Investor Charter in Respect of Research Analyst (RA)

A. Vision and Mission Statements for Investors

Vision

Invest with knowledge and safety.

Mission

Every investor should be able to invest in the 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

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

C. Details of Services Provided to Investors (with Indicative Timelines)

Onboarding of Clients

• Sharing of terms and conditions of research services.
• Completing KYC of fee-paying clients.

Disclosure to Clients

• Disclosure of information material to an informed decision, including business activity, disciplinary history, terms and conditions of research services, details of associates, and any risks or conflicts of interest.
• Disclosure of the extent of use of Artificial Intelligence tools in providing research services.
• Disclosure, while distributing a third-party research report, of any material conflict of interest of the third-party provider, or a web address directing to the relevant disclosures.
• Disclosure of any conflict of interest between research services and other activities of the Research Analyst.
• Distribution of research reports and recommendations to clients without discrimination.
• Maintaining confidentiality of a research report until it is made available in the public domain.
• Respecting data privacy rights of clients and protecting against unauthorised use of confidential information.
• Disclosure of service timelines and adherence to the same.
• Clear guidance and adequate caution notice when recommending complex and high-risk financial products.
• Treating all clients with honesty and integrity.
• Maintaining confidentiality of client information unless required by law or with specific client consent.

D. Grievance Redressal Mechanism and How to Access It

Investors can lodge a complaint/grievance against the Research Analyst through the following mechanisms.

1. In case of any grievance or complaint, an investor may approach the Research Analyst directly, who shall strive to redress the grievance immediately, but not later than 21 days from receipt of the grievance.
2. Complaints can also be filed through SCORES or with the Research Analyst Administration and Supervisory Body (RAASB).
   • SEBI SCORES 2.0 Portal — a web-based centralised grievance redressal system for facilitating effective, time-bound grievance redressal.
   • Two-level review mechanism: first review by the designated body (RAASB), second review by SEBI.
3. If not satisfied with the resolution, investors may file the complaint on the SEBI SMART ODR Platform for resolution through online conciliation or arbitration.
4. Physical complaints may be sent to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.

See our full Grievance Redressal & Escalation Matrix for contact details and step-by-step escalation.

E. Rights of Investors

• 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 of all statutory and regulatory information.
• Right to fair and true advertisement.
• Right to awareness about service parameters and turnaround times.
• Right to be informed of timelines for each service.
• Right to be heard and to satisfactory grievance redressal, including timely redressal.
• Right to exit from a financial product or service as per agreed terms.
• Right to clear guidance and caution notices for complex, high-risk products.
• Additional rights for vulnerable consumers, including access to services in a suitable manner.
• Right to provide feedback on financial products and services used.
• Right against coercive, unfair and one-sided clauses in financial agreements.

F. Expectations from Investors (Responsibilities)

Do’s

• Always deal with SEBI-registered Research Analysts.
• Ensure the Research Analyst has a valid registration certificate, and verify it on the SEBI Registered Research Analyst list.
• Pay attention to disclosures made in research reports before investing.
• Pay fees only through banking channels and retain signed receipts. The Centralised Fee Collection Mechanism (CeFCoM) of RAASB may be used where available.
• Check the research recommendation before buying, selling or applying in public offers.
• Ask questions and clear doubts with the Research Analyst before acting on any recommendation.
• Seek clarification when dealing in complex or high-risk products.
• Be aware of your right to stop services and to provide feedback at any time.
• Report Research Analysts offering assured or guaranteed returns to SEBI.

Don’ts

• Do not hand over funds for investment to the Research Analyst.
• Do not act on luring advertisements or market rumours.
• Do not be drawn in by limited-period discounts, incentives or gifts.
• Do not share login credentials or passwords of trading, demat or bank accounts with the Research Analyst.