Terms, MITC and refund policy
The terms on which Dhiraj Chowdhary, SEBI Registered Research Analyst INH000030676, provides research services.
Most Important Terms and Conditions (MITC)
Version 1.0, effective 10 October 2026, under Regulation 24(6) of the SEBI (Research Analysts) Regulations, 2014 and SEBI circular dated 17 February 2025. Download the PDF
These terms form part of the agreement between the client and Dhiraj Chowdhary, SEBI Registered Research Analyst (registration no. INH000030676, BSE (RAASB) enlistment no. 7572) (the "Research Analyst" or "RA").
Research services onlyThese terms cover research services only. The RA cannot buy or sell securities, or execute any trade, on your behalf. Do not give the RA, or anyone claiming to represent the RA, authority to trade for you.
Limit on feesFor individual and HUF clients, the fee is subject to the maximum set by SEBI / RAASB from time to time, currently ₹1,51,000 per family of client per year for all research services of the RA. The limit excludes statutory charges. The limit does not apply to non-individual clients or accredited investors.
Advance fees and refundsFees may be collected in advance only with your consent, and for no longer than the period SEBI allows (currently one year). If the service is ended early by you or by the RA, you may claim a refund of the fee for the unexpired period, on a pro-rata basis.
How fees are paidFees are paid by cheque, online bank transfer, UPI or other permitted banking modes. Cash is never accepted. You may also choose to pay through the Centralised Fee Collection Mechanism (CeFCoM) operated by BSE Limited as RAASB.
Conflicts of interestThe RA follows the SEBI and RAASB rules on disclosing and reducing actual or potential conflicts of interest, and will promptly tell you about any conflict that may affect the services.
No assured-return schemesThe RA does not offer, and is prohibited by law from offering, any scheme with assured, guaranteed or fixed returns, or anything similar.
No guaranteesThe RA cannot guarantee returns, profits, the accuracy of any view, or risk-free investment. Opinions and estimates are based on the data, assumptions and conditions available on the date a report is prepared or published.
Market riskInvesting on the basis of research recommendations carries market risk, and recommendations do not assure any return. You have no recourse to recover losses from such investments. Acting on any report is your own decision and judgment.
Registration is not a guaranteeRegistration with SEBI, enlistment with RAASB and certification from NISM do not guarantee the performance of the RA or any return to you.
Grievance redressalStep 1: contact the RA first, through compliance and grievance officer Dhiraj Chowdhary, dhirajchowdhary01@gmail.com, +91 86378 31640, 2nd Floor, Saralia Market, Shivajee Road, Khalpara, Siliguri, West Bengal 734405. Step 2: if not resolved, lodge a complaint on SEBI SCORES (scores.sebi.gov.in). Step 3: you may then use Online Dispute Resolution through the Smart ODR portal (smartodr.in).
Keep your contact details updatedPlease keep your email address and mobile number registered with the RA up to date at all times.
Never share credentialsThe RA will never ask for your trading, demat or bank login details or OTPs. Never share them with anyone, including the RA.
Terms of service
- Service: research on Indian listed equities, delivered through a members-only Telegram channel and email during the period paid for.
- Before the service starts the client completes KYC, accepts these terms including the MITC, receives the investor charter and signs the client agreement by Aadhaar eSign.
- Service timelines: Telegram access within 24 hours of payment confirmation; research shared on market days as and when published; complaints resolved within 21 days.
- Personal use only: research may not be forwarded, copied, published or resold. Sharing the channel invite or content may lead to the service being ended, with a pro-rata refund for the unexpired period.
- No funds or execution: the RA does not accept funds or securities from clients and does not trade on their behalf.
- Communication: notices are sent to the client's registered email and mobile number.
- Governing law and jurisdiction: these terms are governed by the laws of India, and courts at Siliguri, West Bengal have jurisdiction, without affecting the client's right to use SEBI SCORES and Smart ODR.
- Any clause that contravenes SEBI regulations is not binding on the client.
Fees
| Plan | Fee | Works out to |
|---|---|---|
| 1 month | ₹4,999 | ₹4,999 a month |
| 3 months | ₹14,000 | About ₹4,667 a month |
| 6 months | ₹24,000 | ₹4,000 a month |
| 12 months | ₹36,000 | ₹3,000 a month |
- Fees are paid in advance, for no more than 12 months, only through banking channels or SEBI's optional CeFCoM. Cash is never accepted.
- Fees are within the limit prescribed by SEBI / RAASB for individual and HUF clients.
- Prices may be revised with at least 30 days' notice; a revision never applies to a period already paid for.
Refund and cancellation policy
- You may cancel at any time by writing to dhirajchowdhary01@gmail.com. The RA may also end the service, with notice.
- If the service ends early for any reason, the fee for the unexpired period is refunded pro-rata by days. No breakage fee is charged.
- Example: a 12-month plan of ₹36,000 cancelled after 100 days is refunded ₹36,000 × 265 ÷ 365 = ₹26,137 (rounded).
- Refunds are paid to the bank account the fee came from, within 7 working days of the cancellation request.
- Telegram access ends on the date of cancellation.