These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client.

Thus, the clients are advised not to permit RA to execute any trade on their behalf.

Fee Structure

The fee charged by RA to the client will be subject to the maximum amount prescribed by SEBI / Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

Advance Fees & Refunds

RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter.

In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for the unexpired period.

Mode of Payment

Fees to RA may be paid by the client through specified modes like cheque, online bank transfer, UPI, etc.

Cash payment is not allowed.

Optionally, the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited.

Conflict of Interest

The RA is required to abide by the applicable regulations, circulars, and directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.

The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.

No Assured Returns

Any assured, guaranteed, or fixed returns schemes or similar schemes are prohibited by law.

No scheme of this nature shall be offered to the client by the RA.

Risk Disclosure

The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services.

All opinions, projections, and estimates are based on the analysis of available data under certain assumptions as of the date of publication of the research report.

Investments based on research recommendations are subject to market risks and do not provide any assurance of returns.

Any reliance placed on the research report shall be based on the client’s own judgment and assessment.

SEBI & NISM Disclaimer

The SEBI registration, enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

Grievance Redressal

Step 1: The client should first contact the RA using the details provided on the website or grievance escalation matrix.

Step 2: If the resolution is unsatisfactory, the client can lodge grievances through SEBI’s SCORES platform.

Step 3: The client may also consider Online Dispute Resolution (ODR) through the Smart ODR portal.

Client Responsibilities

• Clients must keep contact details updated with the RA at all times.
• The RA shall never ask for login credentials or OTPs.
• Never share trading account, demat account, or banking OTPs with anyone including the RA.

AI Usage Disclosure

Shah Capital Research may use artificial intelligence (AI) based tools for limited purposes such as content drafting, data organization, grammar improvement, formatting, or research assistance.

However, all research reports, recommendations, views, market opinions, and investment-related communications are reviewed, verified, and approved solely by the SEBI Registered Research Analyst before being shared with clients.

AI tools are not used for automated investment decision-making or generation of personalized investment advice without human review and supervision.