Terms and conditions.

1. Acceptance of research services

By subscribing to the research services of Kavi Kambarajan, the practice of Kavi Kambarajan (SEBI Research Analyst registration no. INH000029944), you confirm that you are subscribing voluntarily, of your own accord, and that you have read and understood these terms, the Disclaimer and the Disclosure before doing so.

2. Obligations on the research analyst and the client

Both parties are bound by the Securities and Exchange Board of India Act, 1992, the SEBI (Research Analyst) Regulations, 2014 and all rules, circulars and guidelines issued under them, as amended from time to time. The research analyst undertakes to act with honesty, integrity and due diligence, and to maintain independence and objectivity in all research activities.

3. Client information and KYC

You agree to provide accurate and complete information at onboarding and to update it when it changes. The research analyst may collect and verify know-your-customer information through the agencies prescribed for that purpose. Client information is held in confidence and used only to deliver the service and to meet regulatory obligations.

4. Scope of service

The services comprise, and are limited to:

• preparation and publication of research reports;
• providing or issuing research reports and research analysis;
• making buy / sell / hold recommendations;
• giving a price target or stop-loss target;
• offering an opinion concerning a public offer; and
• all research services within the regulations of SEBI.

The research analyst will not execute trades on your behalf and will never handle your funds or securities. Research is prepared for a general subscriber base and is not tailored to any individual's circumstances.

5. Fees and payment terms

• There are no performance-linked fees and no profit sharing of any kind.
• Fees payable by an individual or Hindu Undivided Family client are subject to the maximum prescribed by SEBI and the Research Analyst Administration and Supervisory Body from time to time, which is presently ₹1,51,000 per annum per family of client for all research services. The limit does not include statutory charges and does not apply to non-individual clients or accredited investors.
• Fees may be charged in advance only if you agree, and for no longer than the period SEBI stipulates — presently one quarter.
• Fees are payable only through traceable banking channels — UPI, net banking, NEFT/RTGS, cheque or card — into an account in the name of the registered research analyst. Cash is not accepted. You may also pay through the Centralized Fee Collection Mechanism (CeFCoM) operated by BSE Ltd.

6. Risk factors

• Investments in securities markets are subject to market risks; read all the related documents carefully before investing.
• Past performance is not indicative of future results, and no returns are guaranteed, expressed or implied.
• Registration granted by SEBI, enlistment as RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

7. Conflict of interest

The research analyst maintains internal policies to identify, prevent, manage and disclose conflicts of interest, including controls on personal trading, cooling-off periods around the issue of recommendations, and a prohibition on accepting compensation or benefits from the companies covered. Any actual or potential conflict that could affect objectivity is disclosed in the research report. The full position is on the Disclosure page.

8. Intellectual property and permitted use

All research reports, analysis and related material remain the intellectual property of the research analyst. Your subscription grants you a personal, non-transferable, non-commercial licence to use them for your own investment decisions. Redistribution, resale, republication, public circulation or commercial exploitation of the material, in whole or in part, is not permitted.

9. Termination of services and refunds

Either party may terminate the subscription by written notice. If the service is terminated before the end of a period for which fees were paid in advance, by you or by the research analyst, you are entitled to seek a refund of the fees proportionate to the unexpired period. Where the registration of the research analyst is suspended for more than 60 days or is cancelled, fees for the unexpired period will be refunded in accordance with SEBI requirements. How to request a refund is set out in the Refund Policy.

10. Grievance redressal and dispute resolution

Complaints should first be addressed to kavikambarajanra@gmail.com, with a reply to be expected within 21 days. Unresolved complaints may be escalated on the SEBI SCORES platform and thereafter through the SMART ODR portal. The full escalation route, with timelines, is on the Grievance Redressal page.

11. Most important terms and conditions

The following Most Important Terms and Conditions (MITC), as standardised by the Industry Standards Forum for Research Analysts in consultation with the RAASB and SEBI, form part of these terms and conditions.

1. 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.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

   Note:

   1. 2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
   2. 2.2. The fee limit does not include statutory charges.
   3. 2.3. The fee limits do not apply to a non-individual client / accredited investor.
3. 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 unexpired period.
4. Fees to RA may be paid by the client through any of the 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 (i.e. currently recognized RAASB).
5. The RA is required to abide by the applicable regulations/ circulars/ 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.
6. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances,

    Step 1: the client should first contact the RA using the details on its website or following contact details: Kavi Kambarajan, kavikambarajanra@gmail.com, +91 95665 04221 (see the Grievance Redressal / Escalation Matrix).

    Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in

    Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in

11. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
12. The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account Demat Account and Bank Account. Never share such information with anyone including RA.

12. Governing law and amendments

These terms are governed by the laws of India and are subject to the jurisdiction of the courts at Chennai, Tamil Nadu, without prejudice to the dispute resolution mechanisms prescribed by SEBI. The research analyst may amend these terms to reflect regulatory change; the current version and its review date are always published on this page.