Investor Charter & Disclosure
Investor Charter in respect of Research Analyst (RA)
Annexure – 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.
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..
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
withoutdiscrimination.
- • 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.
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)
- i. 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:
o First review done by designated body (RAASB)
o Second review done by SEBI
- ii. 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.
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 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
Expectations of 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 Analysts which is available on SEBI website in
the following link:
(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 the
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.
Dont's
- 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 discount or other incentive, gifts, etc. offered by Research Analyst.
- Do not share login credentials and
password of your trading and demat accounts with the Research Analyst.
Annexure – B
Complaint Data to be displayed by RAs
- Formats for investors complaints data to be disclosed monthly by RAs on their
website/mobile application:
Data for the month ending –
July 2025
| Sr No |
Received from |
Pending at the end of last month |
Received |
Resolved* |
Total Pending# |
Pending complaints> 3 months |
Average Resolution time^ (in days) |
|
1 |
Directly from Investors |
0 |
0 |
0 |
0 |
0 |
0 |
|
2 |
SEBI (SCORES) |
0 |
0 |
0 |
0 |
0 |
0 |
|
3 |
Other Sources (if any) |
0 |
0 |
0 |
0 |
0 |
0 |
|
GRAND TOTAL |
0 |
0 |
0 |
0 |
0 |
0 |
^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the
current month divided by total number of complaints resolved in the current month.
Trend of monthly disposal of complaints
| Sr No |
Month |
Carried forward from previous month |
Received |
Resolved* |
Pending |
| 1 |
July 2025 |
0 |
0 |
0 |
0 |
| 2 |
June 2025 |
0 |
0 |
0 |
0 |
| 3 |
May 2025 |
0 |
0 |
0 |
0 |
| 4 |
April 2025 |
0 |
0 |
0 |
0 |
| 5 |
March 2025 |
0 |
0 |
0 |
0 |
| 6 |
February 2025 |
0 |
0 |
0 |
0 |
| 7 |
January 2025 |
0 |
0 |
0 |
0 |
| 8 |
December 2024 |
0 |
0 |
0 |
0 |
| 9 |
November 2024 |
0 |
0 |
0 |
0 |
| 10 |
October 2024 |
0 |
0 |
0 |
0 |
| 11 |
September 2024 |
0 |
0 |
0 |
0 |
|
GRAND TOTAL |
0 |
0 |
0 |
0 |
*Inclusive of complaints of previous months resolved in the current month.
#Inclusive of complaints pending as on the last day of the month.
Trend of annual disposal of complaints
| Sr No |
Year |
Carried forward from previous month |
Received |
Resolved* |
Pending |
|
1 |
2025-2026 |
0 |
0 |
0 |
0 |
|
2 |
2024-2025 |
0 |
2 |
2 |
0 |
|
3 |
2023-2024 |
0 |
2 |
2 |
0 |
|
4 |
2022-2023 |
0 |
0 |
0 |
0 |
|
5 |
2021-2022 |
0 |
0 |
0 |
0 |
*Inclusive of complaints of previous years resolved in the current year.
#Inclusive of complaints pending as on the last day of the year.