Investor Charter in respect of Research Analyst (RA)

(Annexure – A)

A. Vision and Mission Statements for Investors

Vision:
Invest with knowledge & safety.

Mission:
Every investor should be able to:

• Invest in the right products based on their needs

• Manage and monitor investments to meet their goals

• Access reports easily

• Enjoy financial wellness

B. Business Transacted by the Research Analyst with Investors

• Publish research reports based on RA’s activities

• Provide independent, unbiased views on securities

• Offer recommendations with disclosure of financial interests

• Base recommendations on publicly available information and observations

• Conduct annual audits

• Ensure advertisements comply with SEBI’s Advertisement Code for RAs

• Maintain records of interactions with all (including prospective) clients related to research services

C. Services Provided to Investors (No Indicative Timelines)

Onboarding & Disclosures

• Onboard clients and share Terms & Conditions

• Complete KYC for fee-paying clients

• Disclose material information: business activity, disciplinary history, terms of research services, associates, risks, conflicts of interest

• Disclose use of Artificial Intelligence (if any) in research services

• Disclose material conflicts when distributing third-party reports or provide relevant disclosure link

Research & Confidentiality

• Provide research reports/recommendations without discrimination

• Maintain confidentiality until reports are public

• Protect clients’ data privacy and prevent unauthorized use

• Treat all clients with honesty and integrity

• Disclose timelines of services and adhere to them

• Provide caution notices for complex/high-risk products

• Ensure confidentiality unless required by law or with client consent

D. Grievance Redressal Mechanism

Filing complaints with Research Analyst:

• Investor may approach RA directly.

• Grievances to be resolved within 21 days of receipt.

Filing complaints on SCORES / RAASB:

1. SCORES 2.0 (web-based centralized SEBI grievance system)
   👉 https://scores.sebi.gov.in

   • First review: RAASB

   • Second review: SEBI

2. Email: Complaint may also be sent to RAASB designated email ID

3. SMARTODR platform: If unsatisfied, investors can escalate for online conciliation or arbitration.

Physical complaints may be sent to:
Office of Investor Assistance and Education,
SEBI Bhavan, Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai – 400 051

E. Rights of Investors

• Right to Privacy & Confidentiality

• Right to Transparent Practices

• Right to Fair & Equitable Treatment

• Right to Adequate Information

• Right to Initial & Continuing Disclosures

• Right to Statutory & Regulatory Information

• Right to Fair & True Advertisements

• Right to Service Parameter Awareness & Timelines

• Right to Timely Redressal of Grievances

• Right to Exit services/products as per agreed terms

• Right to Guidance when dealing in complex/high-risk products

• Rights of Vulnerable Consumers: suitable access to services (e.g., differently abled)

• Right to provide feedback on services used

• Right against coercive, unfair, or one-sided clauses

F. Responsibilities of Investors (Do’s & Don’ts)

Do’s ✅

1. Deal only with SEBI-registered Research Analysts

2. Verify valid SEBI registration number
   👉 List of registered RAs

3. Review disclosures in research reports before investing

4. Pay RA only through banking channels; keep signed receipts

   • Fees may also be paid via CeFCoM (if opted by RA)

5. Check research recommendations before buying/selling securities or applying in offers

6. Ask questions and clarify doubts before acting on recommendations

7. Seek guidance for complex/high-risk products

8. Know your right to stop availing RA services anytime

9. Provide feedback to RA on services received

10. Report any RA offering assured/guaranteed returns to SEBI

Don’ts ❌

• Do not give funds to RA for investment

• Do not fall for luring ads or rumors

• Do not get attracted by discounts/gifts offered by RA

• Do not share login credentials of trading/demat/bank accounts

Annexure – B

Complaint Data to be disclosed monthly by RAs on their website / mobile application

Data for the Month Ending – AUG 2025