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Terms and Conditions of Research Services

Please read these terms carefully. To subscribe, tick the consent box at the end and sign the agreement form.

Version v2.0 Effective 08 October 2026

Parties to these Terms and Conditions

These Terms and Conditions of Research Services ("Terms") are entered into between:

  1. Research Analyst: XYZ, carrying on business as TradeMantra (hereinafter "the RA", "we", "us"), registered with SEBI as a Research Analyst under Registration No. [To Be Updated], BSE Enlistment No. [To Be Updated], having its registered office at [To Be Updated]; and
  2. Client: any individual or entity who subscribes to, avails of or uses the research services of the RA (hereinafter "the Client", "you").

1. Availing the Services

The Client wishes to avail of the research services offered by the RA and does so at the Client's own discretion. The RA agrees to provide its research services to the Client on the terms set out in this document.

2. Obligations on RA and Client

The RA and the Client shall both comply with the SEBI (Research Analysts) Regulations, 2014, as amended from time to time, the circulars and guidelines issued by SEBI and the Research Analyst Administration and Supervisory Body (RAASB), and any other law or government notification applicable to the services.

3. Client Information and KYC

  • The Client shall furnish all documents and information requested by the RA and shall co-operate in completing the Know Your Client (KYC) process.
  • The Client authorises the RA to fetch the Client's KYC records from a KYC Registration Agency (KRA) for the purpose of completing and verifying KYC.

4. Standard Terms of Service

The Client agrees to be bound by these Terms, and by any amendment, modification or update to them that the RA may issue from time to time and communicate to the Client.

The Client hereby agrees that:

  1. The Client has read and understood the terms and conditions applicable to Research Analysts as defined under regulation 2(1)(u) of the SEBI (Research Analysts) Regulations, 2014, including the fee structure.
  2. The Client is subscribing to the research services for the Client's own benefit and consumption, and any reliance placed on the research reports provided by the RA is solely at the Client's own judgement and risk.

The Client understands that:

  • Any investment made on the basis of the recommendations in research reports is subject to market risk.
  • Recommendations in research reports do not provide any assurance of returns.
  • There is no recourse to claim any losses incurred on investments made on the basis of the recommendations in research reports.

Declaration by the Research Analyst:

  1. The RA is duly registered with SEBI as a Research Analyst under Registration No. [To Be Updated] and is enlisted with BSE under Enlistment No. [To Be Updated]. Validity / date of registration: [To Be Updated].
  2. The RA holds the registrations and qualifications required to provide research services, and these are valid and subsisting.
  3. The research services provided by the RA do not conflict with or violate any law, rule, regulation, contract or other instrument to which the RA is a party or by which it is bound.
  4. The maximum fee that may be charged by the RA is ₹1.51 lakh per annum per family of clients (applicable to individual and HUF clients, excluding statutory charges).
  5. Recommendations provided by the RA do not provide any assurance of returns.
  6. The RA does not hold any full-time or executive position in any other activity that could compromise the independence or objectivity of its research reports.

5. Consideration and Mode of Payment

  1. The Client shall pay the fees specified in the invoice raised by the RA, or such amount as may be mutually agreed in writing or orally, within 2 (two) days of the invoice or agreement.
  2. Fees may be paid by UPI, net banking, a payment gateway or any other verified banking channel. Cash payments are not accepted.
  3. Fees shall be paid only into the bank account held in the name of the RA / TradeMantra. The RA is not responsible for any payment made to a third-party or personal account of any individual.

6. Risk Factors

The Client is solely responsible for all financial and other consequences arising from the use of the RA's research services, and acknowledges the following risks:

  1. Trading and investment in equities, derivatives and other securities carries market risk, and there is no guarantee of returns.
  2. Past performance is not an indicator of future results.
  3. Recommendations may not be profitable, and the Client may incur losses.
  4. The RA shall not be liable for any loss arising from acting on its recommendations.
  5. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
  6. Registration granted by SEBI, enlistment as RA with the Exchange and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

7. Conflict of Interest

The RA complies with the SEBI (Research Analysts) Regulations, 2014 in relation to the disclosure and mitigation of any actual or potential conflict of interest. Detailed disclosures are available on the Disclosure page of our website.

  1. The RA, its officers and employees do not trade in the securities they recommend to clients.
  2. There is no actual or potential conflict of interest arising from any connection with or association with any issuer of the products or securities recommended. Should any conflict arise in future, it will be promptly disclosed to the Client.
  3. The RA, its employees and associates have not received any compensation from the companies whose securities they recommend.

8. Termination of Service and Refund of Fees

  • Termination by the Client: the Client may terminate the services if the RA fails to provide the research recommendations agreed under the subscription. The Client may not terminate the services merely because expected returns were not achieved, because of trading losses, by discontinuing without a valid reason, or for reasons of force majeure.
  • Suspension or termination by the RA: the RA may suspend or terminate the services if its SEBI registration is suspended or cancelled, in which case the balance fee for the unexpired period shall be refunded to the Client.
  • Refund on suspension or cancellation of registration: if SEBI suspends the RA's registration for a period exceeding 60 days, or cancels it, the RA shall refund the fees on a pro-rata basis for the period from the effective date of suspension or cancellation to the end of the subscription period.
  • In any other case of premature termination by either party, the Client shall be refunded the fee for the unexpired period on a pro-rata basis, without any breakage fee, as per SEBI guidelines and our Refund Policy.

9. Grievance Redressal

A grievance may relate to non-receipt of research reports, missing content in a report, or any other deficiency in service. The RA shall endeavour to resolve every grievance within 7 (seven) days of receipt.

  1. Step 1: contact the RA — Compliance Officer: XYZ, Phone: +91 74981 81242, Email: Compliance@trademantra.net.
  2. Step 2: if the Client is not satisfied with the resolution, the Client may lodge a complaint on SEBI's SCORES platform at https://scores.sebi.gov.in.
  3. Step 3: if the grievance remains unresolved, the Client may use the Online Dispute Resolution (ODR) mechanism through the SMART ODR portal at https://smartodr.in.

The RA shall not be responsible for any delay in resolution where the Client has not followed the above steps.

Note: Clients are requested to read the Do's and Don'ts for investors prescribed by SEBI (Master Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated 21 May 2024), and the Disclaimer, Disclosure and Refund Policy published on our website.

10. Most Important Terms and Conditions (MITC)

  1. The RA cannot execute or carry out any trade (purchase or sale of securities) on behalf of the Client, and the Client is advised not to permit the RA to do so.
  2. The fees charged by the RA are subject to the maximum limit prescribed by SEBI / RAASB. The limit applies only to individual and HUF clients and is currently ₹1,51,000 per annum per family for all research services of the RA, excluding statutory charges. It does not apply to non-individual clients or accredited investors.
  3. The RA may charge fees in advance if agreed by the Client, but such advance shall not exceed the period stipulated by SEBI (currently one year). On premature termination of the research services by either the Client or the RA, the Client shall be entitled to a refund of fees for the unexpired period on a proportionate basis.
  4. Fees may be paid by cheque, online bank transfer, UPI or any other permitted banking channel — but not in cash. The Client may also choose to pay through the Centralised Fee Collection Mechanism (CeFCoM) managed by BSE Limited.
  5. The RA shall follow the regulatory requirements of SEBI and RAASB on disclosure and mitigation of conflicts of interest, and shall promptly inform the Client of any conflict that may affect the services.
  6. Any assured, guaranteed or fixed-return scheme, or any similar scheme, is prohibited, and the RA shall not offer one.
  7. The RA does not guarantee returns, profits, the accuracy of any recommendation, or risk-free investment. Research opinions are based on assumptions and information available as on the date of the report.
  8. Investment in the securities market is subject to market risks, and there is no recourse for any losses incurred. Any reliance on research reports is solely at the Client's own judgement.
  9. Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee the performance of the RA or provide any assurance of returns to the Client.
  10. For any grievance, the Client shall follow the three-step process set out in Section 9 (RA → SCORES → SMART ODR).
  11. The Client shall keep the Client's email address and mobile number updated with the RA at all times.
  12. The RA will never ask for the Client's login credentials or OTPs for trading, demat or bank accounts, and the Client shall never share them with anyone claiming to represent the RA.

11. Optional Centralised Fee Collection Mechanism

The RA is in the process of registering for the Centralised Fee Collection Mechanism (CeFCoM). Status: Not yet registered. Once the RA is registered, the Client may choose to pay fees through CeFCoM.

12. Confidentiality

The Client shall not disclose, share or forward any confidential information or research received from the RA to any third party without the RA's prior written consent.

13. Dispute

  • No suit, prosecution or other legal proceeding shall lie against the RA for anything done or intended to be done in good faith under the SEBI (Research Analysts) Regulations, 2014.
  • Any dispute between the RA and the Client shall be resolved through arbitration or any other dispute-resolution mechanism mutually agreed between the parties, in accordance with the applicable guidelines issued by SEBI from time to time.

14. Severability

If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect, provided that the essential purpose of these Terms is preserved.

15. Force Majeure

Neither party shall be liable for any delay or failure in performing its obligations caused by circumstances beyond its reasonable control, including natural disasters, acts of government or regulators, network or exchange failures, or other unforeseen events.

Acceptance

The Client agrees to abide by these Terms and Conditions of Research Services. By accessing or using this website and our research services, the Client accepts these Terms. Electronic acceptance through this website — by ticking the consent box and signing the agreement form with a drawn or typed signature — is recorded with the date, time and IP address for record-keeping, and a signed copy is emailed to the Client. This electronic acceptance is a consent record; it is not an Aadhaar eSign or a digital signature certificate under the Information Technology Act, 2000.

Tick the box to enable the signing step.