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 investment products based on their needs, manage and monitor them to meet their goals, access reports, and enjoy financial wellness.

B. Business Transacted by the Research Analyst with Investors

• To publish research reports based on the research activities of the Research Analyst.

• To provide an independent and unbiased view on securities.

• To offer unbiased recommendations while disclosing financial interests in the recommended securities.

• To provide research recommendations based on the analysis of publicly available information and known observations.

• To conduct an audit annually.

• To ensure that all advertisements adhere to the provisions of the Advertisement Code for Research Analysts.

• To maintain records of interactions with all clients, including prospective clients before onboarding, where any conversation related to research services has taken place.

C. Details of Services Provided to Investors

No Indicative Timelines

Onboarding of Clients

• Sharing the terms and conditions of research services.

• Complete KYC for fee-paying clients

Disclosure to Clients

1. To disclose information that is material for the client to make an informed decision, including:

2. Details of business activities.

3. Disciplinary history.

4. Terms and conditions of research services.
5. Details of associates.
6. Risks and conflicts of interest, if any
7. To disclose the extent of the use of Artificial Intelligence tools in providing research services.
8. While distributing a third-party research report, to disclose any material conflict of interest of the third-party research provider or provide a web address that directs the recipient to the relevant disclosures.
9. To disclose any conflict of interest between the activity of providing research services and the other activities of the Research Analyst.
10. To distribute research reports and recommendations to clients without discrimination.
11. To maintain confidentiality with respect to the publication of the research report until it is made available in the public domain.
12. To respect the data privacy rights of clients and take measures to protect against the unauthorised use of their confidential information.
13. To disclose the timelines for the services provided by the Research Analyst to clients and ensure adherence to the stated timelines.
14. To provide clear guidance and adequate caution notices to clients when providing recommendations for dealing in complex and high-risk financial products or services.
15. To treat all clients with honesty and integrity.

16. To ensure the confidentiality of information shared by clients unless:

17. The information is required to discharge legal obligations; or
18. The client has provided specific consent to share the information.

D. Details of Grievance Redressal Mechanism and How to Access It

1. Filing a Complaint Against a Research Analyst

An investor can lodge a complaint or grievance against a Research Analyst through the following methods:

Mode of Filing the Complaint With the Research Analyst

In case of any grievance or complaint, an investor may approach the concerned Research Analyst. The Research Analyst shall strive to redress the grievance immediately, but no later than 21 days from the date of receipt of the grievance.

Mode of Filing the Complaint on SCORES or With the Research Analyst Administration and Supervisory Body — RAASB

i. SCORES 2.0

SCORES 2.0 is a web-based centralised grievance redressal system of SEBI that facilitates effective grievance redressal in a time-bound manner.

Website: https://scores.sebi.gov.in

There are two levels of review for complaints or grievances against a Research Analyst:

• First review by the designated body, RAASB.
• Second review by SEBI.

ii. Email

The investor may email the complaint to the designated email address of RAASB.

2. SMART ODR Platform

If the investor is not satisfied with the resolution provided by the Market Participant, the investor has the option to file the complaint or grievance on the SMART ODR platform for resolution through online conciliation or arbitration.

Physical Complaints

Investors may send physical complaints 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 East
Mumbai – 400 051

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.
• Right to receive information about all statutory and regulatory disclosures.
• Right to fair and true advertisements.
• Right to awareness about service parameters and turnaround times.
• Right to be informed of the timelines for each service.
• Right to be heard and receive satisfactory grievance redressal.
• Right to timely redressal.
• Right to exit from a financial product or service in accordance with the terms and conditions agreed upon with the Research Analyst.
• Right to receive clear guidance and caution notices when dealing in complex and high-risk financial products and services.
• Additional rights for vulnerable consumers.
• Right to access services in a suitable manner even when differently abled.
• Right to provide feedback on the financial products and services used.
• Right against coercive, unfair, and one-sided clauses in financial agreements.

F.Expectations From Investors

Responsibilities of Investors

Do’s

i.Always deal with a SEBI-registered Research Analyst.

ii.Ensure that the Research Analyst has a valid registration certificate.

iii.Check the SEBI registration number.

Please refer to the list of all SEBI-registered Research Analysts available on the SEBI website:

https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14

iv.Always pay attention to the disclosures made in research reports before investing.

v.Pay your Research Analyst only through banking channels and maintain duly signed receipts mentioning the details of your payments.

You may make payment of fees through the Centralised Fee Collection Mechanism, CeFCOM, of RAASB if the Research Analyst has opted for the mechanism. This is applicable only to fee-paying clients.

vi.Before buying or selling securities or applying for a public offer, check the research recommendation provided by your Research Analyst.

vii.Ask all relevant questions and clarify your doubts with your Research Analyst before acting on a recommendation.

viii.Seek clarification and guidance regarding research recommendations from your Research Analyst, especially when they involve complex and high-risk financial products and services.

ix.Always be aware that you have the right to stop availing yourself of the services of a Research Analyst in accordance with the terms of service agreed upon between you and the Research Analyst.

x.Always be aware that you have the right to provide feedback to your Research Analyst regarding the services received.

xi.Always be aware that you will not be bound by any clause prescribed by the Research Analyst that contravenes any regulatory provision.

xii.Inform SEBI about any Research Analyst offering assured or guaranteed returns.

Don’ts

i.Do not provide funds for investment to the Research Analyst.

ii.Do not fall prey to alluring advertisements or market rumours.

iii.Do not get attracted by limited-period discounts, incentives, gifts, or similar offers made by a Research Analyst.

iv.Do not share the login credentials or passwords of your trading, demat, or bank accounts with the Research Analyst.

COMPLAINT DATA TO BE DISPLAYED BY RAs