Name: Capitalmind Research LLP
Registered office address: 2323, Prakash Arcade, 3rd Floor, 17th Cross,
Sector 1, HSR Layout, Bengaluru – 560102
SEBI Registration no: INH000014003
Contact no: +91 96383 87890
Email address: racompliance@capitalmind.in
OVERVIEW
The internet portal “Capitalmind” is owned and operated by Capitalmind Research LLP (“Capitalmind”). Throughout the site, the terms “we”, “us” and “our” refer to CAPITALMIND. Any and all rights arising out of or in relation to this website, including all information, tools and services availed by you, the user, conditioned upon your acceptance of all terms, conditions, policies and notices stated here belong solely to Capitalmind.
By visiting our site and/ or subscribing to a service and/or any product from us, you and you alone engage our “Services” and agree to be bound by the following terms and conditions (“Terms of Service”, “Terms”), including those additional terms and conditions and policies referenced herein and/or the website or as may be notified to you from time to time. These Terms of Service apply to all users of Capitalmind, including without limitation users who are browsers, vendors, customers, merchants, and/ or contributors of content. Please note that our site, Service and/or any products that are displayed or accessed by you are purely for informative purposes only and do not constitute any binding opinion or direction on you and you are solely responsible and liable for your conduct and/or actions/omissions taken pursuant to such information shared by us.
Please read these Terms of Service carefully before accessing or using our website. By accessing or using any part of the site, you agree to be bound by these Terms of Service. If you do not agree to all the terms and conditions of this agreement, then you do not have the authority or any right to access the website or use any services. If these Terms of Service are considered an offer, acceptance is expressly limited to these Terms of Service.
Any new features or tools or services which are added to the Website shall also be subject to the Terms of Service. You can review the most current version of the Terms of Service at any time on this webpage. Any changes to the voluntary clauses of the terms and conditions, or related documents, shall be preceded by a notice period of 15 days.
1. Availing the research services:
By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of Capitalmind at his/her sole discretion. Capitalmind confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2. Obligations on RA:
Capitalmind and the client shall be bound by the SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of the 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 Capitalmind in its standard form with supporting details if required, as may be made mandatory by RAASB/SEBI from time to time.
Capitalmind shall collect, store, upload and check the KYC records of the clients with the KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Consideration and mode of payment:
The client shall duly pay to Capitalmind, the agreed fees for the services that Capitalmind renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through any of the below payment modes:
i. UPI
ii. Cards: Visa, Mastercard, Rupay
iii. Net Banking
iv. Wallet
5. Risk factors:
Investments in securities are subject to market risks, including but not limited to fluctuations in market prices, interest rates, and other macroeconomic factors. Capitalmind does not guarantee any returns on investments made based on the research services provided. Any information provided by us must not be used as a singular basis for any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor. Clients are advised to carefully evaluate their financial situation, risk tolerance, and investment objectives, and to seek professional advice before making any investment decisions. Each recipient of the information provided should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to (including merits and risks) and should consult their own advisors to determine the merits and risks of such investment.
For more information, please refer to the disclaimer
6. Conflict of interest:
Capitalmind Research LLP and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
Capitalmind is committed to adhering to all applicable regulations, circulars, and directions issued by the Securities and Exchange Board of India (SEBI) regarding the disclosure and mitigation of actual or potential conflicts of interest.
Mandatory disclosures of any conflicts of interest, if present, will be provided in the research reports. Capitalmind ensures transparency in its research services and maintains policies and procedures to address potential conflicts of interest effectively.
7. Termination of service and refund of fees:
Disclosure that Capitalmind may suspend or terminate rendering of research services to the client on account of suspension/ cancellation of registration of Capitalmind by SEBI and shall refund the residual amount to the client.
In case of suspension of the certificate of registration of Capitalmind for more than 60 (sixty) days or cancellation of the RA registration, Capitalmind 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.
8. 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 Capitalmind, shall be escalated promptly by the client to Jay Dhruv at contact@premium.capitalmind.in
Capitalmind shall be responsible for resolving grievances within 21 (Twenty-One) business working days as per SEBI RA Regulations.
Capitalmind shall redress the grievances of the client in a timely and transparent manner.
Any dispute between Capitalmind and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.
9. Mandatory notice:
Clients are 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.
10. Most Important Terms and Conditions (MITC):
10.1 These terms and conditions, and consent thereon are for the research services provided by Capitalmind and we cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit us to execute any trade on their behalf.
10.2 The fee charged by us 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). Please note:
10.2.1 The current fee limit is Rs 1,51,000/- per annum per family of clients for all research services provided by Capitalmind.
10.2.2 The fee limit does not include statutory charges.
10.2.3 The fee limits do not apply to a non-individual client / accredited investor.
10.3 We 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 Capitalmind services by either the client or by us, the client shall be entitled to seek refund of proportionate fees only for unexpired period.
10.4 Fees paid to us by the client may be paid 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 a Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
10.5 Capitalmind is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to the disclosure and mitigation of any actual or potential conflict of interest. We will make every effort to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
10.6 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 us.
10.7 We do not guarantee returns, profits, accuracy, or risk-free investments from the use of our research services. All opinions, projections, estimates of Capitalmind are based on the analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
10.8 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 Capitalmind shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
10.9 The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of Capitalmind or assure any returns to the client.
10.10 For any grievances,
Step 1: The client should first contact Capitalmind using the details on its website or the following contact details:
- For general queries and requests, write to contact@premium.capitalmind.in
- For escalations write to racompliance@capitalmind.in or call at +91 96383 87890
- To register a formal complaint with us, write to racompliance@capitalmind.in with your name, registered mobile number, PAN Card and Nature of the complaint.
- To register a formal complaint a letter can also be sent to Capitalmind Research LLP, 2323, Prakash Arcade, 3rd Floor, 17 Cross, 27 Main, 1st Sector, HSR Layout, Bangalore South, Bangalore – 560102
- Please expect a reply within 10 Business days of receipt of the complaint by us.
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
10.11 Clients are required to keep contact details, including email id and mobile number/s updated with Capitalmind at all times.
10.12 Capitalmind will 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 Capitalmind.
11. Optional Centralised Fee Collection Mechanism:
We, Capitalmind are currently not offering an optional ‘Centralised Fee Collection Mechanism for IA and RA’ (CeFCoM) payment mode for fee collection.
12. Use of Artificial Intelligence (AI) Tools in Research Services
We utilize Artificial Intelligence (AI) tools to enhance the efficiency and accuracy of our research services. These tools assist in data analysis, pattern recognition, and generating insights to support our research recommendations. The extent of AI usage includes, but is not limited to, processing financial data, market trends, and predictive modelling. Human oversight is applied to validate and refine the research outputs.
While AI tools are designed to provide valuable insights, they are not infallible. Research recommendations derived from AI tools are subject to market risks and other factors beyond the scope of AI’s predictive capabilities. By engaging our services, clients acknowledge and accept that the use of AI tools is an evolving technology and may have inherent limitations.
13. Additional clauses:
All the below mentioned additional voluntary clauses added by us are not 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.
13.1 Online store terms
By agreeing to these Terms of Service, you represent that you are at least 18 years of age or more, and you have given us your consent to allow any of your minor dependents to use this site.
You shall not make use of directly or indirectly the services and/or products displayed on this website or page in violation of any applicable laws in the Republic of India (including but not limited to copyright laws).
The services and/or product or information of any kind on the Website or in relation thereto shall be used by you alone and you represent and warrant that you shall not enter into any transactions with any third parties by which they are made privy to the services or products or information of any kind on the website or in relation thereto whether for pecuniary gains or otherwise.
You shall not transmit any worms or viruses or any code which causes directly or indirectly the running of this website to suffer in any manner.
A breach or violation of any of the Terms will result in an immediate termination of your Services and we shall be constrained to pursue legal action (civil or criminal) against you.
13.2 General conditions
We reserve the right to refuse service to anyone for any reason at any time.
You agree not to reproduce, duplicate, copy, sell, resell or exploit any portion of the Service, use of the Service, or access to the Service or any contact on the website through which the service is provided, without express written permission by us. Any contravention of this provision shall entitle us to sue for intellectual property infringement along with any other legal action as the case may be.
The headings used in this agreement are included for convenience only and will not limit or otherwise affect these Terms.
13.3 Accuracy, completeness and timeliness of information
We are not responsible if information made available on this site is not accurate, complete or current. The material on this site is provided for general information only and should not be relied upon or used as the sole basis for making decisions without consulting primary, more accurate, more complete or more timely sources of information. Any reliance on the material on this site is solely at your own risk and you agree to not hold us liable for any action that you undertake with regard to your finances.
This site may contain certain historical information. Historical information, necessarily, is not current and is provided for your reference only. We reserve the right to modify the contents of this site at any time, but we have no obligation to update any information on our site. You agree that it is your responsibility to monitor changes to our site.
13.4 Modifications to the service and prices
Prices for our services are subject to change without notice to you.
We reserve the right at any time to modify or discontinue the Service (or any part or content thereof) without notice to you at any time.
We shall not be liable to you or to any third-party for any modification, price change, suspension or discontinuance of the Service in any manner.
13.5 Products or services
We reserve the right, but are not obligated, to limit the sales of our products or Services to any person, geographic region or jurisdiction. We may exercise this right on a case-by-case basis. We reserve the right to limit the quantities of any products or services that we offer. All descriptions of products or product pricing are subject to change at anytime without notice, at our sole discretion. We reserve the right to discontinue any product or service at any time.
We do not warrant that the quality of any products, services, information, or other material purchased or obtained by you will meet your expectations, or that any errors in the Service will be corrected.
13.6 Accuracy of billing and account information
We reserve the right to refuse any order you place with us. We may, in our sole discretion, limit or cancel quantities purchased per person, per household or per order. These restrictions may include orders placed by or under the same customer account, the same credit card, and/or orders that use the same billing and/or shipping address. In the event that we make a change to or cancel an order, we may attempt to notify you by contacting the e-mail and/or billing address/phone number provided at the time the order was made. We reserve the right to limit or prohibit orders that, in our sole judgment, appear to be placed by dealers, resellers or distributors.
You agree to provide current, complete and accurate purchase and account information for all purchases made at our site. You agree to promptly update your account and other information, including your email address and credit card numbers and expiration dates, so that we can complete your transactions and contact you as needed. In the event you have failed to meet your obligation as per this provision, you agree to not hold us liable for failing to get in touch with you for any information in relation to your services.
13.7 Optional tools
We may provide you with access to third-party tools over which we neither monitor nor have any control nor input.
You acknowledge and agree that we provide access to such tools “as is” and “as available” without any warranties, representations or conditions of any kind and without any endorsement. You by agreeing to use our Services also agree that we shall have no liability whatsoever arising from or relating to your use of optional third-party tools and that such usage by you is solely at your risk and liability.
Any use by you of optional tools offered through the site is entirely at your own risk and discretion and it is your liability alone to ensure that you are familiar with and approve of the terms on which tools are provided by the relevant third-party provider(s).
We may also, in the future, offer new services and/or features through the website (including, the release of new tools and resources). Such new features and/or services shall also be subject to these Terms of Service.
13.8 Third party links
Certain content, products and services available via our Service may include materials from third-parties. The usage or reliance on any such content, products and services from third parties is entirely at your discretion and risk and we shall not be liable for the same directly or indirectly in any manner.
Third-party links on this site may direct you to third-party websites that are not affiliated with us and we have no privity to their operations or content in any manner. We are not responsible and/or liable for examining or evaluating the content or accuracy and we do not warrant and will not have any liability or responsibility for any third-party materials or websites, or for any other materials, products, or services of third-parties.
We are not liable for any harm or damages related to the purchase or use of goods, services, resources, content, or any other transactions made in connection with any third-party websites. There is no privity of contract on our part in such third-party based dealings by you. You shall be solely liable for reviewing the third-party’s policies and practices and making sure you understand them before you engage in any transaction. Complaints, claims, concerns, or questions regarding third-party products should be directed to the third-party and you agree to not address the same to us or hold us liable in any manner.
13.9 User comments, feedback and other submissions
If, at our request, you send certain specific submissions (for example slack comments or contest entries) or without a request from us you send creative ideas, suggestions, proposals, plans, or other materials, whether online, by email, by postal mail, or otherwise (collectively, ‘comments’), you agree that we may, at any time, without restriction, edit, copy, publish, distribute, translate and otherwise use in any medium any comments that you forward to us. We are and shall be under no obligation (1) to maintain any comments in confidence; (2) to pay compensation for any comments; or (3) to respond to any comments.
We may, but have no obligation legal or otherwise to, monitor, edit or remove content that we determine in our sole discretion are unlawful, offensive, threatening, libelous, defamatory, pornographic, obscene or otherwise objectionable or violates any party’s intellectual property or these Terms of Service. You can read more about this in our Code of Conduct.
You agree that your comments shall not violate any right of any third-party or any Applicable Laws in the Republic of India, including copyright, trademark, privacy, personality or other personal or proprietary right. You further agree that your comments shall not contain libelous or otherwise unlawful, abusive or obscene material, or contain any computer virus or other malware that could in any way affect the operation of the Service or any related website. You shall not use a false e-mail address, pretend to be someone other than yourself, or otherwise mislead us or third-parties as to the origin of any comments. You are solely responsible and liable for any comments you make and their accuracy. We are not liable for any comments posted by you or any third-party.
13.10 Personal Information
Your submission of personal information through the store is governed by our Privacy Policy and these terms and conditions of Service. We also expect you to comply with the terms of the Code of Conduct.
13.11 Errors, inaccuracies and omissions
Occasionally there may be information on our site or in the Service that contains typographical errors, inaccuracies or omissions that may relate to product descriptions, pricing, promotions, offers, product shipping charges, transit times and availability. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information or cancel orders if any information in the Service or on any related website is inaccurate at any time without prior notice (including after you have submitted your order).
We undertake no obligation to update, amend or clarify information in the Service or on any related website, including without limitation, pricing information, except as required by law. No specified update or refresh date applied in the Service or on any related website, should be taken to indicate that all information in the Service or on any related website has been modified or updated.
13.12 Prohibited uses
In addition to other prohibitions as set forth in the Terms of Service, you are prohibited from using the site or its content in violation of the laws applicable in the Republic of India including without limitation: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the Internet; (h) to collect or track the personal information of others; (i) to spam, phish, pharm, pretext, spider, crawl, or scrape; (j) for any obscene or immoral or illegal purpose; or (k) to interfere with or circumvent the security features of the Service or any related website, other websites, or the Internet; or (l) to use our service to sell or market non Capitalmind product/services to other Capitalmind users or members; or (m) to copy content from any Capitalmind property and share it on other blogs, forums, groups, sites etc. We reserve the right to terminate your use of the Service or any related website for violating any of the prohibited uses or without any reason whatsoever.
13.13 Disclaimer of warranties; Limitation of liability
We do not guarantee, represent or warrant in any manner that your use of our service will be uninterrupted, timely, secure or error-free.
We do not warrant that the results that may be obtained from the use of the service will be accurate, profitable or reliable.
You agree that from time to time we may remove the service for indefinite periods of time or cancel the service at any time, without notice to you.
You expressly agree that your use of, or inability to use, the service is at your sole risk. The service provided by us through products or otherwise on this website is purely for informative purposes only and it shall solely be your discretion to act in accordance with it or not. The service and all products and services delivered to you through the service are (except as expressly stated by us) provided ‘as is’ and ‘as available’ for your use, without any representation, warranties or conditions of any kind, either express or implied, including all implied warranties or conditions of merchantability, merchantable quality, fitness for a particular purpose, durability, title, and non-infringement.
In no case shall Capitalmind that operates the internet portal “Capitalmind”our directors, designated partners, officers, employees, affiliates, agents, contractors, interns, suppliers, service providers or licensors be liable to you or any third party for any injury, loss, claim, or any direct, indirect, incidental, punitive, special, or consequential damages of any kind, including, without limitation lost profits, lost revenue, lost savings, loss of data, replacement costs, or any similar damages, whether based in contract, tort (including negligence), strict liability or otherwise, arising from your use of any of the service or any products procured using the service, or for any other claim related in any way to your use of the service or any product, including, but not limited to, any errors or omissions in any content, or any loss or damage of any kind incurred as a result of the use of the service or any content (or product) posted, transmitted, or otherwise made available via the service, even if advised of their possibility. Because some states or jurisdictions do not allow the exclusion or the limitation of liability for consequential or incidental damages, in such states or jurisdictions, our liability shall be limited to the maximum extent permitted by law.
13.14 Indemnification
You agree to indemnify, defend and hold harmless Capitalmind and our parent, subsidiaries, affiliates, partners, officers, directors, agents, contractors, licensors, service providers, subcontractors, suppliers, interns and employees, harmless from any claim or demand, including reasonable attorneys’ fees, arising due to your violation of any applicable laws of the Republic of India and/or made by any third-party due to or arising directly or indirectly out of your breach of these Terms of Service or the documents they incorporate by reference, or your violation of any applicable laws or the rights of a third-party.
13.15 Severability
In the event that any provision of these Terms of Service is determined to be unlawful, void or unenforceable, such provision shall nonetheless be enforceable to the fullest extent permitted by applicable law, and the unenforceable portion shall be deemed to be severed from these Terms of Service, such determination shall not affect the validity and enforceability of any other remaining provisions.
13.16 Termination
The obligations and liabilities of the parties incurred prior to the termination date shall survive the termination of this agreement for all purposes.
These Terms of Service are effective unless and until terminated by either you or us. You may terminate these Terms of Service at any time by notifying us that you no longer wish to use our Services, or when you cease using our site.
You agree that your access of this Website and to any services and products offered by us is solely at our discretion and we may discontinue your enjoyment of these services at any point without any notice. If in our sole judgment you fail, or we suspect that you have failed, to comply with any term or provision of these Terms of Service, we also may terminate this agreement at any time without notice and you will remain liable for all amounts due up to and including the date of termination; and/or accordingly may deny you access to our Services (or any part thereof).
13.17 Entire Agreement
The failure of us to exercise or enforce any right or provision of these Terms of Service shall not constitute a waiver of such right or provision.
These Terms of Service and any policies or operating rules posted by us on this site or in respect to The Service constitutes the entire agreement and understanding between you and us and govern your use of the Service, superseding any prior or contemporaneous agreements, communications and proposals, whether oral or written, between you and us (including, but not limited to, any prior versions of the Terms of Service).
Any ambiguities in the interpretation of these Terms of Service shall not be construed against the drafting party.
13.18 Governing law
These Terms of Service and any separate agreements whereby we provide you Services shall be governed by and construed in accordance with the laws of India and jurisdiction of Bangalore, Karnataka.
13.19 Cancellation Policy
We do not accept cancellations for any services or subscriptions purchased through our platform. Once a purchase is made, it is considered final and cannot be reversed or cancelled.
13.20 Refund Policy
All payments made for our services are non-refundable. This policy applies to all fees, including but not limited to subscriptions, one-time services, and any other charges related to our offerings.
Refunds shall only be considered in the event of a breach of these terms and conditions by us, which would qualify as a premature termination of the RA services.
We recommend that users carefully review the service details and terms prior to making a purchase to ensure that the service aligns with their requirements.
13.21 Changes to terms of service
You can review the most current version of the Terms of Service at any time at this page.
We reserve the right, at our sole discretion, to update, change or replace any part of these Terms of Service by posting updates and changes to our website. Any changes to voluntary clauses or documents forming part of these Terms of Service will be preceded by a notice of 15 days. We will communicate such changes through appropriate channels. Your continued use of or access to our website or the Service following the posting of any changes to these Terms of Service constitutes acceptance of those changes.
13.22 Contact Information
Any queries or questions about the Terms of Service should be sent to us at contact@premium.capitalmind.in
14. Standard Terms of Service:
Declaration of the Capitalmind that:
i. We are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: (INH000014003, 07/12/2023);
ii. We have 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 Capitalmind do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which we are a party or to which any of our property is or may be subject;
iv. The maximum fee that may be charged by Capitalmind is ₹1.51 lakhs per annum per family of client.
v. The recommendations provided by Capitalmind do not provide any assurance of returns.
By signing, or otherwise indicating assent:
“You acknowledge that you 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.
You are subscribing to the research services for your own benefits and consumption, and any reliance placed on the research report provided by Capitalmind shall be as per your own judgement and assessment of the conclusions contained in the research report.
You 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.”