Research terms, MITC and terms of use

In short: I provide research. I cannot execute trades for you, and you decide what to do with the research. No returns are guaranteed. Fees are agreed in writing, stay within SEBI's limit, are never paid in cash, and are never taken in advance for more than one quarter. Complaints are resolved within 7 (seven) business working days.

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Most Important Terms and Conditions (MITC)

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: Tushar Gerg, grievance officer · tushar0708@gmail.com · +91 9997976746 · A-302, Plumeria Garden Estate, Omicron Sector 3, Noida, Uttar Pradesh, 201308 (Grievance Redressal / Escalation Matrix)
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.

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Use of artificial intelligence in the research services

SEBI requires this disclosure to be given with the terms of the research services (MC ¶1.7(b)).

• Machine-learning models, built and run by the Research Analyst, estimate how cheap each fund or index is compared with its own history. These outputs decide when the research suggests investing and how much.
• The Research Analyst chooses the data, designs and tests the models, reviews their output and writes the conclusions.
• The Research Analyst is solely responsible for the security, confidentiality and integrity of client data, for any other information or data used for research services, for research services based on the output of AI tools, and for compliance with the law.
• If the extent of AI use changes, the client will be told before further research is delivered.

Full disclosure: Disclosures.

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Terms of research services

1. Parties

• Research Analyst: Tushar Gerg, a SEBI-registered Research Analyst (part-time), holding Registration No. INH000027654, publishing research under the brand Verified Research, with registered office at A-302, Plumeria Garden Estate, Omicron Sector 3, Noida, Uttar Pradesh, 201308, hereinafter referred to as the "Research Analyst" or "RA".
• Client: The individual or entity availing research services from the Research Analyst, including research on request, hereinafter referred to as the "Client".

2. Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service of the RA at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

Research on request is delivered as a written research report on a question agreed with the client. It is not investment advice, financial planning, portfolio management or trade execution.

3. Obligations on RA and client

RA 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.

4. 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.

"The client hereby gives consent to the research analyst to fetch his KYC documents from the KYC Registration Agency (KRA)."

5. Standard terms of service

The client gives consent 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."

6. Declaration by the Research Analyst

The Research Analyst declares that:

i. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: Registration No. INH000027654, Date of Registration June 01, 2026.
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, as an individual registered as a part-time Research Analyst:

vi. It is also engaged in one other business activity: analytics consulting for companies. This activity is unrelated to securities, does not involve handling or managing money or funds of any client or person, and does not involve providing advice or recommendations to any client or person in respect of any products or assets for investment purposes.
vii. It 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.
viii. It shall maintain an arm's-length relationship between its activity as RA and its other activities, and shall ensure that its research services are clearly segregated from all its other activities at all stages of client engagement.

7. 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. The fee is agreed in writing before work starts. Fee amounts are agreed in writing for each engagement, within SEBI's limit.
• The client shall pay the fees of the invoice raised within 2 days.
• Fees are paid only by bank transfer, UPI, cheque or another verified banking channel, into the Research Analyst's own bank account shown on Fees and refunds. The client shall not pay any fees in cash. The RA shall not be liable for any payment made to a third-party account.
• Fees may be charged in advance only if the client agrees, and for no more than one quarter.

8. Risk factors

The client understands that the services provided by the Research Analyst involve inherent risks, and the client agrees to bear full responsibility for any financial or other consequences arising from the use of these services. Investment in the market is subject to market risk, and is also subject to the following:

• Investments in equities, mutual funds, derivatives and other securities are subject to market risks, and there is no assurance or guarantee of returns.
• Past performance does not indicate future performance.
• Research recommendations may not always be profitable, as actual market movements may differ from anticipated trends.
• Models, including machine-learning models, can be wrong. A method that held in the past may stop holding.
• The Research Analyst is not responsible or liable for any losses resulting from research recommendations.
• Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
• Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

9. 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 mandatory disclosures include:

1. The Research Analyst or any of its officer/employee does not trade in securities which are subject matter of recommendation.
2. There are 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 Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.
3. Research Analyst or its employee or its associates have not received any compensation from the company which is subject matter of recommendation.
4. Research Analyst or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
5. The Research Analyst is registered part-time. Its other activity, analytics consulting, is unrelated to securities and is kept segregated from research.
6. Rezz Invest is the Research Analyst's own application of its research, offered under the same registration.

The full list is on Disclosures.

10. Termination of service and refund of fees

The 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.

If either the client or the RA ends the service early under these terms, the client is refunded the proportionate fees for the unexpired period. No breakage fee is charged.

The client may terminate if the Research Analyst fails to provide the agreed research. Not achieving desired returns, or losses on investments made on the research, are not by themselves grounds for termination with a refund beyond the unexpired period.

11. 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 designated by RA in this behalf: Tushar Gerg, grievance officer, tushar0708@gmail.com. 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.

• Step 1: Contact the RA at tushar0708@gmail.com or +91 9997976746.
• Step 2: If unsatisfied, lodge a complaint with SEBI on the SCORES platform at www.scores.sebi.gov.in.
• Step 3: Seek resolution through the Online Dispute Resolution (ODR) mechanism on the SMART ODR portal at https://smartodr.in.

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.

Clients are advised to read the Do's and Don'ts for dealing with a Research Analyst in SEBI's Investor charter, as set out in the SEBI Master Circular for Research Analysts dated 06 February 2026, or any later update.

12. Optional Centralised Fee Collection Mechanism

There is an optional 'Centralised Fee Collection Mechanism for IA and RA' (CeFCoM) for fee payments, managed by BSE Limited. The Research Analyst has presently not opted for it. Once it does, the mechanism will be available to clients.

13. Confidentiality

Reports prepared on request are prepared for the client and shall not be shared with third parties without the RA's prior consent. The RA keeps information shared by the client confidential, unless it is required to be provided in furtherance of discharging legal obligations or the client has given specific consent.

14. Severability

If any provision of these terms is found to be invalid, illegal or unenforceable, the remaining provisions will remain in full effect, provided the essential purpose of the terms is not undermined.

15. Force majeure

Neither party shall be held liable for failure or delay in performance under these terms due to circumstances beyond their reasonable control, including but not limited to natural disasters, government actions or other unforeseen events.

16. Acceptance

The client agrees to abide by these terms and conditions of the research services. Consent may be given in person or through any other legally acceptable mode, including DigiLocker-enabled Aadhaar-based e-signature.

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Terms of use of this website

By accessing and using this website, you agree to these terms. If you do not agree, please do not use the website.

1. Use of the website

This website provides information about the research services of Tushar Gerg, SEBI-registered Research Analyst, offered under the brand Verified Research. Research on request is provided only to clients who have accepted the terms of research services above.

2. Not advice; no execution

Content on this website, including research papers, is for information and research purposes. Nothing here is personalised investment advice or a solicitation to buy or sell any security. The Research Analyst cannot execute trades on anyone's behalf.

3. Market risk

Investment in securities involves risk. Tushar Gerg shall not be held liable for any losses arising due to market fluctuations, delays in receiving research, technical or communication issues, or inaccuracies or omissions in the shared information. Users are responsible for their own investment decisions.

4. Published research and confidentiality

Research papers published on this website may be read and shared with a link back to the original. Reports prepared on request are confidential to the client who commissioned them.

5. Code of conduct for staff and clients

No employee or associate of the Research Analyst may solicit or accept personal gifts, benefits or payments from clients. All payments for services must be made only to the bank account listed on Fees and refunds. Personal transfers are not authorised and will not be recognised.

6. Account security

Tushar Gerg does not operate or manage client demat or trading accounts. Never share your login credentials, including user ID, password, security questions or OTPs, with anyone, including the Research Analyst. The Research Analyst disclaims liability for any loss or misuse resulting from the disclosure of such information.

7. Changes to these terms

These terms may be updated. Updated terms take effect when posted on this website, with the date of the change. Clients with an active engagement will be told of any change to the terms of research services and asked for consent where the law requires it.

8. Intellectual property

Research material and content on this website belong to Tushar Gerg. Reproduction or commercial use beyond sharing with a link requires prior written consent.

9. Acceptance

By continuing to use this website, you confirm that you have read and understood these terms, including the risks involved in investment.