This Research Services Agreement is made on 11th day of December 2025 (date) between {{Company Name}}, which is a SEBI registered Research Analyst having registration number 00000000000 dated June 13, 2022 and having its {{Company Address}} hereinafter called the Research Analyst

AND

Mr. ___________ , S/O, Mr. ____________, having its residence at _______________, hereinafter called the Client.

That the expression of the term, Research Analyst and Client shall mean and include their legal heirs, successors, assigns and representatives, etc.

WHEREAS Research Analyst is been authorised by SEBI to provide research recommendations in terms of SEBI (Research Analysts) Regulations, 2014.

AND WHEREAS Client is desirous of availing the research services from the Research Analyst on the terms & conditions as described hereinafter.

NOW, THEREFORE, in consideration of the mutual covenants contained in this agreement, the parties hereby agree as follows:

1. In accordance with the applicable laws, client hereby appoints, entirely at his / her / its risk, {{Company Name}} to provide research recommendations in accordance with the terms and conditions of the agreement.

2. Recommendations services provided by the Research Analyst the client has read and understood the terms and conditions of Research along with the fee structure and mechanism for charging and payment of fee.

3. Research Analyst shall not manage funds and securities on behalf of the client and that it shall only receive such sums of monies from the client as are necessary to discharge the client’s liability towards fees owed to the Research Analyst.

4. Research Analyst shall not, in the course of performing its services to the client, hold out any research services implying any assured returns or minimum returns or target return or percentage accuracy or service provision till achievement of target returns or any other nomenclature that gives the impression to the client that the research recommendation provided is risk-free and/ or not susceptible to market risks and or that it can generate returns with any level of assurance.

5. In consideration for the services to be rendered by Research Analyst, the Client agrees to pay to Research Analyst charges/fees as per Research Analyst’s schedule of charges/fees (more particularly described in Schedule A).

6. The payment of fees shall be through any mode which shows traceability of funds. Such modes may include account payee crossed cheque/ Demand Drafts or by way of direct credit to the bank accounts through NEFT/ RTGS/ IMPS/ UPI or any other mode specified by SEBI from time to time. However, the fees shall not be in cash.

7. The Research Analyst agrees to provide services to the client as mentioned below: • Research recommendations on the fee-based model.
• The subject matter of recommendations will be related to the equity market or commodity market.
• Sending updates to the client regarding recommended stocks, whenever Research Analyst thinks necessary/ required.

8. Functions of the Research Analyst:

8.1 Research Analyst shall provide research recommendation Services to the Client during the term of this Agreement as permitted under applicable laws and regulations governing Research Analyst. The services rendered by the Research Analyst are non-binding non-recourse in nature and the final decision on the type of instruments; the proportion of exposure and tenure of the investments shall be taken by the Client at its discretion.

8.2 Research Analyst shall act in a fiduciary capacity towards its clients at all times. Research Analyst shall act in a bonafide manner for the benefit and in the interest of the Client.

8.3 Research Analyst shall be in compliance with the SEBI (Research Analysts) Regulations, 2014 and its amendments, rules, circulars and notifications.

8.4 Research Analyst shall be in compliance with the eligibility criteria as specified under the SEBI Regulations at all times.

8.5 Research Analyst shall get annual compliance audit conducted as per the SEBI (Research Analysts) Regulations, 2014.

8.6 Research Analyst undertakes to abide by the Code of Conduct as specified in the Third Schedule of the SEBI (Research Analysts) Regulations, 2014. Research Analyst shall not receive any consideration in any form, if the client desires to avail the services of intermediary recommended by Research Analyst.

9. Objective and guidelines:

Research Analyst would provide recommendations in listed Equity Shares (Large cap/ Mid-Cap/ Small Cap). Further, Client expressly understands and agrees that Research Analyst is not qualified to, and does not purport to provide, any legal, accounting, estate, actuary, investment or tax advice or to prepare any legal, accounting or tax documents. Nothing in this Agreement shall be construed as providing for such services. Client will rely on his or her tax attorney or accountant for tax advice or tax preparation.

10. Liability of Research Analyst.

Except as otherwise provided by law, Research Analyst or its officers, Directors, employees or affiliates will not be liable to Client for any loss that:

a. client may suffer by reason of any depletion in the value of the assets, which may result by reason of fluctuation in asset value, or by reason of non-performance or under-performance of the securities/funds or any other market conditions;

b. Client may suffer as a result of Research Analyst’s recommendations or other action taken or omitted in good faith and with the degree of care, skill, prudence and diligence that a prudent person acting in a similar fiduciary capacity would use in conducting an enterprise of a similar nature and with similar objectives under the circumstances;

c. Caused by following Client’s written or oral instructions;

11. Adherence to grievance redressal timelines

Research Analyst shall be responsible to resolve the grievances within the timelines specified under SEBI circulars. In case of any query or grievance, client shall contact through following medium:

Tel No.: 0731-428-7574 Mail id: {{Company Mail ID}}

12. Means of communication

The Research Analyst will render its recommendations by the way of SMS. Client shall only accept such recommendations which is provided to him/her by SMS. Research Analyst shall not be liable if the client accepts the recommendations which is provided to him by any other means. Further client shall acknowledge any communication via mail through {{Company Mail ID}} or {{Company Website}} domain name only. Research Analyst will not be liable for any email which is been received by client from any other domain name.

13. Terms & Condition

A. Expectations from the investors (Responsibilities of investors)

Do’s

o Always deal with SEBI registered Research Analyst.

o Ensure that the Research Analyst has a valid registration certificate.

o Check for SEBI registration number.

o Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website in the following link:https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=13)

o Always pay attention towards disclosures made in the research reports before investing.

o Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments.

o Before buying securities or applying in public offer, check for the research recommendation provided by your research Analyst.

o Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.

o Inform SEBI about Research Analyst offering assured or guaranteed returns.

Don’ts

o Do not provide funds for investment to the Research Analyst.

o Don’t fall prey to luring advertisements or market rumors.

o Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.

o Don’t take decisions just because of repeated messages and calls by Research Analyst.

o Do not fall prey to limited period discount or other incentive, gifts, etc. offered by Research Analyst.

o Don’t rush into making investments that do not match your risk taking appetite and investment goals.

o Do not share login credential and password of your trading and demat accounts with the Research Analyst.

B. Refund Policy

We value our customers and are committed to providing best services. Our clients need to realize that we do not offer a 100% guarantee on our calls and hence cannot offer any refund on subscriptions regardless of the individual client’s performance. Once a service has been subscribed to and a payment has been made for the same, it can’t be canceled or refunded in any case. If for some unforeseen reason, the client is not satisfied with our services, they may call us to seek direction on future calls. We will give our best effort to increase the satisfaction levels in such cases. However, any request by the client to cancel a service or get a refund will NOT be accepted in any case.

We strongly recommend that before making a payment, our visitors and potential clients, please:

• Read all information about our services and support given to our clients.

• Read our Terms and Conditions.

• Read our Privacy Policy and Refund Policy.

• There is no refund possible in any case whatsoever.

C. Privacy Policy

We at {{Company name}} Services Pvt. Ltd. understand the confidentiality of your personal information and maintain it forever. We understand that the information which you have given us is to be kept private and confidential, and we keep up the promise that we will safeguard the information of our clients whether old or new. The information like your name, mobile no, email id, address etc are required for the company as well as the client as it helps in better communication of the services. Following policy has been implemented for safeguarding the information.

For more details kindly visit our website {{Company Website}}
Kindly make the payment after reading all terms and conditions, disclaimers and refund policy.

14. Disclosure

The particulars given in this Disclosure Document have been prepared in accordance with SEBI (Research Analyst) Regulations, 2014.

The purpose of the Document is to provide essential information about the Research and recommendation Services in a manner to assist and enable the perspective client/client in making an informed decision for engaging in Research and recommendation services before investing.

For the purpose of this Disclosure Document, Research Analyst is Mr….., of {{Company name}} Analyst, (hereinafter referred as “Research Analyst”)

• Descriptions about “Research Analyst”

• History, Present business and Background

Research Analyst is registered with SEBI as Research Analyst with Registration No. 00000000000.

The focus of Research Analyst is to provide research and recommendations services to the clients. Analyst aligns its interests with those of the client and seeks to provide the best suited services.

For more details kindly visit our website {{Company Website}}

15. Disclaimer

We do not receive any consideration by way of remuneration or compensation or in any other form whatsoever, by us or any of our associates or subsidiaries for any distribution or execution services in respect of the products or securities for which the investment advice is provided to the client. Investment is stock or commodity markets is subject to market risk, though best attempts are made for predicting markets, but no surety of return or accuracy of any kind is guaranteed, while the performance sheet of various products is available but should not be considered as a guarantee for future performance of the products/services. Clients are advised to consider all the advice as just an opinion and make investment decision on their own.

For more details kindly visit our website {{Company Website}}

16. General risk factor

The Client hereby agrees to undertake the risks pertaining to the investments as stated herein or an indicative list of the risks associated with investing through the service is set out below:

a) Investment in equities, derivatives, mutual funds and Exchange Traded Index are subject to market risks and there is no assurance or guarantee that the objective of the Investment Strategy will be achieved.

b) Past performance of the Research Analyst does not indicate the future performance. Investors are not being offered any guaranteed returns.

c) Client may note that Research Analyst’s recommendations may not be always profitable, as actual market movements may be at variance with anticipated trends.

d) The Research Analyst is neither responsible nor liable for any losses resulting from its research services.

e) The names of the products/nature of investments do not in any manner indicate their prospects or returns. The performance of equity related investment strategies may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors.

f) Price/Volatility Risk: Equity market can show large fluctuations in price, even in short period of time. Investors should be aware of this and only invest in equity or equity related products if their investments horizon is long enough to support these important price movements.

g) Clients are not being offered any guaranteed/assured returns.

h) The value of asset may increase or decrease depending upon various market forces affecting the capital markets such as de-listing securities ,market closure,etc. Consequently we make no assurance of ant guaranteed returns.

i) Not following the recommendations or allocation may impact the profitability of the portfolio.

j) System/Network/Technical congestion: Recommendation communicated via electronic modes i.e. via SMS or client portals exits a possibility of delivery failure, which may be beyond our control.

k) Changes in Applicable Law may impact the performance of the Portfolio.

17. Miscellaneous

Each party agrees to perform such further actions and execute such further agreements as are necessary to effectuate the purposes hereof.

IN WITNESS WHEREOF, the parties hereto have executed the Agreement on the date(s) set forth below, and the Agreement is effective on the date of acceptance by the Research Analyst.

Client Signature:	Date
Research Analyst:	Date

SCHEDULE A

Fee Schedule

The research recommendation fees for the service ______________ for a Tenure of __ (__) month(s) would be Rs. _____ (Rupees ____________) Inclusive of GST. Calculation of a month will be done on date-to-date basis (month to month).

D. Service Selection

General Information of Investor

• Annual Income

• Age

• Investment

• Occupation in detail/Discriptions

• Market Exp