Research Disclaimer and Disclosures

Moneylicious Capital and Advisory Services Private Limited is a SEBI registered Research Analyst entity (Registration no. INH300003314).

General Disclaimers:

Research Reports (hereinafter called ‘Reports’) are prepared and distributed by Moneylicious Capital and Advisory Services Private Limited (hereinafter called MC&ASPL) for information purposes only. The recommendations, if any, made in the reports are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security or derivative instrument through MC&ASPL or any solicitation or offering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) . The information / opinions / views are not meant to serve as a professional investment guide for the readers. The Reports are prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable by MC&ASPL. MC&ASPL or its Research Analysts do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While it is endeavored to update the information herein on a reasonable basis, MC&ASPL is under no obligation to update or keep the information current. There may also be regulatory, compliance or other reasons that may prevent MC&ASPL from doing so. Though the reports are disseminated to all the customers simultaneously, everyone may not receive them at the same time.

Disclaimer for Risks:

Trading and investment in securities are subject to market risks. There are no assurances or guarantees that the objectives of trading / investment in any security(ies) will be achieved. The security(ies) discussed and opinions expressed in the reports may not be suitable to all categories of traders/investors. The value of security(ies) referred to herein may be adversely affected by the performance of the respective issuer companies, changes in the market conditions, micro and macro factors and forces affecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest rates may affect the pricing of derivatives. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Forward-looking statements are not predictions and maybe subject to change without notice.

Disclaimers in respect of jurisdiction:

The reports are not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MC&ASPL to any registration or licensing requirement within such jurisdiction. Persons in whose possession these reports may come are required to inform them of and to observe such restriction. Any dispute arising out of these Reports shall be subject to the exclusive jurisdiction of the Courts in India.

Disclaimer of Interest:

MC&ASPL encourages independence in research reports preparation and strives to minimize conflict in preparation of research reports. Compensation of our Research Analysts is not based on any specific brokerage service transactions. MC&ASPL or its Research Analysts do not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research reports. MC&ASPL may have received compensation from the said issuer company(ies) in last 12 months for the brokerage or non-brokerage services. Neither MC&ASPL nor the Research Analysts have been engaged in market making activity for the company(ies) mentioned in the reports. The research analysts have not served as an officer, director or employee of the said issuer company(ies) MC&ASPL or its Research Analysts do not own 1% or more of the equity security(ies) of the company(ies) mentioned in the reports as of the last day of the month preceding the publication of the research reports. MC&ASPL, its Associates, the research analysts or their relatives might have financial interest in the issuer company(ies) of the said security(ies). During the preparation of the reports MC&ASPL or its Research Analysts, or their relatives did not have any known direct /indirect material conflict of interest including any long/short position(s) in any specific security(ies) on which views/opinions have been made. At a different point of time, MC&ASPL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in these reports. The research analysts who prepare the Reports hereby certify that the views /opinions expressed in the Reports are their personal independent views/opinions in respect of the securities and their respective issuers.

Disclaimer of Exclusivity:

The Research Reports shall be read by only those persons to whom the same have been delivered. Reprinting, reproduction, copying, distribution of the Reports in any manner whatsoever, in whole or in part, is not permitted without the prior expressed written consent of MC&ASPL. MC&ASPL’s activities were neither suspended nor have defaulted with any stock exchange with whom MC&ASPL is registered. Further, there is no material disciplinary action taken on MC&ASPL by any Regulatory Authority impacting Research Analysis activities. There does not exist any material enquiry of whatsoever nature instituted or pending against MC&ASPL.


Important: These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part thereof.