Investor Charter in Respect of Research Analyst (RA)

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. Details of Business Transacted by the Research Analyst with Respect to Investors

To publish research reports based on the research activities of the Research Analyst (RA).

To provide an independent and unbiased view on securities.

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

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

To conduct audits annually.

To ensure that all advertisements comply with the Advertisement Code for Research Analysts.

To maintain records of interactions with all clients, including prospective clients (prior to 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.

Completing KYC of fee-paying clients.

Disclosure to Clients

To disclose information that is material for the client to make an informed decision, including details of business activities, disciplinary history, terms and conditions of research services, details of associates, risks, and conflicts of interest, if any.

To disclose the extent of use of Artificial Intelligence (AI) tools in providing research services.

To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider or provide the web address that directs the recipient to the relevant disclosures.

To disclose any conflict of interest arising from the activities of providing research services with other activities of the Research Analyst.

To distribute research reports and recommendations to all clients without discrimination.

To maintain confidentiality with respect to the publication of research reports until they are made available in the public domain.

To respect clients' data privacy rights and take appropriate measures to protect their confidential information from unauthorized use.

To disclose the timelines for the services provided by the Research Analyst to clients and ensure adherence to those timelines.

To provide clear guidance and adequate caution notices when offering recommendations related to complex and high-risk financial products or services.

To treat all clients with honesty and integrity.

To ensure the confidentiality of information shared by clients unless such information is required to be disclosed to fulfill legal obligations or the client has provided specific consent for sharing.

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

Investor can lodge complaints or grievances against the Research Analyst in the following ways:

Mode of Filing the Complaint with the Research Analyst

In case of any grievance or complaint, an investor may approach the concerned Research Analyst, who shall strive to redress the grievance immediately, but not later than 21 days from the receipt of the grievance.

Mode of Filing the Complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)

SCORES 2.0: A web-based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in a time-bound manner.

SEBI SCORES 2.0 Portal

Two-Level Review for Complaints Against Research Analysts

First review by the designated body (RAASB).

Second review by SEBI.

Email to the designated email ID of RAASB.

If the investor is not satisfied with the resolution provided by the Market Participants, the investor may file the complaint or grievance on the SMART ODR Platform for resolution through online conciliation or arbitration.

Physical Complaint Address

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 – 400051

E. Rights of Investors

Right to have digital accessibility.

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, including all statutory and regulatory disclosures.

Right to Fair and True Advertisement.

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 grievance redressal.

Right to Exit from a financial product or service in accordance with the agreed terms and conditions.

Right to receive clear guidance and caution notices when dealing with Complex and High-Risk Financial Products and Services.

Additional Rights for vulnerable consumers – Right to access services in a suitable manner, including for differently-abled individuals.

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 of Investors)

Do's

Always deal with a SEBI-registered Research Analyst.

Ensure that the Research Analyst has a valid registration certificate.

Check the SEBI Registration Number by referring to the official SEBI Research Analyst list: SEBI Registered Intermediaries or SEBI Registered Research Analysts

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

Pay your Research Analyst only through banking channels and maintain duly signed payment receipts. You may also make payments through the Centralized Fee Collection Mechanism (CeFCoM) of RAASB, where applicable.

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

Ask all relevant questions and clear your doubts before acting on any recommendation.

Seek clarification and guidance on research recommendations, especially for complex and high-risk financial products and services.

Always be aware of your right to discontinue the services of a Research Analyst according to the agreed terms of service.

Always be aware of your right to provide feedback regarding the services received.

Always be aware that you are not bound by any clause that violates regulatory provisions.

Inform SEBI if a Research Analyst offers assured or guaranteed returns.

Don'ts

Do not provide investment funds to the Research Analyst.

Do not fall prey to misleading advertisements or market rumours.

Do not get attracted by limited-period discounts, incentives, gifts, or similar promotional offers.

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

Cyber Crime Resources

Cyber Crime Reporting Portal: National Cyber Crime Reporting Portal

National Cybercrime Helpline: 1930

Register Your Financial Fraud Complaint: Financial Fraud Complaint Registration

Cyber Crime Help: Cyber Crime Nodal Grievance Directory

Learning Video Gallery: Cyber Safety Learning Video Gallery

Investor Charter in respect of Research Analyst (RA):

A. Vision and Mission Statements for Investors

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to invest in 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 with respect to the investors

To publish research report based on the research activities of the RA
To provide an independent unbiased view on securities.
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
To provide research recommendation, based on analysis of publicly available information and known observations.
To conduct audit annually
To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Details of services provided to investors (No Indicative Timelines)

Onboarding of Clients:

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

Disclosure to Clients:

To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
To disclose the extent of use of Artificial Intelligence tools in providing research services
To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider, or provide web address that directs a recipient to the relevant disclosures
To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
To distribute research reports and recommendations to the clients without discrimination.
To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information
To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines
To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services
To treat all clients with honesty and integrity
To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Details of grievance redressal mechanism and how to access it

Investor can lodge complaint/grievance against Research Analyst in the following ways:

Mode of filing the complaint with research analyst:

In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)

SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in)

Two level review for complaint/grievance against Research Analyst:

First review done by designated body (RAASB)

Second review done by SEBI

Email to designated email ID of RAASB

If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their 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 (E), Mumbai – 400 051

E. Rights of investors

Investors’ Right to have digital accessibility
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 the statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times
Right to be informed of the timelines for each service
Right to be Heard and Satisfactory Grievance Redressal
Right to have timely redressal
Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst
Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
Additional Rights to vulnerable consumers – Right to get access to services in a suitable manner even if 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 the investors (Responsibilities of investors)

Do’s

Always deal with SEBI registered Research Analyst.
Ensure that the Research Analyst has a valid registration certificate.
Check for SEBI registration number: Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes or https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14
Always pay attention towards disclosures made in the research reports before investing.
Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.
Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
Inform SEBI about Research Analyst offering assured or guaranteed returns.

Don’ts

Do not provide funds for investment to the Research Analyst.
Don’t fall prey to luring advertisements or market rumours.
Do not get attracted to limited-period discounts or other incentives, gifts, etc., offered by the Research Analyst.
Do not share login credentials and passwords of your trading, demat or bank accounts with the Research Analyst.
Cyber Crime Reporting Portal: https://cybercrime.gov.in/
Report online financial fraud at the National Cybercrime Helpline number 1930
Register Your Financial Fraud complaint: https://cybercrime.gov.in/Webform/Accept.aspx
Cyber Crime Help: https://cybercrime.gov.in/Webform/Crime_NodalGrivanceList.aspx
Learning Video Gallery: https://cybercrime.gov.in/Webform/video-category.aspx

****