Compliance documents

Investor Charter in respect of LAXMIKANT BALAJI KADAM also referred as Research Analyst or RA

1. Vision and Mission Statements for Investors

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

2. Details of business transacted by the Research Analyst with respect to the investors

• To publish research report based on the research activities of the RA

• To provide an independent unbiased view on securities.

• To offer unbiased recommendation, disclosing the financial interests in recommended securities.

• To provide research recommendation, based on analysis of publicly available information and known observations.

• To conduct audit annually

• To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.

• To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

3. Details of services provided to investors (No Indicative Timelines)

Onboarding of Clients:

• Sharing of terms and conditions of research services

• Completing KYC of fee-paying clients

Disclosure to Clients:

• To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any

• To disclose the extent of use of Artificial Intelligence tools in providing research services

• To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider, or provide web address that directs a recipient to the relevant disclosures

• To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.

• To distribute research reports and recommendations to the clients without discrimination.

• To maintain confidentiality w.r.t publication of the research report until made available in the public domain.

• To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information

• To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines

• To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services

• To treat all clients with honesty and integrity

• To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

4. Details of grievance redressal mechanism and how to access it

• Investor can lodge complaint/grievance against Research Analyst in the following ways:

Mode of filing the complaint with research analyst:

• In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)

SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in)

• Two level review for complaint/grievance against Research Analyst:

First review done by designated body (RAASB)

Second review done by SEBI

• Email to designated email ID of RAASB

• If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

• With regard to physical complaints, investors may send their complaints to:

Office of Investor Assistance and Education,

Securities and Exchange Board of India,

SEBI Bhavan, Plot No. C4-A, ‘G’ Block,

Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

5. Rights of investors

• Investors' right to have digital accessibility

• Right to Privacy and Confidentiality

• Right to Transparent Practices

• Right to fair and Equitable Treatment

• Right to Adequate Information

• Right to Initial and Continuing Disclosure -Right to receive information about all the statutory and regulatory disclosures

• Right to Fair & True Advertisement

• Right to Awareness about Service Parameters and Turnaround Times

• Right to be informed of the timelines for each service

• Right to be Heard and Satisfactory Grievance Redressal

• Right to have timely redressal

• Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst

• Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services

• Additional Rights to vulnerable consumers - Right to get access to services in a suitable manner even if differently abled

• Right to provide feedback on the financial products and services used

• Right against coercive, unfair, and one-sided clauses in financial agreements

6. Expectations from the investors (Responsibilities of investors)

Do’s

• Always deal with SEBI registered Research Analyst.

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

• Check for SEBI registration number: 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?doRecognised=yes or https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14

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

• Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)

• Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.

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

• Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.

• Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.

• Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.

• Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.

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

Don’ts

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

• Don’t fall prey to luring advertisements or market rumours.

• Do not get attracted to limited-period discounts or other incentives, gifts, etc., offered by the Research Analyst.

• Do not share login credentials and passwords of your trading, demat or bank accounts with the Research Analyst.

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1. Standard Research Rationale:

a. Securities are chosen through a combination of Technical and Fundamental Analysis.

b. Our selection methods are research-driven and encompass technical indicators such as Price, Volume, RSI, and other indicators, alongside data-informed analysis, and fundamental analysis.

c. Recommendations for securities are based on the bullish and bearish sentiments derived from the analysed parameters.

d. To protect against potential losses, we implement stop-loss measures for each security, guided by these parameters.

e. A daily closing chart of securities for 3 years or more is available at NSE: https://charting.nseindia.com/ and BSE: https://charting.bseindia.com/

*Source: ** Brokers' charts and various platforms that leverage exchange data, along with regulatory and company websites for accurate information.

2. Recommendations/Calls Ratings Explained:

a. Buy/Add: Purchase at the Current Market Price (CMP) or the price specified in the call. b. Sell/Exit: Sell at the Current Market Price (CMP) or the price outlined in the call. c. Stop-loss: Sell at or below the stop-loss price. d. Target: Sell at or above the target price. e. Hold: Retain securities until the price target or stop-loss is achieved. f. Book Profit: Sell a portion of securities while keeping the remainder for potential further targets or stop-loss. g. Apply: Submit applications for securities such as IPOs, OFS, Buybacks, etc. h. Open Position: If stop-loss and target levels are not provided for securities, particularly for long-term investments, exit at a profit or loss of 5-10%, depending on which occurs first. i. Adhere strictly to our group calls; personal inquiries about Buy, Sell, and Hold may lead to unintended losses if group recommendations are not followed.

Recommended Entry, Stop-Loss, and Target Framework — ABC Contract:

For ABC contract, the suggested entry price is ₹100, or within the range of ₹100–₹102. In a fast-moving market, an entry up to 2–3 points above the suggested price may be considered, subject to the investor’s individual risk tolerance.

If the recommended price level is missed, kindly ignore the recommendation/call and wait for the next recommendation/call. Do not enter the trade at a price level other than the recommended level.

1. Stop-Loss: If the stop-loss is set at ₹95, the position should be exited immediately once the contract trades at or below ₹95. 2. Target Levels: If the target levels are ₹105, ₹110, and ₹120, exits should be implemented in accordance with the investor’s risk appetite, as follows 3. At ₹105: - Low-risk investor: Exit the entire quantity at or above ₹105. - High-risk investor: Exit 33% of the quantity at or above ₹105 and revise the stop-loss to the entry price of ₹100. 4. At ₹110: - High-risk investor: Exit a further 33% of the quantity at or above ₹110 and revise the stop-loss to the first target level of ₹105. 5. At ₹120: - High-risk investor: Exit the remaining quantity at or above ₹120. Default Target in Absence of a Specified Target: Where no target price is specified, the default target shall be based on a 1:1 risk-reward ratio. For example, if the entry price is ₹100 and the stop-loss is ₹95, representing a 5% downside risk, the default target shall be 5% above the entry price, i.e., ₹105. Investors are advised to execute trades strictly in accordance with their stated risk profile and to monitor positions actively until exit.

3. Disclaimer & Disclosure in Research Report:

Issued By: Research Analyst: LAXMIKANT BALAJI KADAM *SEBI Research Analyst Registration No.: INH000031286 *Research Analyst Entity: Research Analyst or RA *BSE Enlistment Number: 7627 *Tradename/Website: Artham Fincorp

Research Report Terms & Conditions:

(a) The recommendations provided in this report are based on publicly available information we believe to be reliable and accurate at the time of publication. (b) Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.

(c) Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly. (d) Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time. (e) We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity. (f) Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes. (g) Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss. (h) There is absolutely no scope for refunding losses incurred from acting on any research report or commentary. (i) While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes. (k) RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports. (l) All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements. (m) A daily closing chart of securities is available at NSE: https://charting.nseindia.com/ and BSE: https://charting.bseindia.com/ (n) The view on securities is based on both technical and fundamental analysis. (o) RESEARCH ANALYST adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or PMS (Portfolio Management Services). (p) All participants must follow the instructions provided during our group calls. We do not offer any one-on-one investment or trading services, as this is against RA regulations. (q) Please note that personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses. (r) Copyright and Confidentiality (i) Research reports are issued for personal use only. (ii) No part of the report may be reproduced, redistributed, or published without written authorization from RESEARCH ANALYST.

4. Analyst Certification and Business Activities:

RESEARCH ANALYST, as a SEBI-registered Research Analyst, certify that:

(a) The views expressed in this report represent the honest and independent opinions of the analyst(s) on the subject securities. (b) This report has been prepared using data from publicly available sources deemed reliable. (c) The analyst’s compensation is not influenced by the views or recommendations expressed herein.

Business Activity:

RESEARCH ANALYST is engaged in the business of providing independent research services, primarily on commodities (precious metals, base metals, energy and agricultural commodities). The RESEARCH ANALYST offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary. The RESEARCH ANALYST is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

Other Business Activities: The Research Analyst may, subject to applicable laws and regulatory requirements, engage in other business activities such as education, referrals, consultancy, recommendations, and commission-based business relating to third-party products, whether regulated or unregulated, based on client demand.

In the case of a part-time Research Analyst, such activities may also include employment, provided they are conducted at arm’s length and without any conflict of interest with the Research Analyst activities carried out under SEBI research analyst regulations.

5. Conflict of Interest & Ownership Disclosure:

Neither the firm, its analysts, nor their relatives or associates:

(a) have a financial interest in the subject company at the time of publication. (b) Own 1% or more of the subject company’s equity securities. (c) Have any material conflict of interest with the subject company at the time of publication. (d) Have received any compensation (direct or indirect) from the subject company in the past 12 months.

(e) Have provided any investment banking, merchant banking, or brokerage services to the subject company. (f) Serve in any managerial, officer, or directorial capacity for the subject company. (g) Are involved in market-making activities for the subject company. (h) Have the subject company as a client in the last 12 months.

6. Compensation & Conflicts of Interest:

(a) Have not received any compensation from the subject company during the past twelve months. (b) Have not managed or co-managed any public offering of securities for the subject company in the past twelve months. (c) Have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months. (d) Have not received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months. (e) Have not received any other benefits or incentives from the subject company or any third party in connection with this research report.

7. Employment & Operational Involvement:

(f) Have not served as an officer, director, or employee of the subject company at any point. (g) Are not engaged in any market-making activity for the subject company.

8. Client Relationship & Service Status:

(h) The subject company has not been a client of RESEARCH ANALYST during the twelve months prior to the publication of this report, and no services have been rendered to the subject company during this period.

9. Third-Party Research Quality and Cross-Review:

(i) RESEARCH ANALYST has a process in place to review third-party research reports, if used, to ensure that no untrue statements of material fact or misleading information are included.

10. Disciplinary History:

RESEARCH ANALYST, its partners, employees, and associates have no prior disciplinary action, regulatory penalties, or adverse rulings from SEBI or any other authority.

11. Key Disclosures and Risk Factors:

(a) All research reports and recommendations are provided solely for informational purposes and should not be construed as an offer or solicitation to buy, sell, hold, or subscribe to any securities or financial instruments. (b) RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports. (c) Investment in capital markets is inherently subject to risks. Clients should assess their own risk tolerance carefully and consider consulting a qualified financial advisor prior to making investment decisions. (d) The research products of RESEARCH ANALYST are not tailored to individual investment objectives, financial situations, or specific needs. (e) Clients obtaining research recommendations should exercise independent judgment and act in accordance with their financial capacity and risk appetite, fully appreciating the risks involved in securities markets.

12. Risk Warnings:

(a) Investment in securities markets is subject to market risks. Read all related documents carefully before investing. (b) Market conditions may cause partial or permanent loss of capital or portfolio value. (c) The Securities Quoted Are for Illustration Only and Are Not Recommended. (d) Past performance is not indicative of future results. (e) “Registration granted by SEBI, Enlistment as RA with Exchange, and certification from National Institute of Securities Market (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.”

13. Open Position Risk:

Our research recommendations may remain open-ended, and in certain cases, no stop-loss or target levels may be defined. In such scenarios, your portfolio could be at risk of heavy losses caused by rapid market movements or unforeseen company-specific events. Investors can choose to exit their positions, accepting a loss of 10-15% in adverse market conditions. We cannot accommodate individual inquiries regarding entry and exit.

14. No Loss or Refund, and Assurance Guarantee:

(a) There is absolutely no scope for refunding losses incurred from acting on any research report or commentary. (b) While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes. We do not guarantee returns, promise assured profits, or engage in profit-sharing arrangements. We strictly prohibit any unethical practices or claim of quick financial gains. If you are contacted by anyone—including our employees, partners, managers, or associates—promising guaranteed profits, sharing profitable screenshots, or requesting money transfers to personal accounts, please report it immediately to our Compliance Team at: kadamlaxmikant8793@gmail.com. Please note: Sending money to anyone’s personal account without first informing our Compliance Team at: kadamlaxmikant8793@gmail.com is not allowed. We will not accept any liability or responsibility for financial losses that arise from dealing with such unauthorized persons. We will also not entertain any regulatory complaints related to such losses.

15. Social Media Disclaimer:

Any content shared via our social media handles is intended for educational purposes only and should not be interpreted as financial advice or recommendations.

a. Always consult a SEBI-registered investment adviser before making any financial decisions.

16 Use of AI and Algorithm tools in Research:

Our research process includes technical and fundamental analysis, occasionally supported by AI and algorithm-based tools for data which is re-verified by our research team.

While AI and algorithms enhance analytical capabilities:

(a) It may introduce data biases, system vulnerabilities, or errors in interpretation, which lead to losses. (b) AI and algorithm-generated insights carry a risk of misleading recommendations due to inaccurate or poor-quality input data. (c) Client data privacy and security remain a top priority and are handled in accordance with applicable laws and regulations. (d) Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data centre failed communications, and misleading results from poor data. (e) There is no guarantee of success or return when acting on AI-generated recommendations. (f) You bear the full risk of any investment decisions made based on such advice. (g) The provider is not liable for any losses or damages you may incur as a result of your actions taken as per AI recommendations.

17. Model Portfolio Disclaimer:

RESEARCH ANALYST may issue model portfolios in full compliance with SEBI regulations. These are not tailored to individual financial goals, and clients must independently assess risk-reward based on their profile.

RESEARCH ANALYST will ensure that such model portfolios:

(i) Any inclusion of securities or their weightage is based on research-driven methodology and is aligned with general market views and sectoral outlooks at the time of issuance. (ii) Are accompanied by a detailed rationale. (iii) Are continuously monitored and updated when necessary. (iv) Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

18. Notice on Unregulated Products: US or Foreign Securities, Crypto, Forex & Third-Party Services:

a. Recommendations related to US or Foreign Securities; Crypto assets and Forex trading are outside SEBI's jurisdiction. b. Investors have no SEBI protection or dispute resolution for these products. c. High Risk Warning:

i. Significant potential for total capital loss due to market volatility and lack of regulation. ii. Increased risk of fraud and operational failure. iii. Investors should exercise caution based on their risk tolerance and financial situation while investing, as we are not liable for any losses or damages you may incur.

19. Business Activity and Disclosures:

RESEARCH ANALYST primarily focuses on Research Analyst activities, offering clients defined ratings for Buy, Sell, Hold, and other options.

Any additional activities (if any) do not pose a conflict of interest with the responsibilities of a Research Analyst.

20. Compliance and Transparency:

This disclosure is made to ensure transparency regarding potential outside business interests and affiliations of the Principal Officer. There is no conflict of interest between research activities and other activities.

21. Fee Payment & Investor Protection:

(a) All service fees must be paid only via our official website (this website) or verified bank/payment gateway channels/@valid UPI. (b) Centralized Fee Collection Mechanism (CeFCoM), if applicable (c) Payments made to any personal accounts or unauthorized third parties will not be acknowledged, and no liability will arise therefrom. (d) No third party or employee is authorized to offer return guarantees. Report any such activity to our Compliance Officer and SEBI immediately. (e) If you engage with such unauthorized persons, including our employees or associates, or accept return guarantees without officially informing the company, the company will not be liable for any resulting losses or liabilities. (f) Reporting such incidents both internally (Compliance Officer) and to the regulatory authority (SEBI) is a critical step to help stop potentially illegal investment schemes.

22. Contact Details:

Research Analyst Entity: LAXMIKANT BALAJI KADAM II SEBI RA Reg. No.: INH000031286 II Trade Name/Website: Artham Fincorp

Registered Office: Dhamdhari, Malegaon, PO: Malegaon, Dist: Nanded, Maharashtra - 431750

Compliance Officer: LAXMIKANT BALAJI KADAM

a. Email: kadamlaxmikant8793@gmail.com

23. Regulatory Escalation (if unresolved within 7 days):

If you're dissatisfied with our response, raise complaints through:

a. SEBI SCORES: https://scores.sebi.gov.in/ b. SEBI ODR Portal: https://smartodr.in/

c. Toll-Free SEBI Helpline: 1800 22 7575 / 1800 266 7575

24. Investor Education & Downloads:

a. SEBI Investor Awareness Portal: https://investor.sebi.gov.in/

b. Saarthi App (Android): https://play.google.com/store/apps/details?id=com.sebi.invapp

c. Saarthi App (iOS): https://apps.apple.com/in/app/saa%E2%82%B9thi/id1589426387

25. SEBI again advises investors to exercise extreme caution:

(1) Verify registration of entities before investing at: https://www.sebi.gov.in/intermediaries.html

(2) Carry out transactions only through authentic trading apps of SEBI-registered intermediaries after verification at: https://investor.sebi.gov.in/Investor-support.html

(3) Use “Validated UPI Handles” (“@valid” UPI IDs of SEBI-registered investor-facing intermediaries) and the “SEBI Check” platform by visiting https://siportal.sebi.gov.in/intermediary/sebi-check or through the Saarthi app, for secure investor payments (refer Press Release No. 64/2025)

26. Cyber Crime Reporting Portal: https://cybercrime.gov.in/

27. Report online financial fraud at the National Cybercrime Helpline number 1930.

📌 Please review our complete set of client-awareness documents—including Market & Third-Party Products Risks, Disclosures and Disclaimer, Standard Rationale, Investor Charter, MITC, Client Consent, Accessibility Audit, Annual Audit & ATR, Terms and Conditions, Complaint Table, Grievances, and more, please visit our website.

We strongly encourage all clients to review these documents thoroughly to avoid any future conflicts of interest or misunderstandings.:

🌐 Please visit Tradename/Website: Artham Fincorp

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Grievance Redressal & Escalation Matrix:

Registered Address & Customer Support:

Grievance Redressal Process:

If you are dissatisfied with any aspect of our services, please raise your concern through the following channel:

Escalation Process:

If your issue remains unresolved after 7 working days, or if the response provided is unsatisfactory, you may escalate the matter directly to SEBI via the following platforms:

For Impersonation or Online Fraud:

Additional Disclosures:

To view our complete set of client-awareness documents—including Market & Third-Party Products Risks, Disclosures and Disclaimer, Standard Rationale, Investor Charter, MITC, Client Consent, Accessibility Audit, Annual Audit & ATR, Terms and Conditions, Complaint Table, Grievances, and more, please visit: this website

We strongly encourage all clients to review these documents thoroughly to avoid any future conflicts of interest or misunderstandings.

SHE BOX – Grievance Redressal & Escalation Matrix

LAXMIKANT BALAJI KADAM (SEBI Reg. No.: INH000031286) also referred as Research Analyst or RA

Most Important Terms and Conditions (MITC): RA shall also disclose MITC as specified below to their clients. (MITC have been standardized by Industry Standards Forum (ISF) in consultation with SEBI and RAASB).

i. 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.

ii. 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).

a. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.

b. The fee limit does not include statutory charges.

c. The fee limits do not apply to a non-individual client / accredited investor.

iii. 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.

iv. 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).

v. 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.

vi. 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.

vii. 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.

viii. 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.

ix. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

x. For any grievances:

Step 1: The client should first contact the RA using the details on its website or following contact details:

Customer Support Head / CEO: LAXMIKANT BALAJI KADAM

Email: kadamlaxmikant8793@gmail.com

Tradename/Website: Artham Fincorp

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

xi. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.

xii. 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.

LAXMIKANT BALAJI KADAM (SEBI Reg. No.: INH000031286: Research Analyst or RA)

Refund & Cancellation Policy

We are committed to delivering high-quality research and support services with professionalism, transparency, and full regulatory compliance.

1. Eligibility: Refunds and cancellations are not available for utilized services, long-term investments, or basket portfolio recommendations.

2. No Assurance of Returns: Our research reports do not guarantee profits or returns. Refunds are not linked to market performance or investment outcomes.

3. Pro-Rata Refunds

Client Responsibilities:

Clients are expected to:
1. Review all service-related information carefully.

2. Read and accept our Risks, Disclosures & Disclaimers, Terms & Conditions, Privacy Policy, and Refund Policy before payment.

3. Acknowledge that losses arising from the use of research reports cannot be claimed under any circumstances.

Grievance & Support:
For concerns or refund-related queries, please contact:

Email: kadamlaxmikant8793@gmail.com

For complete details, please visit Tradename/Website: Artham Fincorp

LAXMIKANT BALAJI KADAM (Also referred as Research Analyst) (SEBI RA Regn. No.: INH000031286: Research Analyst or RA)

Overview of Terms and Conditions

1. Agreement & Acceptance

By accessing or using this website and its services, you agree to be bound by all terms set by LAXMIKANT BALAJI KADAM (“Owner”). These terms apply to all clients and visitors and are legally enforceable.

2. Eligibility & Service Scope

1. You must be at least 18 years old to use our services.

2. Our services are limited to financial research and recommendations, primarily related to the commodity and securities markets.

3. We are not an investment advisor or Portfolio Management Service (PMS) provider.

3. Intellectual Property

All content on this website—including reports, logos, text, and data—is the exclusive property of Research Analyst. You may not copy, redistribute, or reproduce any part of it without our written permission.

4. Client Obligations

1. You must provide accurate and complete information during registration.

2. You are responsible for maintaining the confidentiality of your login and payment details.

3. You must complete all required Client Consent, KYC, and other formalities. Any mismatch or failure in KYC verification with the KRA agency will result in immediate termination of services without notice.

5. Payment & Refund Policy

1. Fees are as displayed at the time of purchase and must be paid in full before service activation.

2. Refunds are available only on a pro-rata basis.

3. No refunds are allowed for:

i. Services already used

ii. Losses from investment decisions

iii. Long-term or basket portfolio recommendations

iv. Refunds are not linked to market performance or investment outcomes.

6. Research Report Terms

Our research reports are prepared with care and reviewed by a SEBI-registered Research Analyst before distribution. However, please note:

1. Recommendations are based on publicly available information believed to be reliable at the time of publication and based on technical or fundamental or both analysis.

2. Unless stated otherwise, recommendations are intended for a 12-month investment horizon.

3. Ratings reflect absolute returns (positive or negative) and should be interpreted accordingly.

4. Security prices can fluctuate due to market volatility or company-specific events.

5. We may revise or withdraw ratings at any time based on new information, valuation changes, or market conditions.

6. Opinions may change without notice, and we are not obligated to inform clients of such changes.

7. You are solely responsible for your investment decisions and any resulting profits or losses.

8. Losses cannot be claimed under any circumstances.

9. Research Analyst, its partners, employees, and affiliates disclaim all liability for losses arising from unintentional errors or omissions in reports.

10. Reports are for personal use only. Redistribution or publication requires written consent.

7. Analyst Independence & Compensation

1. The views expressed are the independent opinions of the analyst(s), based on technical and fundamental analysis.

2. Analyst compensation is not influenced by the recommendations made.

8. No Profit Guarantee & Risk Disclaimer

1. Our research does not guarantee profits or specific results.

2. Financial markets involve inherent risks, including the possibility of partial or total loss of capital.

3. Services are provided on an “as is” basis, without any express or implied warranties.

4. You must read and accept all Risks, Disclosures, Disclaimers, MITC, Investor Charter, Client Consent, Refund Policy, and other documents before using our services or acting on any recommendation.

9. Third-Party Content

If we include third-party research, it is reviewed to ensure it does not contain false or misleading statements. However, we are not responsible for the accuracy of third-party content.

10. Separation of Business Activities

1. Our research activities are managed independently from all other business operations, as required by SEBI RA Regulations, 2014.

2. Fees from other services (e.g., education, consultancy) are not considered fees for research services.

11. Indemnification

You agree to indemnify and hold harmless Research Analyst against any losses, claims, or legal actions arising from your use or misuse of our website or services, or from any violation of these terms.

12. Modifications & Jurisdiction

1. We reserve the right to modify or terminate these terms at any time. It is your responsibility to stay updated.

2. All legal matters shall be subject to the jurisdiction of Nanded, Maharashtra.

13. SEBI Investor Advisory

SEBI advises investors to:

1. Verify registration of intermediaries at: https://www.sebi.gov.in/intermediaries.html

2. Use only authentic trading apps of SEBI-registered entities: https://investor.sebi.gov.in/Investor-support.html

3. Use Validated UPI Handles (“@valid” UPI IDs) and the SEBI Check platform for secure payments: https://siportal.sebi.gov.in/intermediary/sebi-check or via the Saarthi app (Refer SEBI Press Release No. 64/2025)

14. Further Information

Please review our complete set of client-awareness documents—including client consent, investor charter, MITC, research service details, standard rationale, grievances, fraud awareness, third-party products risks, trade name, and others.

We strongly encourage all clients to review these documents thoroughly to avoid any future conflicts of interest or misunderstandings.:
Tradename/Website: Artham Fincorp

LAXMIKANT BALAJI KADAM (SEBI RA Regn. No.: INH000031286: Research Analyst or RA)

Privacy Policy

Last Updated: 11/11/2026

At LAXMIKANT BALAJI KADAM (“we,” “us,” or “our”), we are committed to protecting your privacy and ensuring the security of your personal information. This Privacy Policy explains how we collect, use, disclose, and safeguard your data in compliance with applicable laws and SEBI (Research Analyst) Regulations, 2014.

1. Information We Collect

1.1 Personal Data

We collect the following personal information for user identification, communication, and service delivery:

1. Full name

2. Email address

3. Contact number

4. Residential address

5. Usage data (e.g., pages visited, time spent)

6. Financial data (e.g., Pan, DoB, etc)

1.2 Device & Usage Information

Automatically collected information includes:

1. IP address

2. Browser type and version

3. Device identifiers

4. Service usage patterns and analytics

1.3 Third-Party Data

With your consent, we may collect data from social media platforms or other linked accounts when you sign in or interact through those services.

2. How We Use Your Information

By using our services, you consent to the collection and use of your data as described below:

1. To provide and maintain our research and support services

2. To communicate with you regarding service updates, alerts, or regulatory notices

3. To fulfill contractual and regulatory obligations

4. To improve user experience and website functionality

5. To comply with legal and SEBI-mandated requirements

3. Cookies and Tracking Technologies

We use cookies, web beacons, and similar tracking technologies to:

1. Personalize your browsing experience

2. Authenticate user sessions

3. Analyze website traffic and usage trends

You may manage cookie preferences through your browser settings. Disabling cookies may affect certain functionalities of the website.

4. Data Retention and Deletion

1. We retain your personal data only for as long as necessary to fulfill the purposes outlined in this policy or as required by law.

2. You have the right to request access, correction, or deletion of your personal data, subject to applicable legal and regulatory exceptions.

3. To exercise these rights, please contact us at kadamlaxmikant8793@gmail.com.

5. Data Sharing and Transfers

5.1 When We Share Your Data

We may share your information only under the following circumstances:

1. With trusted service providers who assist in delivering our services

2. In connection with business transfers, mergers, or acquisitions

3. With affiliates or business partners, with your consent

4. As required by law, regulation, or government authorities (e.g., SEBI, tax authorities)

5.2 Cross-Border Transfers

Your data may be transferred to or stored in jurisdictions outside your home country. We ensure appropriate safeguards are in place to protect your data in accordance with applicable privacy laws.

6. Your Rights and Data Security

6.1 Your Rights

You have the right to:

1. Access your personal data

2. Request correction of inaccurate or incomplete data

3. Request deletion of your data, where legally permissible

4. Withdraw consent for data processing (subject to contractual and regulatory obligations)

6.2 Security Measures

We implement reasonable technical and organizational measures to protect your data against unauthorized access, loss, or misuse. However, please note that no method of transmission over the Internet is 100% secure, and absolute security cannot be guaranteed.

7. Children’s Privacy

Our services are not intended for individuals under the age of 18. We do not knowingly collect personal data from minors. If we become aware of such data, we will take immediate steps to delete it. Parents or guardians who believe their child has provided personal data should contact us at kadamlaxmikant8793@gmail.com.

8. Legal Disclosures

We may disclose your personal data if required to:

1. Comply with legal obligations or regulatory directives

2. Protect our rights, property, or safety, or that of our clients or the public

3. Prevent fraud, misconduct, or illegal activities

4. Pursue legitimate business interests within the bounds of applicable law

9. Policy Updates

We may update this Privacy Policy from time to time to reflect changes in our practices or legal requirements. Material changes will be communicated via a prominent notice on our website. The latest version will always display the Last Updated date.

10. Contact Us

For any privacy-related questions, concerns, or requests, please contact us at:

Email: kadamlaxmikant8793@gmail.com

Address: Dhamdhari, Malegaon, PO: Malegaon, Dist: Nanded, Maharashtra - 431750

Tradename/Website: Artham Fincorp

Please review our complete set of client-awareness documents—including client consent, investor charter, MITC, research service details, standard rationale, grievances, fraud awareness, third-party products risks, trade name, and others.

We strongly encourage all clients to review these documents thoroughly to avoid any future conflicts of interest or misunderstandings.

Tradename/Website: Artham Fincorp

Our selection methodology: Rationale on Securities:

We employ a research-driven selection methodology that integrates quantitative technical signals, rigorous data analysis, and fundamental assessment. This blended approach is designed to generate robust, repeatable investment ideas.

A. Objectives and philosophy

1. Objective: To identify investment opportunities on securities that offer a risk-reward profile across defined time horizons (short-, medium-, and long-term), leveraging inputs from price behaviour, market microstructure, and issuer fundamentals.

2. Philosophy: Markets reflect a combination of information, sentiment, and structural factors. By combining technical evidence (which captures market participants’ behaviour and timing), data-driven analytics (which quantifies patterns and probabilities), and fundamental analysis (which assesses intrinsic value and sustainability), We aim to provide recommendations that are timely and supported by sound reasoning.

B. Technical indicator framework

1. Price: We analyse price trends on support and resistance levels, and pattern formations to determine market direction and potential turning points. It provides the primary timing signal for entry and exits decisions.

2. Volume: We use trading volume to confirm if a price move is genuine. High volume shows strong market backing for a breakout, while low volume signals weak interest and a higher risk of the move failing.

3. Relative Strength Index (RSI): RSI is used to assess momentum and potential overbought/oversold conditions. We interpret RSI in context with other parameters to avoid false signals during strong trends.

C. We use additional indicators to analyse trend:

a. Moving Averages to confirm the main trend and identify changing support levels.

b. MACD to spot shifts in momentum.

c. Bollinger Band for price movement and volatility.

d. Liquidity Filter: Ensures assets can be bought and sold quickly without moving the market price.

D. Data Quality and Sources: We use verified market data through different brokers platforms and terminal backed by exchanges. By cross-checking prices, we make sure our recommendations are accurate, and reliable.

E. Fundamental analysis overlay:

1. Business quality and earnings analysis: We study a company’s basic financial health, including its revenue growth, profit margins, cash flow, debt levels, and management practices. This helps us estimate the company’s true value and determine whether its performance can continue.

2. Valuation context: We use key financial measures such as P/E, EV/EBITDA, and ROE, along with other ratios relevant to the industry. These measures help us judge whether a stock is fairly valued and support our recommendations, especially for medium- and long-term investments.

3. Event risk and catalysts: Fundamental research helps us identify important events, such as earnings results, regulatory changes, and economic developments. These events may support or challenge technical signals, helping us make better timing and risk-management decisions.

4. ESG and operational considerations: Where relevant, we also consider environmental, social, and governance (ESG) factors. This helps us identify non-financial risks that may not be immediately reflected in the stock price.

F. Decision architecture and governance

1. Multi-factor recommendations: We combine technical, fundamental or both where required to analyse securities based on trend and valuations.

2. Analyst oversight and review: Research Analysts review the results. They check whether the results are reasonable, compare them with qualitative and quantitative research, and ensure that they follow the Research Analyst Regulations.

3. Compliance and disclosure: All signals, assumptions, and methodological limits are documented. Conflicts of interest, are disclosed in client communications and regulatory filings as required.

G. Execution and risk management

1. Trade implementation: Execution strategies consider liquidity, market impact, and timing to reduce price differences during trades. Since markets can move quickly, entering and exiting at the recommended price is a priority.

2. Stop-loss and profit management: Stop-loss and target levels are provided for each trade. Clients should follow these levels carefully to help manage risk and avoid conflicts.

3. Monitoring and rebalancing: We continuously monitor positions for weakening signals, worsening company fundamentals, or changes in market conditions. We rebalance positions when set limits are reached or important new information becomes available.

H. Limitations and continuous improvement

1. Known limitations: Technical indicators may give wrong signals when trading volume is low or market conditions are changing. Past backtest results may not accurately predict how strategies will perform in future market conditions. Fundamental data may also not reflect the latest developments immediately.

2. Continuous refinement: We regularly review how well our indicators are working and update our models with new data. We also study completed trades—both profitable and loss-making—to improve our approach. Different market scenarios help us understand how the strategy may perform during difficult market conditions.

A daily closing chart of securities for 3 years or more is available at NSE: https://charting.nseindia.com/ and BSE: https://charting.bseindia.com/

Note: In addition, we consider overall market conditions, geopolitical developments, macroeconomic factors, and other relevant information while analysing the trade.

For Market & Third-Party Products Risks, Disclosures and Disclaimer, Standard Rationale, Investor Charter, MITC, Client Consent, Accessibility Audit, Annual Audit & ATR, Terms and Conditions, Complaint Table, Grievances, and more, please visit: this website. Kindly review the information carefully to understand any potential conflicts of interest.

Recommendations/Calls Ratings Explained:

a. Buy/Add: Purchase at the Current Market Price (CMP) or the price specified in the call. b. Sell/Exit: Sell at the Current Market Price (CMP) or the price outlined in the call. c. Stop-loss: Sell at or below the stop-loss price. d. Target: Sell at or above the target price. e. Hold: Retain securities until the price target or stop-loss is achieved. f. Book Profit: Sell a portion of securities while keeping the remainder for potential further targets or stop-loss. g. Apply: Submit applications for securities such as IPOs, OFS, Buybacks, etc. h. Open Position: If stop-loss and target levels are not provided for securities, particularly for long-term investments, exit at a profit or loss of 5-10%, depending on which occurs first. i. Adhere strictly to our group calls; personal inquiries about Buy, Sell, and Hold may lead to unintended losses if group recommendations are not followed.

Recommended Entry, Stop-Loss, and Target Framework — ABC Contract:

For ABC contract, the suggested entry price is ₹100, or within the range of ₹100–₹102. In a fast-moving market, an entry up to 2–3 points above the suggested price may be considered, subject to the investor’s individual risk tolerance.

If the recommended price level is missed, kindly ignore the recommendation/call and wait for the next recommendation/call. Do not enter the trade at a price level other than the recommended level.

1. Stop-Loss: If the stop-loss is set at ₹95, the position should be exited immediately once the contract trades at or below ₹95.

2. Target Levels: If the target levels are ₹105, ₹110, and ₹120, exits should be implemented in accordance with the investor’s risk appetite, as follows

3. At ₹105: - Low-risk investor: Exit the entire quantity at or above ₹105. - High-risk investor: Exit 33% of the quantity at or above ₹105 and revise the stop-loss to the entry price of ₹100.

4. At ₹110: - High-risk investor: Exit a further 33% of the quantity at or above ₹110 and revise the stop-loss to the first target level of ₹105.

5. At ₹120: - High-risk investor: Exit the remaining quantity at or above ₹120.

Default Target in Absence of a Specified Target: Where no target price is specified, the default target shall be based on a 1:1 risk-reward ratio.

For example, if the entry price is ₹100 and the stop-loss is ₹95, representing a 5% downside risk, the default target shall be 5% above the entry price, i.e., ₹105.

Investors are advised to execute trades strictly in accordance with their stated risk profile and to monitor positions actively until exit.

Source: Brokers' charts and various platforms that leverage exchange data, along with regulatory and company websites for accurate information.

Client Consent - Disclosure of Minimum Mandatory Terms and Conditions to Clients

Between Research Analyst (LAXMIKANT BALAJI KADAM: INH000031286) also refer as Research Analyst or RA and Client

Research Report Terms & Conditions:

(a) The recommendations provided in this report are based on publicly available information we believe to be reliable and accurate at the time of publication. (b) Unless otherwise stated, our recommendations are intended for a 12-month investment horizon. (c) Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly. (d) Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time. (e) We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity. (f) Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes. (g) Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss. (h) There is absolutely no scope for refunding losses incurred from acting on any research report or commentary. (i) While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes. (k) RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports. (l) All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements. (m) A daily closing chart of securities is available at NSE: https://charting.nseindia.com/ and BSE: https://charting.bseindia.com/ (n) The view on securities is based on both technical and fundamental analysis. (o) RESEARCH ANALYST adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or PMS (Portfolio Management Services). (p) All participants must follow the instructions provided during our group calls. We do not offer any one-on-one investment or trading services, as this is against RA regulations. (q) Please note that personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses. (r) Copyright and Confidentiality (i) Research reports are issued for personal use only. (ii) No part of the report may be reproduced, redistributed, or published without written authorization from RESEARCH ANALYST.

Recommendations/Calls Ratings Explained:

a. Buy/Add: Purchase at the Current Market Price (CMP) or the price specified in the call. b. Sell/Exit: Sell at the Current Market Price (CMP) or the price outlined in the call. c. Stop-loss: Sell at or below the stop-loss price. d. Target: Sell at or above the target price. e. Hold: Retain securities until the price target or stop-loss is achieved. f. Book Profit: Sell a portion of securities while keeping the remainder for potential further targets or stop-loss. g. Apply: Submit applications for securities such as IPOs, OFS, Buybacks, etc. h. Open Position: If stop-loss and target levels are not provided for securities, particularly for long-term investments, exit at a profit or loss of 5-10%, depending on which occurs first. i. Adhere strictly to our group calls; personal inquiries about Buy, Sell, and Hold may lead to unintended losses if group recommendations are not followed.

Explanation for Entry-and-Exit: Recommended Entry, Stop-Loss, and Target Framework — ABC Contract:

For ABC contract, the suggested entry price is ₹100, or within the range of ₹100–₹102. In a fast-moving market, an entry up to 2–3 points above the suggested price may be considered, subject to the investor’s individual risk tolerance.

If the recommended price level is missed, kindly ignore the recommendation/call and wait for the next recommendation/call. Do not enter the trade at a price level other than the recommended level.

1. Stop-Loss: If the stop-loss is set at ₹95, the position should be exited immediately once the contract trades at or below ₹95. 2. Target Levels: If the target levels are ₹105, ₹110, and ₹120, exits should be implemented in accordance with the investor’s risk appetite, as follows 3. At ₹105: - Low-risk investor: Exit the entire quantity at or above ₹105. - High-risk investor: Exit 33% of the quantity at or above ₹105 and revise the stop-loss to the entry price of ₹100.

4. At ₹110: - High-risk investor: Exit a further 33% of the quantity at or above ₹110 and revise the stop-loss to the first target level of ₹105. 5. At ₹120: - High-risk investor: Exit the remaining quantity at or above ₹120.

Default Target in Absence of a Specified Target: Where no target price is specified, the default target shall be based on a 1:1 risk-reward ratio.

For example, if the entry price is ₹100 and the stop-loss is ₹95, representing a 5% downside risk, the default target shall be 5% above the entry price, i.e., ₹105.

Investors are advised to execute trades strictly in accordance with their stated risk profile and to monitor positions actively until exit.

Business Activity:

RESEARCH ANALYST is engaged in the business of providing independent research services, primarily on commodities (precious metals, base metals, energy and agricultural commodities). The RESEARCH ANALYST offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary. The RESEARCH ANALYST is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

Other Business Activities: The Research Analyst may, subject to applicable laws and regulatory requirements, engage in other business activities such as education, referrals, consultancy, recommendations, and commission-based business relating to third-party products, whether regulated or unregulated, based on client demand.

In the case of a part-time Research Analyst, such activities may also include employment, provided they are conducted at arm’s length and without any conflict of interest with the Research Analyst activities carried out under SEBI research analyst regulations.

Use of AI and Algorithm tools in Research:

Our research process includes technical and fundamental analysis, occasionally supported by AI and algorithm-based tools for data which is re-verified by our research team.

While AI and algorithms enhance analytical capabilities:

(a) It may introduce data biases, system vulnerabilities, or errors in interpretation, which lead to losses. (b) AI and algorithm-generated insights carry a risk of misleading recommendations due to inaccurate or poor-quality input data. (c) Client data privacy and security remain a top priority and are handled in accordance with applicable laws and regulations. (d) Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data centre failed communications, and misleading results from poor data. (e) There is no guarantee of success or return when acting on AI-generated recommendations. (f) You bear the full risk of any investment decisions made based on such advice. (g) The provider is not liable for any losses or damages you may incur as a result of your actions taken as per AI recommendations.

Model Portfolio Disclaimer:

RESEARCH ANALYST may issue model portfolios in full compliance with SEBI regulations. These are not tailored to individual financial goals, and clients must independently assess risk-reward based on their profile.

RESEARCH ANALYST will ensure that such model portfolios:

(i) Any inclusion of securities or their weightage is based on research-driven methodology and is aligned with general market views and sectoral outlooks at the time of issuance. (ii) Are accompanied by a detailed rationale. (iii) Are continuously monitored and updated when necessary. (iv) Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

Notice on Unregulated Products: US or Foreign Securities, Crypto, Forex & Third-Party Services:

a. Recommendations related to US or Foreign Securities; Crypto assets and Forex trading are outside SEBI's jurisdiction. b. Investors have no SEBI protection or dispute resolution for these products. c. High Risk Warning:

i. Significant potential for total capital loss due to market volatility and lack of regulation. ii. Increased risk of fraud and operational failure. iii. Investors should exercise caution based on their risk tolerance and financial situation while investing, as we are not liable for any losses or damages you may incur.

1. Availing the research services:

a. Research Analyst (RA): LAXMIKANT BALAJI KADAM, SEBI-registered Research Analyst, Reg. No. INH000031286, BSE Enlistment No. 7627, providing research-only services and not executing trades or offering portfolio management or investment advisory services.

b. Client: Any individual or entity subscribing to or using the research services of Research Analyst for personal and non-commercial use at his/her sole discretion.

By subscribing, accessing, or using any research report or communication, you confirm you have read, understood, and agreed to these Terms of Service (TOS), SEBI (Research Analyst) Regulations, 2014, and related circulars including Investor Charter, MITC, and RA Guidelines issued by SEBI and RAASB from time to time. Research Analyst confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

2. Obligations on Research Analyst: Research Analyst and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. Client Information and KYC: The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time.

RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

4. Standard Terms of Service: The consent of client shall be taken on the following understanding:

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.

I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

I/We understand that –

i. Any investment made based on the recommendations in the research report are subject to market risk.

ii. Recommendations in the research report do not provide any assurance of returns.

iii. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

Declaration of the RA that:

i. It is duly registered with SEBI as an Research Analyst pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: (INH000031286);

ii. It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;

iii. Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;

iv. The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.

v. The recommendations provided by RA do not provide any assurance of returns.

Additionally, if RA is an individual, declaration that, this provision is not applicable to another category RA:

i. Research Analyst is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with/influence or have the potential to interfere with/influence the independence of research report and/or recommendations contained therein.

5. Consideration and mode of payment: The client shall duly pay to RA, the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

6. Risk factors: (a) Investment in securities markets is subject to market risks. Read all related documents carefully before investing. (b) Market conditions may cause partial or permanent loss of capital or portfolio value. (c) Past performance is not indicative of future results. (d) “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 RA shall adhere to the applicable regulations/ circulars/ directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The Research Analyst maintain and enforce internal policies, in accordance with SEBI Research Analyst regulations, to identify, prevent and manage any conflicts of interest.

Neither the firm (RESEARCH ANALYST), its analysts, nor their relatives/associates have any material interest or conflict with the subject company. (a) Specifically, at the time of publication they do not hold financial interests in the company, own 1% or more of its equity, serve as officers/directors/employees, engage in market-making for the company, or provide managerial or other paid services. (b) During the twelve months prior to publication, they have not received direct or indirect compensation, fees or other benefits from the company, have not acted as investment banker, merchant banker, broker, manager or co-manager of any public offering for the company, and the company has not been a client. (c) RESEARCH ANALYST maintains processes to review and validate any third-party research used and (d) confirms that neither the firm nor its partners, employees or associates have any prior disciplinary actions, regulatory penalties, or adverse rulings from SEBI or other authorities.

8. Termination of service and refund of fees: RA may suspend or terminate rendering of research services to client on account of suspension/cancellation of registration of RA by SEBI and shall refund the residual amount to the client.

In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.

9. Grievance redressal and dispute resolution: Any grievance related to (i) non- receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA, in this behalf (RA to provide name and e-mail ID of the designated person/employee).

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.

RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

10. Additional clauses: All additional voluntary clauses added by the RA should not be in contravention with rules/ regulations/ circulars of SEBI. Any changes in such voluntary clauses/document(s) shall be preceded by a notice of 15 days.

We do not guarantee returns, promise assured profits, or engage in profit-sharing arrangements. We strictly prohibit any unethical practices or claim of quick financial gains. If you are contacted by anyone—including our employees, partners, managers, or associates—promising guaranteed profits, sharing profitable screenshots, or requesting money transfers to personal accounts, please report it immediately to our Compliance Team at: kadamlaxmikant8793@gmail.com. Please note: Sending money to anyone’s personal account without first informing our Compliance Team at: kadamlaxmikant8793@gmail.com is not allowed. We will not accept any liability or responsibility for financial losses that arise from dealing with such unauthorized persons. We will also not entertain any regulatory complaints related to such losses.

11. Mandatory notice: Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD- 1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Most Important Terms and Conditions (MITC): RA shall also disclose MITC as specified below to their clients. (MITC have been standardized by Industry Standards Forum (ISF) in consultation with SEBI and RAASB).

i. 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.

ii. 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).

a. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.

b. The fee limit does not include statutory charges.

c. The fee limits do not apply to a non-individual client / accredited investor.

iii. 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.

iv. 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).

v. 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.

vi. 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.

vii. 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.

viii. 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.

ix. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

x. For any grievances:

Step 1: the client should first contact the RA using the details on its tradename/website: this website or following contact details:

Customer Support Head: LAXMIKANT BALAJI KADAM

Customer Support Email: kadamlaxmikant8793@gmail.com

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

xi. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.

xii. 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.

13. Optional Centralised Fee Collection Mechanism: RA Shall provide the guidance to their clients on an optional ‘Centralised Fee Collection Mechanism for IA and RA’ (CeFCoM) available to them for payment of fees to RA.

14. Please review our complete set of client-awareness documents—including Market & Third-Party Products Risks, Disclosures and Disclaimer, Standard Rationale, Investor Charter, MITC, Client Consent, Accessibility Audit, Annual Audit & ATR, Terms and Conditions, Complaint Table, Grievances, and more, please visit: this website.

We strongly encourage all clients to review these documents thoroughly to avoid any future conflicts of interest or misunderstandings.

CAUTION to INVESTORS: Stock Market Scams via Social Media Platforms

The rise of social media has changed how we connect and share information. However, some unscrupulous entities misuse these platforms to deceive investors in the securities market. They use various tactics to gain trust and lure unsuspecting individuals into fraudulent schemes.

Common Tactics Used by Scammers

1. Unsolicited Invitations: Sending random links to join WhatsApp groups (e.g., “VIP Groups” or “Free Trading Courses”) to attract potential victims.

2. Fake Profiles: Creating fraudulent profiles that portray them as stock market experts.

3. Impersonation: Pretending to be SEBI-registered intermediaries, well-known public figures, celebrities, or senior executives of reputed companies.

4. Fabricated Testimonials: Sharing false success stories and fake profit claims to convince investors to transfer money, promising unrealistic returns.

Investors are strongly advised to:

1. Avoid trusting unsolicited messages from unknown sources

2. Refrain from joining unverified WhatsApp groups or communities

3. Verify the identity of anyone offering investment advice or services

Guidelines for Investors & How to Verify a Research Analyst:

To protect yourself, follow these best practices to ensure you are dealing with a genuine SEBI-registered Research Analyst:

Reporting Financial Fraud & Cyber Crime

If you suspect or encounter financial fraud, take immediate action using the following resources:

✅ LAXMIKANT BALAJI KADAM is a SEBI Registered Research Analyst or RA.

✅SEBI Registration No: INH000031286 | BSE Enlistment No: 7627.

✅For full disclosures and disclaimers, please visit tradename/website: this website.

📢 “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”

📢 Disclaimer: “Registration granted by SEBI, enlistment with RAASB, and certification from NISM do not guarantee the performance of the intermediary nor assure returns to investors.”

📢 "The securities quoted are for illustration only and are not recommendatory."

📢 Investment Risks: Market fluctuations or company-specific events may result in partial or total loss of capital or portfolio value. Past performance is not indicative of future results.

📢 Research-Based Recommendations: We provide only research-driven recommendations, including Buy/Sell/Hold calls and model portfolios grounded in fundamental and technical analyses.

📢 Services Not Offered: We do NOT provide investment advisory, portfolio management services (PMS), profit-sharing schemes, demat account handling, or trade execution services. If YOU engaged with unauthorized individuals, including our employees or associates, or accepting return guarantees or personal trades from them without notifying the company at: kadamlaxmikant8793@gmail.com, and the Research Analyst will not be liable for any liabilities or losses incurred.

📢 Investor Responsibility: All investment decisions rest solely with the investor, and Research Analyst will not be held accountable for any losses resulting from actions taken based on our research reports or recommendations.

📢 Further Information: For comprehensive details on Market & Third-Party Products Risks, Disclosures and Disclaimer, Standard Rationale, Investor Charter, MITC, Client Consent, Accessibility Audit, Annual Audit & ATR, Terms and Conditions, Complaint Table, Grievances, and more, please visit: this website.

It is essential to read all information to prevent potential conflicts of interest.

IMPORTANT RISK DISCLOSURE AND REGULATORY NOTICE for

Crypto, Forex, Foreign Stocks Investments and any other Third-Party Products

1. No SEBI Protection

The crypto, Forex, and other third-party products or services are not covered by our SEBI registration and are not provided as SEBI-regulated research or investment-advisory services.

SEBI’s regulatory supervision, investor-protection mechanisms, complaint-resolution facilities, and other protections applicable to regulated securities services may not apply to these products or services. You may not be able to approach SEBI for disputes, losses, or complaints relating to them.

Our SEBI registration, if any, must not be treated as approval, endorsement, or authorization for Crypto, Forex, Foreign Stocks Investments and any other Third-Party Products.

2. High Risk of Loss

Crypto and Forex trading involve a very high risk of loss. Prices may rise or fall sharply and without warning. You may lose part or all of your invested money.

If leverage or margin is used, your losses may exceed the amount initially deposited. You may also face margin calls, forced liquidation, or additional payment demands.

You should participate only with money that you can afford to lose completely. Do not use borrowed money, emergency funds, household expenses, or money required for essential purposes.

3. No Guarantee of Returns

We do not promise or guarantee:

1. Any profit or minimum return.

2. Recovery of losses.

3. Accuracy of any view, analysis, signal, or recommendation.

4. Successful execution of any transaction.

5. Continuous availability of any platform or service.

6. Any particular investment or trading result.

Past performance is not a guarantee of future performance. Any information, opinion, analysis, or recommendation is provided without assurance of profit.

4. Market and Liquidity Risk

Crypto and Forex markets may experience extreme volatility, low liquidity, wide spreads, price gaps, and delayed execution. You may not be able to buy or sell at the price you expect.

During periods of high volatility, trading platforms may suspend withdrawals, restrict transactions, delay orders, or become unavailable.

5. Fraud and Manipulation Risk

Crypto and Forex markets may be exposed to fraud, market manipulation, fake platforms, pump-and-dump schemes, Ponzi schemes, phishing, counterfeit tokens, and other scams.

You are responsible for independently verifying every platform, broker, exchange, token, promoter, and transaction before committing money.

6. Cybersecurity and Technology Risk

Digital wallets, exchanges, brokers, websites, applications, and custodians may be affected by hacking, phishing, malware, technical errors, software bugs, network failures, protocol changes, or cyberattacks.

Blockchain transactions are generally final and may not be reversible. Wrong transfers, unauthorized withdrawals, lost private keys, and fraudulent transactions may result in permanent loss of funds.

7. Counterparty and Custody Risk

If your funds or assets are held by an exchange, broker, wallet provider, custodian, or other third party, you may face the risk of insolvency, suspension, fraud, mismanagement, or operational failure.

There is no assurance that your money or assets will be recovered if the third party fails.

8. Legal, Tax and Regulatory Risk

Laws, regulations, tax rules, and government policies relating to crypto, Forex, and third-party products may change without notice.

A product, platform, or transaction may later become restricted, prohibited, suspended, or subject to additional tax or reporting requirements. You are solely responsible for complying with all applicable laws, foreign-exchange rules, tax obligations, and reporting requirements.

9. Your Responsibility

Before proceeding, you must independently assess:

1. Whether the product is legally available to you.

2. Whether the product is suitable for your financial position and risk tolerance.

3. Whether you understand the product, costs, risks, and possible losses.

4. Whether the platform, broker, exchange, or service provider is genuine and reliable.

5. Whether you have obtained independent legal, tax, and financial advice where necessary.

Our information must not be treated as a substitute for independent professional advice.

10. No Liability for Trading Losses

To the maximum extent permitted by applicable law, we shall not be responsible for losses arising from market movements, trading decisions, leverage, platform failure, cyberattacks, network interruptions, fraud, regulatory changes, delays, or the acts or omissions of any third party.

You remain solely responsible for your investment and trading decisions.

11. Conflicts of Interest

Third-party platforms, brokers, promoters, token issuers, or service providers may have financial or other interests in the products they offer. You should not assume that any recommendation is independent unless this has been expressly confirmed in writing.

12. Personal Documents and Data

If PAN, Aadhaar, or any other personal document is requested by the platforms, you should provide it only for a clearly stated and lawful purpose.

Any collection, storage, use, or sharing of personal information must be carried out in accordance with applicable law and the organisation’s privacy policy. You should not submit documents through an unverified link, platform, or person.

Aadhaar details should be collected and processed only where legally permitted and strictly necessary. Where appropriate, use a masked Aadhaar or another legally acceptable identification document.

13. Voluntary Acceptance

Participation in crypto, Forex, or third-party services is completely voluntary. You may refuse to participate if you do not fully understand the risks or are not comfortable with the possibility of losing your entire investment.

There is no assurance of profit, no promise of recovery, and no guaranteed return.

Client Acknowledgement

By proceeding with these products, client confirm that:

1. I have read and understood this risk disclosure.

2. I understand that crypto, Forex, and third-party products involve a high risk of loss.

3. I understand that I may lose my entire investment.

4. I understand that these services are not covered by SEBI protection or SEBI dispute-resolution mechanisms, where applicable.

5. I am making my own independent decision to proceed.

6. I am not relying on any guaranteed return or assurance of profit.

7. I have sufficient knowledge and risk capacity to participate.

8. I agree to comply with all applicable legal, tax, and regulatory requirements.

9. I will not hold the service provider responsible for losses arising from my trading or investment decisions.