Investor Charter

Statutory charter prescribed by SEBI outlining investor rights, research analyst duties, grievance escalation, and expectations.

Last updated on Monday, June 09, 2025

Investor Charter in respect of Research Analyst (RA)

A. 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.

B. 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.

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

Onboarding of Clients and executing standard service agreements.
Sharing of terms and conditions of research services & completing KYC of fee paying clients.
Mandatory Disclosure to Clients:
- To disclose information that is material for the client to make an informed decision, including details of business activity, disciplinary history, terms of research services, details of associates, risks, and conflicts of interest, if any.
- To disclose the extent of use of Artificial Intelligence (AI) tools in providing research services.
- To disclose, while distributing a third-party research report, any material conflict of interest or provide the direct web link directing the recipient to relevant disclosures.
- To disclose any conflict of interest arising from research activities with any other activities of the research analyst.
To distribute research reports and recommendations to clients without discrimination.
To maintain confidentiality with respect to 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 timelines for services provided and adhere strictly to communicated 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, objectivity, and professional integrity.
To maintain complete confidentiality of information shared by clients unless required by law.

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

1. 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 complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB):
i. 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 against Research Analyst:
• First review done by designated body (RAASB).
• Second review done by SEBI.

ii. Email to designated email ID of RAASB.

2. SMART ODR Platform:
If the investor is not satisfied with the resolution provided by Market Participants, the investor has the option to file the complaint on the SMARTODR platform for resolution through online conciliation or arbitration (https://smartodr.in).

With regard to physical complaints, investors may send their letters 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

E. Rights of investors

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 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 (within 21 days).
Right to Exit from Financial product or service in accordance with agreed terms.
Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products.
Additional Rights to vulnerable consumers – Right to access services in a suitable manner even if differently abled.
Right to provide feedback on financial products and services used.
Right against coercive, unfair, and one-sided clauses in financial agreements.

F. 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 on SEBI official directory.
Always pay attention towards disclosures made in research reports before investing.
Pay your Research Analyst through banking channels only and maintain signed receipts.
Verify recommendation rationales and ask relevant questions prior to acting.
Seek clarifications if recommendations involve complex or derivative products.
Be aware of your right to stop availing services as per agreed terms.
Inform SEBI if any entity promises assured or guaranteed returns.

✗ Don'ts

Do not provide funds for investment or execution to the Research Analyst.
Don’t fall prey to luring advertisements, fake profit screenshots, or market rumours.
Do not get attracted to limited period discounts, gifts, or speculative incentives.
Do not share login credentials, Demat passwords, or OTPs with any Research Analyst.
Never trade based on unverified tips received on social messaging channels.