A. Vision and Mission Statements
• 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. Business Activities of the Research Analyst
- 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 audits 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 service
- Completing KYC of fee-paying clients
- Disclosure to Clients:
- Disclose material information for informed decision making, including business activity, disciplinary history, research terms, associates, risks, and conflicts of interest
- Disclose extent of Artificial Intelligence tool usage in providing research services
- Disclose material conflicts of interest from third-party research providers, or provide web link to such disclosures
- Disclose conflicts between research services and other business activities
- Distribute reports and recommendations to clients without discrimination
- Maintain confidentiality of research reports until public release
- Respect client data privacy and protect confidential information
- Disclose service timelines and adhere to them
- Provide clear cautionary guidance when recommending complex/high-risk products
- Treat all clients with honesty and integrity
- Maintain confidentiality unless disclosure is legally required or consented
D. Grievance Redressal Mechanism
- Filing Complaint with Research Analyst
Mode: Investors may contact the Research Analyst directly. The Research Analyst will strive to resolve complaints within 21 days of receipt.
- Filing Complaint on SCORES or via RAASB
Platform: SCORES 2.0 – a centralized online complaint system by SEBI for efficient resolution.
Website: https://scores.sebi.gov.in
Two-Level Review:
- First review by Research Analyst Administration and Supervisory Body (RAASB)
- Second review by SEBI
- Email Grievances
Investors can email complaints to the designated email ID of RAASB.
- Escalation to SMARTODR
If dissatisfied with the Market Participant’s response, the investor may escalate the complaint via SMARTODR for online conciliation/arbitration.
Physical Complaints:
E. 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 — including statutory and regulatory information
- 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 a financial product/service per agreed terms
- Right to receive clear guidance and caution regarding Complex and High-Risk Financial Products
- Additional Rights to vulnerable consumers — including accessibility for differently abled
- Right to provide feedback on financial products and services used
- Right against coercive, unfair, or one-sided clauses in financial agreements
F. Expectations from Investors (Responsibilities)
✔ Do’s
- Always deal with SEBI-registered Research Analysts
- Ensure the Research Analyst has a valid SEBI registration certificate
- Check the SEBI registration number
- Refer the list of SEBI registered Research Analysts:
Click Here
- Read disclosures in research reports before investing
- Pay only through banking channels with signed receipts
- Use CeFCoM (if opted by the Research Analyst) for fee payments
- Verify recommendations before acting on them
- Ask questions and clarify doubts before acting on research advice
- Seek clarity especially for high-risk or complex recommendations
- Know your right to exit from services as per agreed terms
- Know your right to give feedback on services
- Do not accept any clause violating regulatory provisions
- Inform SEBI if any Research Analyst offers guaranteed returns
🚫 Don’ts
- Do not provide investment funds directly to Research Analysts
- Do not fall for misleading ads or market rumors
- Avoid discounts, gifts, or incentives from Research Analysts
- Never share your trading or demat account login credentials
