3. Details of Business activities: The Firm offers research recommendations on equity stocks, debts, bonds, currencies, commodities and derivatives on the basis of fundamental and technical analysis.

4. Disciplinary History: There are no outstanding litigations or no disciplinary history against the Firm and its partners.

5. Terms and Conditions on which Research Report is being issued: The Firm has exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness. The opinions expressed are based on our current research as of the date appearing in the material and may be subject to change from time to time without notice. The Firm or any person connected with it, does not accept any liability arising from the use of this document or the information contained herein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information. The Firm or any of its connected persons shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication.

6. The Firm or its associates, including relatives- · do not hold any financial interest in the Company. · do not have any actual/beneficial ownership of more than 1% in the company. · do not have any other material conflict of interest.

7. The Firm or its associates are not affiliated with any other intermediaries or have received any brokerage or commission from any third party.

8. The Firm or its associates have not received any compensation from the Company covered by Research Analyst during the past twelve months.

9. The Firm or its associates have not managed or co-managed public offering of securities of the Company during the past twelve months.

10. The Firm has not served as an officer, director or employee of the Company and has not been engaged in the market making activity of the Company.

11. The Firm have ensured that the facts mentioned in the research report are taken from the reliable source and information. However, the investors are advised to independently evaluate the market conditions/ risks involved before making the investment decision.

Mandatory Disclosure In Research Reports Under Ra Regulations

1. Reliable information and defined terms The Firm needs to ensure that the facts in the research reports are taken from a reliable source and information. Further, the terms used to provide research recommendation should be well defined in order to avoid any ambiguity. The terms defined shall be consistently used in the research report. The source from which the information is gathered for making the research report shall be well documented and

2.Rating System including time horizon and benchmarks Where the Firm uses rating system, it should clearly define the meaning of each such rating along with the time horizon and benchmarks on which the rating is based.

3. Price target for subject company’s securities Where in research report contains either a rating or price target for subject company’s securities for at-least one year then such reports should also provide the graph of daily closing of such securities for the period assigned or for three year period, whichever is shorter.

4. Third Party research reports Where any third party research reports are being distributed, the Firm should a. review the third party research reports for any untrue statement of material fact or any false or misleading information. b. disclose any material conflicts of interest of such third party research provider or a web address shall be provided that directs a recipient to the relevant disclosures.

5. Research reports to be signed and dated A research report should be duly signed and dated. It should be maintained either in physical or electronic form and shall be preserved for a period of 5 years. Where the reports are being maintained in electronic form, the report should be digitally signed.

DISCLOUSRE

• We are SEBI Registered Research Analyst Firm with registration number – INH200009351.
• Validity :- Sep 19, 2021 - Oct 18, 2027
• We are not affiliated with any other intermediaries or receive any brokerage or commission from any third party.
• The SEBI has issued no penalties/directions under the SEBI Act or any other regulatory body.
• We do not recommend any stock broker or other intermediary to a client. Nor do We receive any consideration by way of remuneration or compensation or in any other form whatsoever from the stock broker or another intermediary.
• If a client wants an opinion on the specific positions made by him only, we will be able to suggest an appropriate view on the securities. Such suggestion/view under any circumstances shall be considered as an opinion (not advice) from our side and we advise clients to consider our opinion and not consultancy to make the final decision. We are not liable for any losses whatsoever the client may incur in accepting this opinion.
• We may have any holdings or positions in the financial products or securities which are the subject matter of advice.
• We do not have any association in any manner with any issuer of products/ securities; this ensures that there are no actual or potential conflicts of interest. This also ensures that objectivity or independence in the carrying on of investment advisory services is not compromised.
• Investment in the market is subject to market risk, though best attempts are made for predicting markets, no surety of return or accuracy of any kind is guaranteed.
• Client is always advised to read, understand, and agree to terms & conditions & disclaimer of service.
• We do not guarantee any profit/return.
• We do not provide any profit /loss sharing services, guaranteed profit services, or Demat services.

Disclosures with advice

• The analyst has no holding or position in the securities recommended herein.
• The analyst has no connection or association of any sort with any issuer of products/ securities recommended herein.
• The analyst has no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of recommendation services.
• The analyst has not received any kind of remuneration or consideration form the products/ securities recommended herein.

To access the key features of the securities, particularly, performance track record please go to the below links:

www.moneycontrol.com

www.bseindia.com

www.nseindia.com

Best Regards

STOCKACE FINANCIAL SERVICES

SEBI Registered Research Analyst

Registration No. INH000010326