Most Important Terms and Conditions (MITC)

Last updated 21 September 2026 · Version 2026-09

SEBI's MITC for Research Analysts is a standardised text specified by the Industry Standards Forum in consultation with RAASB and SEBI (circular of February 17, 2025). Replace the summary below with the official text verbatim from the SEBI/BSE-RAASB circular and keep this page identical to what clients consent to at sign-up.

Summary of the MITC

Avail research services only from SEBI-registered Research Analysts; verify registration on the SEBI website. Registration and NISM certification do not guarantee performance or assure returns.
Fees for individuals and HUFs cannot exceed ₹1,51,000 per annum per family (excluding statutory charges). Fees may be collected in advance for at most one quarter, and only into the accounts disclosed by the Research Analyst.
Research services do not guarantee returns. The Research Analyst cannot promise assured, guaranteed or risk-free returns.
The Research Analyst cannot execute trades or handle client funds or securities. Clients should not permit anyone to trade on their behalf on the strength of research services.
Research is not personalised advice. Clients must assess suitability and may consult a SEBI-registered Investment Adviser.
Conflicts of interest, holdings and compensation are disclosed on each report.
Grievances: contact the Research Analyst first; unresolved complaints can be lodged on SEBI SCORES and thereafter on the SMART ODR portal.
Clients' KYC, consent and communication records are maintained for at least five years; personal data is handled per the Privacy Policy. AI tools may be used; the Research Analyst remains accountable.
Services may be terminated by either party with notice; refund of unexpired fees follows the disclosed policy.
These MITC do not replace the full Terms and Conditions, which the client must also read and accept.

Consent to these MITC is recorded at account creation with date, time and version. Existing clients were notified of the MITC on or before the SEBI deadline of June 30, 2025.