Disclosures

Disclosures under the SEBI (Research Analysts) Regulations, 2014

The following disclosures are made by Trade Nova Technologies Private Limited (SEBI Registered Research Analyst, Reg. No. INH000026789) in compliance with Regulation 19 of the SEBI (Research Analysts) Regulations, 2014, read with the applicable SEBI Master Circular for Research Analysts.

Standard declarations

We and our research analysts, and their relatives, hereby declare that, in respect of the securities covered in our research reports:

• We do not have any financial interest in the subject company, other than as may be specifically disclosed in the relevant research report.
• We do not hold any actual or beneficial ownership of 1% or more in the securities of the subject company at the end of the month immediately preceding the date of publication of the research report, other than as may be specifically disclosed in that report.
• We do not have any other material conflict of interest at the time of publication of the research report, other than as may be specifically disclosed in that report.
• We have not received any compensation from the subject company in the past twelve months.
• We have not managed or co-managed a public offering of securities for the subject company in the past twelve months.
• We have not received any compensation for investment banking, merchant banking, brokerage services or products or services other than research services from the subject company in the past twelve months.
• We have not received any compensation or other benefits from the subject company or any third party in connection with the research report.
• We have not served as an officer, director or employee of the subject company.
• We have not been engaged in market making activity for the subject company.
• Neither we nor any of our research analysts have been involved in any activity that would compromise the independence of the research published.

Conflicts of interest

• Where a research analyst or the entity has any financial interest or holding in a subject company, that interest is disclosed prominently in the relevant research report.
• Personal trading by research analysts and their immediate relatives is governed by our Formal Procedure for Trading by Research Analysts, which restricts trading around the publication of research and prohibits contra trades and trading against a published recommendation.
• Our compensation to research analysts is not linked to any specific recommendation, to the performance of any recommendation, or to any investment banking or brokerage revenue.
• Research is distributed to all eligible clients without discrimination and is not made available to any client ahead of others.
• Where a third-party research report is distributed, any material conflict of interest of that third-party provider is disclosed, or a web address directing the recipient to the relevant disclosures is provided.

Terms of service and other disclosures

• Nature of services: publication of research reports and recommendations on securities across equity cash, equity derivatives, MCX commodities and NCDEX agri commodities. We do not provide investment advisory, portfolio management or execution services.
• Fees: subscription fees are collected only through banking channels against a receipt. We never accept cash and never accept funds for investment. Fees are subject to the maximum fee limits prescribed by SEBI for Research Analysts from time to time.
• Use of Artificial Intelligence: AI tools may be used to assist with information gathering, summarisation and drafting. Every research recommendation published is reviewed and approved by a qualified research analyst, who remains fully responsible for it. AI-generated output made available on this website is marked as such and is not a research recommendation.
• Disciplinary history: there is no pending or concluded material litigation, enquiry, inspection or disciplinary action by SEBI or any other regulatory authority against the entity or its research analysts as on the date of this disclosure.
• Associates: disclosures relating to associates, where applicable, are provided in the relevant research report.
• Record of interactions: records of interactions with all clients, including prospective clients prior to onboarding, are maintained as required under the regulations.

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