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 Mrs. PB Shruti, (hereinafter referred as “Research Analyst”)

Research Analyst is registered with SEBI as Research Analyst with Registration No. INH000008358 AND BSE Enlistment number 5446 and is engaged in research and recommendation Services.

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.

Terms and conditions of Research and Recommendation Services

Terms and conditions of Research and Recommendation Services are detailed in the terms and condition document. Please refer to the same for details.

Disciplinary history

1. No penalties / directions have been issued by SEBI under the SEBI Act or Regulations made there under against the Research Analyst relating to Research Analyst services.

2. There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst or its employees.

3. Details of its associates: NO ASSOCIATES

Disclosures with respect to Research and Recommendations Services

• Research Analyst may have financial interest or actual / beneficial ownership in the securitiesrecommended in its personal portfolio. Details of the same may be referred through the disclosures made at the time of advice.

• Research Analyst or their relatives may have actual beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.

• There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.

• Research Analyst or its employee or its associates have not received any compensation from the subject company in past 12 months.

• Research Analyst or its employee or its associates have not managed or co-managed the public offering of Subject Company in past 12 months.

• Research Analyst or its employee or its associates have received any compensation for investment banking or merchant banking of brokerage services from the subject company in past 12 months.

• Research Analyst or its employee or its associates have not received any compensation for products or services other than above from the subject company in past 12 months.

• Research Analyst or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.

• The subject company was not a client of Research Analyst or its employee or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.

• Research Analysts or its employee or its associates has not served as an officer, director or employee of the subject company.

• Research Analysts has not been engaged in market making activity of the subject company

DISCLAIMER

Nothing in this document should be construed as investment advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. This report and information herein is solely for informational purpose and this document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose.

This report is meant for the clients of Mrs. PB Shruti only. Investment in securities market are subject to market risks.

Read all the related documents carefully before investing.