family of client (further detailed in the MITC given below); (e) the recommendations provided by the RA do not provide any assurance of returns; AND

   We are 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 the research report and/or recommendations contained therein.

6. Consideration and mode of payment: The Client shall duly pay to the RA the agreed fees, if any, for the services that the RA renders to the client and statutory charges, as applicable. Such fees and statutory charges are payable through the manner and mode(s) / mechanism(s) as may be specified by the RA.
7. Risk factors: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
8. Conflict of interest: The RA shall adhere to 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.
9. Termination of relationship: The RA may suspend or terminate rendering of research services to the Client on account of suspension / cancellation of registration of the RA by SEBI and shall refund the residual amount received, if any, to the Client. In case of suspension of the certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, the RA shall refund the fees received (if any), on a pro-rata basis for the period from the effective date of cancellation / suspension to the end of the subscription period.
10. 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 the RA, shall be escalated promptly by the Client to the designated person / RA (see contact details displayed in the ‘Grievance Redressal / Escalation Matrix’). The RA shall be responsible to resolve grievances promptly within the timelines prescribed under the RA Regulations from the date of receipt of the grievance, in a transparent manner. Any dispute between the RA and the Client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time. Please refer to the Most Important Terms and Conditions prescribed below.
11. Mandatory notice (Responsibility of the Clients): The Client is requested to go through the Do’s and Don’ts while dealing with an RA as specified in Master Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024, or as may be amended or specified by SEBI from time to time.

Most Important Terms and Conditions (MITC)

1. These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst (RA), and the RA cannot execute / carry out any trade (purchase / sell transaction) on behalf of the client. Thus, the clients are advised not to permit the RA to execute any trade on their behalf.
2. The fee charged by the RA to the client will be subject to the maximum amount prescribed by SEBI / Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

   Note:

   • The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
   • The fee limit does not include statutory charges.
   • The fee limits do not apply to a non-individual client / accredited investor.
3. The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter. 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 the unexpired period.
4. Fees to the 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 the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. the currently recognized RAASB).
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 endeavour to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
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.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections and estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation / publication of the research report.
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.
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.
10. For any grievances:
    • Step 1: the client should first contact the RA using the details on its website or the following contact details: Email ra.rachitjain@gmail.com, Contact No. +91 99886 28648.
    • 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.
11. Clients are required to keep contact details, including email id and mobile number/s, updated with the RA at all times.
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 the RA.

General provisions

1. Governing Law and Jurisdiction: These Terms & Conditions shall be governed by Indian law. All disputes shall fall under the jurisdiction of Howrah, West Bengal only.
2. Severability Clause: If any provision of these Terms & Conditions is held to be invalid, unlawful, or unenforceable, such provision shall be severed, and the remaining provisions shall remain in full force and effect.
3. Communications:
   • By subscribing to our services, Clients consent to receive SMS and emails, including but not limited to newsletters, research reports, and promotional content.
   • Redistribution or unauthorized sharing of reports or recommendations is strictly prohibited. Offenders will face legal action and subscription cancellation without refund.
   • Clients assume full responsibility for their investment decisions. If they trade based on the Research Analyst’s reports, with or without further advice, the resulting risks and outcomes are solely theirs.
4. Force Majeure: The Research Analyst shall not be liable for delays or failures due to causes beyond its control, including but not limited to natural disasters, war, riots, power failure, or internet outages.
5. Acknowledgement and Consent: By subscribing to our services, you agree to all the clauses of the Terms & Conditions with your own free will and consent.

Navkar Research — SEBI Registered Research Analyst (Reg. No. INH000022738, BSE Enlistment No. 6756). For any clarification regarding this document, please contact us.