These are the Most Important Terms & Conditions (MITC) based on the SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025.

1. The terms and conditions and the consent thereon are for the research services provided by the RA and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Thus, you are advised not to permit RA to execute any trade on your behalf.
2. The fee charged by RA to the client will be subject to the maximum amount prescribed by SEBI/Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
   1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
   2. The fee limit does not include statutory charges.
   3. The fee limits do not apply to a non-individual client/accredited investor.
3. 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 premature 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 the unexpired period.
4. 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 the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
5. 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 endeavour to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. Any assured/guaranteed/fixed-return 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.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA's research services. All opinions, projections, and estimates of the RA are based on analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
8. Any investment made based on recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on investments made based on recommendations in the research report.
9. 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.
10. The SEBI registration, enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
11. For any grievances:
    1. Step 1: The client should first contact Kuber Research using the contact details published on this website: Raj Kishore Sharma, Proprietor and Research Analyst — rajkishore.research@gmail.com, +91 91024 65918. See the Grievance Escalation Matrix below.
    2. Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI's SCORES platform at SEBI SCORES grievance portal.
    3. Step 3: The client may also consider Online Dispute Resolution (ODR) through the SMART ODR portal.
12. Clients are required to keep contact details, including email ID and mobile number(s), updated with the RA at all times.
13. 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 the RA.

1. About the Research Analyst

Raj Kishore Sharma, Proprietor of Kuber Research, is an individual, Part-Time SEBI-registered Research Analyst. SEBI Registration No.: INH000029236. BSE Enlistment No.: 7398. Registration date: 22 July 2026.

Registered office: MSO 224, 2nd Floor, DT Mega Mall, Golf Course Road, Phase-1, Gurugram, Haryana – 122002. Email: rajkishore.research@gmail.com. Phone: +91 91024 65918.

2. Qualifications and experience

The proprietor holds a B.Com (Hons.) in Financial Markets Management and an M.Com in Finance from Banaras Hindu University (BHU), and has completed NISM Series XV – Research Analyst and NISM Series VIII – Equity Derivatives certifications. These details should be read alongside the applicable registration and certification records.

3. Details of business activities

Kuber Research provides research services relating to equity securities, indices, futures and options, and commodities, within the scope permitted by its registration. Research may use fundamental and technical analysis of publicly available information and other relevant data to develop research views and recommendations. Specific coverage, assumptions, entry levels, targets and risk controls, where applicable, are described in the relevant research report.

4. Disciplinary history

Any material disciplinary history, regulatory proceedings, penalties, directions or orders applicable to the Research Analyst will be disclosed as required by applicable law. A definitive “no disciplinary history” declaration has not been supplied for this page.

5. Terms and conditions on which research reports are issued

Research reports are prepared using information and sources believed to be relevant at the time of preparation. While reasonable care is taken, Kuber Research does not warrant that information is complete, accurate or free from error. Views, estimates and recommendations reflect the analyst’s assessment as of the report date and may change without notice.

Research reports are for information and research purposes and should not be treated as a guarantee of returns or as a substitute for an investor’s independent assessment. Investors should consider their objectives, financial circumstances, risk tolerance and the risks described in the report before acting. Market investments can result in loss, including substantial loss.

6. Financial interest

Any financial interest, actual or potential conflict of interest, or material holding that is required to be disclosed in relation to a covered security will be disclosed in the relevant research report, in accordance with applicable requirements. No blanket declaration regarding holdings or financial interests is made in this section.

7. Associates

Any relevant association or relationship that is required to be disclosed under applicable rules will be disclosed where relevant. No unverified declaration about the existence or absence of associates is made here.

8. Compensation from subject company

Any compensation or benefit received from a company covered by a research report, where disclosure is required, will be disclosed in that report. No unverified blanket declaration is made here.

9. Investment banking, merchant banking and other services

Any relevant investment banking, merchant banking, brokerage or other relationship that is required to be disclosed will be stated in the relevant research report. No unverified declaration about such relationships is made here.

10. Market making and public offerings

Any applicable market-making role, participation in a public offering, or other relationship requiring disclosure will be stated in the relevant research report. No unverified blanket declaration is made here.

11. Reliability of facts

Research is based on information considered relevant and available from sources believed to be reliable. However, information may be incomplete or change, and past performance does not guarantee future results. Investors should independently evaluate market conditions and risks before making an investment decision.

12. Use of Artificial Intelligence

Where Artificial Intelligence tools are used in providing research services, the extent of such use will be disclosed as required by applicable rules. The Research Analyst remains responsible for the analysis, judgement and recommendations published under Kuber Research.

Research Analyst details: Raj Kishore Sharma, Proprietor of Kuber Research, is registered with SEBI as an Individual Research Analyst under Registration No. INH000029236, dated 22 July 2026, and is enlisted with BSE under Enlistment No. 7398.

• Kuber Research does not recommend any stock broker or other intermediary to a client and does not receive consideration by way of remuneration, compensation or in any other form from a stock broker or another intermediary, except where specifically disclosed.
• Any applicable regulatory penalties, directions, disciplinary matters or other material proceedings will be disclosed accurately where required.
• Investment in equity shares involves risk. Information in research material is based on analysis and sources considered reliable; however, completeness and accuracy cannot be guaranteed. This material is for information and research purposes, and Kuber Research does not accept responsibility for investment losses arising from decisions made by users of the material.
• Kuber Research does not promise or assure a favourable view for any industry, sector or business group. Investors should consider all relevant risk factors, their financial circumstances and their risk-return profile before investing.
• The Research Analyst or related persons may hold positions in securities discussed in research reports. Any applicable interest or position will be disclosed in the relevant report as required.
• Research recommendations and reports are intended for clients entitled to receive them. Recipients must not forward, reproduce or distribute reports, calls, messages or other research material to unauthorized persons, except as permitted by applicable law and the relevant terms.
• Any opinion on a specific position is an expression of research opinion and should not be treated as a guarantee of an outcome. Investors remain responsible for their own decisions.
• Any actual or potential conflict of interest relevant to a research recommendation will be disclosed as required to protect objectivity and independence.
• Stock trading is inherently risky. Investors assume responsibility for their trading decisions and should understand the possibility of partial or total loss.
• Simulated or hypothetical results are not the same as actual trading performance. No representation is made that any account will achieve profits or losses similar to simulated results.
• Investors are solely responsible for their investment decisions and any consequences of transactions undertaken, whether or not they consult a licensed and qualified financial adviser.
• Research material is intended to support investors' own research and evaluation of companies, securities, sectors, markets and related information.
• Content published on social media platforms, including X, Facebook, Instagram, Telegram and YouTube, is for educational and illustrative purposes and should not by itself be treated as a personalized recommendation or investment advice.
• Futures, options and other derivative instruments can involve substantial risk, leverage and rapid losses. Investors should understand the product and its risks before trading.

Kuber Research is committed to providing prompt, fair and transparent grievance redressal to all clients. Clients may follow the mechanism below for resolution of any grievance or feedback relating to research services.

1. Contact the Research Analyst

If you are not satisfied with the services and wish to lodge a complaint, you may communicate your grievance by telephone or email. Every effort will be made to acknowledge and resolve your grievance promptly.

Phone: +91 91024 65918  ·  Email: rajkishore.research@gmail.com

Kuber Research will endeavour to resolve the grievance within 7 business working days from the date of receipt, or within such timeline as may be prescribed by SEBI from time to time.

2. Escalation to the Research Analyst

If the grievance remains unresolved within the above timeline, escalate it directly to the Research Analyst:

The grievance will be reviewed fairly and transparently in accordance with the applicable SEBI (Research Analysts) Regulations and circulars. Grievances shall be resolved within the applicable prescribed timeline, including the 21-calendar-day timeline where required under the applicable regulations.

3. Complaint through SEBI SCORES

If your grievance remains unresolved, you may lodge a complaint through the SEBI Complaints Redress System (SCORES 2.0).

Open SEBI SCORES ↗

The applicable review and escalation process will be as specified by SEBI and the relevant Research Analyst Administration and Supervisory Body (RAASB).

4. Online Dispute Resolution (SMART ODR)

If you are not satisfied with the resolution provided through the applicable grievance mechanism, you may initiate dispute resolution through the SMART Online Dispute Resolution platform, where applicable, for online conciliation and/or arbitration under the applicable SEBI framework.

Open SMART ODR ↗

5. Physical complaint to SEBI

Office of Investor Assistance and Education,
Securities and Exchange Board of India (SEBI),
SEBI Bhavan, Plot No. C4-A, ‘G’ Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400051.

Complete the matrix below with current, verified contact details before publication.

Number of Client's Complaints – (RA). Disclosure in compliance with applicable SEBI requirements.

Head Office

Securities and Exchange Board of India, SEBI Bhavan BKC, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra.

Telephone: +91 22 2644 9000 / +91 22 4045 9000

Regional office for this Research Analyst

The registered office of the Research Analyst is at Gurugram, Haryana, which falls within the jurisdiction of SEBI’s Northern Regional Office:

SEBI Northern Regional Office, NBCC Complex, Office Tower-1, 8th Floor, Plate B, East Kidwai Nagar, New Delhi – 110023.

Telephone: +91 11 6901 2998 · Email: sebinro@sebi.gov.in

Office of Investor Assistance and Education

Physical complaints may be sent to the Office of Investor Assistance and Education, Securities and Exchange Board of India, at the head office address given above.

Toll-free investor helpline: 1800 22 7575. SEBI website: SEBI official website. Addresses and numbers here are as published by SEBI at SEBI official contact and office directory, which carries the complete and current list of SEBI’s regional and local offices.

Disclosure with respect to the annual compliance audit requirement under Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014. Annual audits are completed within the prescribed timeline and submitted to SEBI.