Terms and Conditions of Research Services
Last updated 21 September 2026 · Version 2026-09
These Terms and Conditions govern research services provided by Sugam Kashyap, SEBI Registered Research Analyst (INH000011325), to clients. They include the Most Important Terms and Conditions (MITC) prescribed by SEBI. Clients must read them and give consent before availing services.
1. Availing services
Clients should avail research services only from SEBI-registered Research Analysts and verify the registration on the SEBI website. Services are provided only after KYC details are collected and consent to these Terms and the MITC is recorded (physically or through a legally valid digital mode).
2. Scope
Research services consist of research reports and research-based views on listed securities, delivered through the members' channel, email and this website. Services are general and not personalised; they do not include portfolio management, trade execution or handling of client funds or securities.
3. Fees
Fees are as stated on the Plans page and in any research services agreement. The annual fee charged to an individual or HUF client, including all family members, will not exceed the limit set by SEBI (currently ₹1,51,000 excluding statutory charges). Fees may be collected in advance for quarterly or yearly plans, within the period SEBI permits. Fees are payable only to the bank account or payment link published on this website.
4. No guarantee
Research services do not guarantee any return, profit or protection from loss. The Research Analyst does not offer assured returns, capital protection or risk-free schemes.
5. Client responsibilities
The client is solely responsible for investment decisions, for evaluating the suitability of any view, and for maintaining confidentiality of research received. Research must not be redistributed, resold or reproduced.
6. Conflicts of interest
Conflicts, financial interests and holdings are disclosed on each report and on the Disclosures page in accordance with the regulations.
7. Grievance redressal
Complaints are addressed as described on the Grievance Redressal page — first to the Research Analyst, then to SEBI SCORES (scores.sebi.gov.in), and thereafter to the SMART ODR portal (smartodr.in).
8. Termination
Either party may terminate the service by written notice. Termination is also triggered by suspension or cancellation of registration, or by the client's breach of these Terms. Refunds for the unexpired period are handled as described in the Fees & Refund Policy.
9. Records and data
KYC, consent, communications and fee records are maintained for at least five years (longer if a dispute is pending), and processed in accordance with the Privacy Policy. AI tools may be used in the research process; the Research Analyst remains responsible for the output.
10. Governing law
These Terms are governed by the laws of India and subject to the jurisdiction of courts at Raipur, Chhattisgarh, without prejudice to SEBI's regulatory jurisdiction.
Attach the full research services agreement (Annexure-B of SEBI's January 8, 2025 guidelines) as a downloadable PDF here.