Every document, published in full.

Issued under SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 dated 02 June 2025, which supersedes the circular dated 13 December 2021 and amends Clause 5 of the Master Circular for Research Analysts dated 21 May 2024.

A. Vision and Mission

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to choose investment products that suit their needs, manage and monitor those investments towards their goals, have access to reports, and achieve financial wellness.

B. Business transacted by the Research Analyst

1. To publish research reports based on the research activities of the Research Analyst.
2. To provide an independent and unbiased view on securities, and to offer unbiased recommendations while disclosing financial interests in the recommended securities.
3. To base research recommendations on an analysis of publicly available information and known observations.
4. To conduct an audit annually.
5. To ensure that all advertisements adhere to the Advertisement Code for Research Analysts.
6. To maintain records of interactions with all clients, including prospective clients prior to onboarding, where any conversation related to a research report or a recommendation has taken place.

C. Services provided to investors

1. Onboarding of clients. Sharing the terms and conditions of the research services, and completing the Know Your Client process for fee-paying clients.
2. Disclosure to clients. Providing the material information required for an informed decision — the Research Analyst’s business activity, disciplinary history, the terms and conditions of the research services, details of associates, the risks involved, and any conflicts of interest. This includes disclosing the extent to which artificial intelligence tools are used in providing the services, any conflict of interest in third-party research reports, and any conflict between the research activity and the Research Analyst’s other activities.
3. Distribution of research reports. Distributing research reports and recommendations to clients without discrimination.
4. Confidentiality. Maintaining confidentiality of a research report until it is made public.
5. Data privacy. Protecting the confidential information of clients.
6. Timelines. Disclosing the timelines for the services provided, and adhering to them.
7. Complex or high-risk products. Providing clear guidance and cautionary notices where the product or recommendation is complex or carries higher risk.
8. Conduct. Treating every client honestly and with integrity, and keeping client information confidential unless disclosure is required under law or the client has consented.

The Investor Charter does not prescribe indicative timelines against these services. The timelines we commit to are set out in the Grievance redressal section of this page.

D. Grievance redressal mechanism

1. Lodge the complaint with us first. Write to the Research Analyst at service@capitalscoperesearch.com. The complaint shall be resolved as soon as possible, and in any event no later than 21 days from the date of receipt.
2. Escalate to SCORES 2.0 or to the RAASB. If you are not satisfied with the resolution, lodge the complaint on SEBI’s web-based complaints redressal system SCORES 2.0 at scores.sebi.gov.in, where it is subject to a two-level review — first by the Research Analyst Administration and Supervisory Body (RAASB), and thereafter by SEBI. A complaint may also be sent to the designated e-mail address of the RAASB.
3. Online Dispute Resolution. If you remain dissatisfied with the resolution offered, you may initiate dispute resolution through conciliation or arbitration on the SMART ODR platform at smartodr.in.
4. Physical complaints. A complaint may be sent in physical form to the Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051.

E. Rights of investors

• Right to privacy and confidentiality.
• Right to transparent practices, and to fair and equitable treatment.
• Right to adequate information, and to initial and continuing disclosure, including all statutory and regulatory disclosures.
• Right to fair and true advertisement.
• Right to awareness about the service parameters, the turnaround times and the timelines for each service.
• Right to be heard, to satisfactory redressal of grievances, and to timely redressal.
• Right to exit from a product or service in accordance with the agreed terms.
• Right to receive clear guidance and cautionary notices when dealing with complex or high-risk products.
• Additional rights for vulnerable consumers, including services made accessible to persons with disabilities.
• Right to provide feedback on the services availed.
• Right to be protected from coercive, unfair or one-sided clauses.

F. Responsibilities of investors

Do’s

1. Always deal with a SEBI registered Research Analyst. Verify that a valid registration certificate exists and check the registration number.
2. Check SEBI’s published list of registered Research Analysts on sebi.gov.in.
3. Always pay the fee through banking channels only, and maintain duly signed receipts stating the exact amount paid. Where the Research Analyst has opted into the RAASB’s Centralised Fee Collection Mechanism (CeFCoM), the fee may be paid through that mechanism.
4. Read the disclosures made in the research report before taking any investment decision.
5. Check the recommendation of the Research Analyst before buying or selling a security, or applying in a public offer.
6. Ask all your questions and clear your doubts with the Research Analyst before acting on a recommendation, particularly where the product is complex or carries higher risk.
7. Know that you may stop availing the service in accordance with the agreed terms, and that you may give feedback on the service.
8. Know that you are not bound by any clause that contravenes the regulations.
9. Inform SEBI about any Research Analyst offering assured or guaranteed returns.

Don’ts

1. Do not provide funds for investment to the Research Analyst.
2. Do not fall prey to luring advertisements or market rumours.
3. Do not get attracted to limited-period discounts, incentives or gifts offered by a Research Analyst.
4. Do not share your login credentials or passwords for your trading, demat or bank accounts with the Research Analyst.

The standardised Most Important Terms and Conditions prescribed by SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated 17 February 2025, effective immediately from that date. These terms are shared with and accepted by every client before the commencement of service.

1. The Research Analyst cannot execute or carry out any trade — any purchase or sale transaction — on behalf of the client. The client is advised not to permit the Research Analyst to execute any trade on their behalf.
2. The fee charged by the Research Analyst to an individual or Hindu Undivided Family client shall not exceed the limit specified by SEBI or the Research Analyst Administration and Supervisory Body, which is presently ₹1,51,000 per annum per client family. This limit is exclusive of statutory charges, and does not apply to a non-individual client or an accredited investor.
3. The Research Analyst may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI, which is presently one quarter. Where the research service is terminated prematurely, the client shall be entitled to a refund of the fee for the unexpired period.
4. Fees may be paid by cheque, online bank transfer, UPI or any other similar banking channel, and may optionally be paid through the Centralised Fee Collection Mechanism (CeFCoM) administered by BSE Limited. Cash payment is not allowed.
5. The Research Analyst shall comply with the requirements prescribed by SEBI and the Research Analyst Administration and Supervisory Body on the disclosure and management of conflicts of interest, and shall promptly inform the client of any conflict of interest that may affect the services being rendered.
6. Any assured, guaranteed or fixed-return scheme, or any other scheme of a similar nature, is prohibited by law. No such scheme shall be offered to the client by the Research Analyst.
7. The Research Analyst cannot guarantee returns, profits, accuracy or the avoidance of risk. The views and opinions expressed are based on the data and assumptions available as on the date of the research report.
8. Investments made on the basis of research recommendations are subject to market risk, and the Research Analyst does not provide any assurance of returns. The client shall have no recourse against the Research Analyst for any loss, and shall rely on their own judgement before acting on a recommendation.
9. Registration granted by SEBI, enlistment with the Research Analyst Administration and Supervisory Body, and certification from the National Institute of Securities Markets in no way guarantee the performance of the Research Analyst or provide any assurance of returns to the investor.
10. For any grievance, the client should first approach the Research Analyst. If the grievance is not redressed satisfactorily, the client may escalate it through SEBI’s SCORES platform at scores.sebi.gov.in, and thereafter may consider initiating dispute resolution on the Smart ODR portal at smartodr.in.
11. The client shall keep their e-mail address and mobile number updated with the Research Analyst at all times.
12. The Research Analyst shall never ask for the client’s login credentials or OTPs for their trading account, demat account or bank account. The client shall not share such credentials with anyone, including the Research Analyst.

Disclaimer

The research reports and recommendations published by Capital Scope Research are for the personal information of the recipient only and do not constitute an offer, solicitation or inducement to buy or sell any security. They have been prepared without regard to the specific investment objectives, financial situation or particular needs of any individual recipient. Recipients should independently evaluate the suitability of any recommendation, and should consult their own advisers where required, before taking any investment decision.

Information contained in the reports is obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made as to its accuracy, completeness or correctness. Capital Scope Research, its proprietor, employees and associates shall not be liable for any direct, indirect, incidental or consequential loss arising from the use of the information contained in any report. Investments in the securities market are subject to market risks; read all the related documents carefully before investing.

Registration granted by SEBI, enlistment with the Research Analyst Administration and Supervisory Body (BSE Limited) and certification from NISM in no way guarantee the performance of the Research Analyst or provide any assurance of returns to investors.

Disclosures under Regulation 19 of the SEBI (Research Analysts) Regulations, 2014

In respect of every research recommendation issued, the following position is disclosed. Where the position in a specific report differs from the statement below, the actual position is disclosed within that report.

• Capital Scope Research, its proprietor and his relatives do not have any financial interest in the subject company, other than as may be specifically disclosed in the relevant report.
• Capital Scope Research, its proprietor and his relatives do not have any actual or beneficial ownership of 1% or more in the securities of the subject company as at the end of the month immediately preceding the date of publication of the research report, other than as may be specifically disclosed in the relevant report.
• Capital Scope Research, its proprietor and his relatives do not have any other material conflict of interest at the time of publication of the research report.
• Capital Scope Research has not received any compensation from the subject company in the past twelve months.
• Capital Scope Research has not managed or co-managed any public offering of securities for the subject company in the past twelve months.
• Capital Scope Research has not received any compensation for investment banking, merchant banking, brokerage services or any products or services other than research services from the subject company in the past twelve months.
• Capital Scope Research has not received any compensation or other benefits from the subject company or any third party in connection with the research report.
• The proprietor of Capital Scope Research has not served as an officer, director or employee of the subject company.
• Capital Scope Research has not been engaged in market making activity for the subject company.
• Capital Scope Research does not have any actual or potential conflict of interest arising from any connection with or association with any issuer of products or securities.

Terms used in research reports

Where used, "Buy" means an expectation of appreciation over the stated holding period, "Sell" means an expectation of depreciation over that period, and "Hold" means no action is recommended at the current level. Every recommendation carries a stop-loss; a recommendation without an acted-upon stop-loss should not be treated as research guidance.

1. Scope

These terms govern the research services provided by Capital Scope Research, SEBI Research Analyst registration INH000030056, to any person who subscribes to its services. By subscribing, the client confirms that the client has read, understood and accepted these terms together with the Most Important Terms and Conditions.

2. Eligibility

The client must be at least 18 years of age, competent to contract under the Indian Contract Act, 1872, and must not be a person barred from dealing in securities by SEBI or any other authority. Services are offered to residents of India only unless otherwise agreed in writing.

3. Nature of service

The service consists solely of research reports and recommendations. No execution, broking, demat, portfolio management or discretionary service is offered. The client alone decides whether, when and in what quantity to act, and bears the entire outcome of that decision.

4. Fees and taxes

Fees are as published on this website and as confirmed in the invoice issued to the client. Fees are exclusive of applicable taxes. Payment is accepted only through banking channels into the designated account of Capital Scope Research. Cash payments are not accepted under any circumstances.

5. Communication

Recommendations and service communications are sent through the channel registered by the client at onboarding. The client is responsible for keeping contact details current and for securing access to the devices and accounts on which communications are received.

6. Confidentiality and intellectual property

All research material is the intellectual property of Capital Scope Research and is licensed to the client for personal, non-commercial use only. The client shall not reproduce, forward, publish, resell or share the material with any other person. Breach entitles Capital Scope Research to terminate the service without refund and to pursue remedies available in law.

7. Suspension and termination

Either party may terminate the service at any time by written notice. On termination, fees for the unexpired period are refunded on a proportionate basis as set out in the refund policy. Capital Scope Research may suspend service immediately where the client breaches these terms, misuses the research material or engages in abusive conduct towards staff.

8. Limitation of liability

To the extent permitted by law, the liability of Capital Scope Research in respect of any claim arising out of the service shall not exceed the fee actually received from the client for the period to which the claim relates.

9. Governing law and jurisdiction

These terms are governed by the laws of India. Disputes are subject to the jurisdiction of the courts at Dhar, Madhya Pradesh, without prejudice to the client's right to seek redressal through SEBI SCORES and the SMART ODR mechanism.

10. Amendment

These terms may be amended to reflect changes in regulation or business practice. The current version is always the version published on this page, and material changes are notified to active clients by e-mail.

A client may terminate the research service at any time by writing to the grievance e-mail address given on this website. On pre-mature termination by either the client or Capital Scope Research, the client is entitled to a refund of the proportionate fee for the unexpired period of the subscription. No refund is payable for the period already elapsed, and no refund is payable on account of a recommendation not performing as expected, since Capital Scope Research neither guarantees nor can guarantee any outcome.

Refunds are processed to the original source of payment within 7 working days of the termination request being accepted. Applicable taxes already deposited with the government are refunded only to the extent permitted by law. Where the subscription was paid through an advance covering more than the permitted period, the excess is refunded in full.

What we collect

We collect the name, contact number, e-mail address, PAN, date of birth and such other information as is necessary to onboard a client, to issue the Most Important Terms and Conditions, to raise invoices and to meet the record-keeping obligations imposed on Research Analysts by SEBI.

How we use it

Information is used to deliver the research service, to issue invoices and receipts, to respond to grievances, and to meet statutory, regulatory and audit requirements. We do not use client information for any form of profiling or advertising, and we do not sell or rent client data.

Sharing

Client information is shared only with SEBI, the Research Analyst Administration and Supervisory Body, exchanges, auditors, or other authorities where required by law, and with service providers engaged for payment processing and record keeping who are bound by confidentiality obligations.

Retention

Records of client interactions, research recommendations and the basis for them are retained for at least five years, or longer where a proceeding is pending, as required under the SEBI (Research Analysts) Regulations, 2014.

Your choices

A client may request access to, or correction of, personal information held about them, or may ask for deletion of information that is no longer required to be retained under law, by writing to the grievance e-mail address on this website.

Cookies

This website uses only the cookies strictly necessary to remember your accessibility preferences on this device. No advertising or cross-site tracking cookies are set.

Do's

• Deal only with a SEBI registered Research Analyst and verify the registration number on the SEBI website before paying any fee.
• Pay the fee only through banking channels, to the bank account of the Research Analyst, and keep the payment proof.
• Read the Most Important Terms and Conditions and all disclosures before subscribing.
• Ask questions until the risk and the basis of a recommendation are clear to you.
• Keep your contact details updated with the Research Analyst.
• Insist on receiving the research report or recommendation in writing, with the date and time of release.

Don'ts

• Do not deal with unregistered entities or with anyone promising assured, guaranteed or fixed returns.
• Do not pay fees in cash or to the personal account of any individual, employee or agent.
• Do not share your trading account or demat account login credentials, passwords or OTPs with anyone, including the Research Analyst.
• Do not give a power of attorney over your demat or bank account to a Research Analyst — it is not permitted.
• Do not act on tips circulated on social media, messaging groups or anonymous channels.
• Do not invest borrowed money or money you cannot afford to lose on the basis of any recommendation.

Trading and investment in securities, including derivatives and commodity derivatives, carries a substantial risk of loss and is not suitable for every investor. The following risks apply to all research services offered by Capital Scope Research.

• Market risk. Prices move on factors that cannot be forecast with certainty, including macroeconomic data, policy, liquidity, global cues and sentiment.
• Leverage risk. Futures and options are leveraged instruments. A small adverse move in the underlying can cause a loss larger than the margin deployed, and option premium can decay to zero.
• Liquidity risk. It may not be possible to enter or exit at the levels stated in a recommendation, particularly in illiquid strikes, contracts or counters.
• Execution and slippage risk. The price you obtain will differ from the price at which the recommendation was issued, depending on when and how you act.
• Model and information risk. Research is based on information believed to be reliable and on analytical methods that may prove incorrect. Past performance of any recommendation or strategy does not indicate future results.
• Concentration risk. Acting on several correlated recommendations at once can produce a loss far larger than any single call suggests.

No research recommendation should be acted upon without applying your own judgement, your own position sizing and a stop-loss you are willing to honour.

Capital Scope Research maintains internal policies and procedures as required under Chapter III of the SEBI (Research Analysts) Regulations, 2014 to identify and manage conflicts of interest.

• Research activities are kept at arm's length from any other permitted activity carried on by the proprietor.
• The proprietor does not deal in a security that is the subject of a research report during the period beginning thirty days before and ending five days after the publication of that report, except in the circumstances permitted by the regulations, and any such dealing is disclosed.
• The proprietor does not deal in a security contrary to the recommendation made in a research report during the period the recommendation is in force.
• Compensation of the Research Analyst is not linked to any specific recommendation, to brokerage generated, or to any investment banking or merchant banking transaction.
• No gift, benefit or consideration is accepted from any issuer whose security is or may be the subject of research.
• Records of research reports, the basis for each recommendation, client interactions and communications are maintained for the period prescribed under the regulations and are available for inspection by SEBI.
• An annual compliance audit of the research activity is carried out by an independent qualified professional and the audit report is maintained and submitted as prescribed.