Disclosures

Registration and business activity

• Dhiraj Chowdhary is registered with SEBI as an individual Research Analyst under the SEBI (Research Analysts) Regulations, 2014. Registration no. INH000030676, validity perpetual.
• Enlisted with BSE Limited, the Research Analyst Administration and Supervisory Body (RAASB), enlistment no. 7572.
• Qualifications: B.Com, MBA (Finance), NISM Series XV Research Analyst certification. More than nine years of experience in the Indian stock market.
• Business activity: research on Indian listed equities, offered under the brand name Stock Fundamental Research. The Research Analyst does not provide portfolio management, investment advisory, distribution of financial products, broking or trade execution services. As no distribution services are offered, there is no overlap between research clients and distribution clients.

Disciplinary history

No disciplinary action has been taken against the Research Analyst by SEBI, any stock exchange or any other regulatory authority, and no such proceedings are pending.

Conflicts of interest and financial interest

• Neither the Research Analyst nor any relative has actual or beneficial ownership of 1% or more of the securities of any company covered in research.
• The Research Analyst has not received any compensation or other benefit from any company covered in research, or from any third party in connection with research, in the past twelve months.
• The Research Analyst does not act as a market maker and has not managed or co-managed a public offering of securities for any company covered.
• Any financial interest of the Research Analyst or relatives in a recommended security, or any other actual or potential conflict of interest, is disclosed in the relevant research report at the time it is published.

Personal trading

• The Research Analyst follows a written personal trading policy for himself and his relatives.
• No trading in a security that is the subject of a research report from 30 days before to 5 days after its publication, and no trading against a recommendation given in research, as required by the RA Regulations.
• Personal holdings and trades are recorded and reviewed as part of the annual compliance audit.

Use of algorithmic models and AI tools

• Algorithmic models: in-house screening models shortlist companies using price, volume and financial data. They do not produce recommendations on their own.
• AI tools: used only to assist, for example summarising company filings and annual reports, organising data and drafting text.
• Every analysis, view and recommendation is made, checked and approved by the Research Analyst, who remains fully responsible for it.
• No client's personal information is entered into any AI tool.

About the research

• Research is based on publicly available information believed to be reliable; its accuracy or completeness is not guaranteed.
• Views reflect the Research Analyst's opinion on the date of publication and may change without notice.
• Research is general in nature and is not tailored to the financial situation of any individual client. Clients should make their own decisions.
• Past research is not an indicator of future results.

Risk disclosure

Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.