Disclosures and Disclaimers

Name of the Research Analyst as registered with SEBI	Statlane
Registered office address	Plot D, Flat No. D1/D2, Ground Floor, Highway Apartment, Eastern Express Highway, Sion - (East), Mumbai - 400022
Compliance Officer	Kunal Valia
Contact Number	9820094852
SEBI Registration No	INH000013156
SEBI Expiry Date	Perpetual
BSE Enlistment Number	5874
Brand name	Statlane
Name, telephone number and Email address of Research Analyst	Kunal Valia 9820094852 kunal.valia@statlane.in
Current address	Plot D, Flat No. D1/D2, Ground Floor, Highway Apartment, Eastern Express Highway, Sion - (East), Mumbai - 400022

Grievance Redressal Mechanism (Person with Disabilities)

In compliance with the SEBI circular (dated July 31, 2025, Statlane has established a dedicated grievance redressal mechanism to address accessibility-related complaints from persons with disabilities (PwDs)

	Initial	Escalation Matrix
		Nodal Officer (Level 1)	Compliance Officer (Level 2)
Contact Name	Mr. Kunal Valia	Mr. Kunal Valia	Mr. Kunal Valia
Helpline	9820094852	9820094852	9820094852
Email	kunal.valia@statlane.in	kunal.valia@statlane.in	kunal.valia@statlane.in
Weblink (Form)	https://forms.gle/P4tfkRqrU2tpi6Wa6

Please note the following with respect to the above table :-

The helpline number is operational from 09:30 am to 06:00 pm
All accessibility-related grievances will be acknowledged within 2 working days.
Resolution/response will be provided within 15 working days.
Complex issues requiring longer timelines will be communicated clearly to the complainant.
For any escalation, beyond the stipulated time frame, please reach out to the Compliance officer (Details are shared in the first table under Company Information)

Compliance Audit Status

Disclosure with respect to compliance with Annual compliance audit requirement under Regulation 25(3) of SEBI (Research Analyst) Regulations, 2014 for last financial years are as under:

Sr. No.	Financial Year	Compliance Audit Status	Remarks, If any
1	FY 2023-24	Conducted	N.A.
2	FY 2024-25	Conducted	N.A.

DISCLAIMERS

Please read this disclaimer carefully and seek professional advice before acting upon any information presented in this document.

Investments in securities are subject to market risks and there is no assurance or guarantee that the objective of the investments will be achieved. Such investments may not be suited for all investors. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those express or implied in such statements.

Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

This report is for the personal information of the authorized recipient and does not construe to be any investment, legal, or taxation advice to you. Statlane is not soliciting any action based upon it. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any such transaction. In preparing this research, we did not take into account the investment objectives, financial situation, and particular needs of the reader.

This research has been prepared for the general use of the clients of Statlane and must not be copied, either in whole or in part, or distributed or redistributed to any other person in any form. If you are not the intended recipient you must not use or disclose the information in this research in any way. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. Statlane will not treat recipients as customers by virtue of their receiving this report. This report is not directed or intended for distribution to or use by any person or entity resident in a state, country, or any jurisdiction, where such distribution, publication, availability, or use would be contrary to law, regulation or which would subject Statlane & its associates to registration or licensing requirements within such jurisdictions.

The report is based on the information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete, or up-to-date and it should not be relied upon as such. We accept no obligation to correct or update the information or opinions in it. Statlane or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Statlane or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.

This information is subject to change without any prior notice. Statlane reserves its absolute discretion and right to make or refrain from making modifications and alterations to this statement from time to time. Nevertheless, Statlane is committed to providing independent and transparent recommendations to its clients and would be happy to provide information in response to specific client queries.

Before making an investment decision on the basis of this research, the reader needs to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of their particular investment needs, objectives, and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. Our research should not be considered as an advertisement or advice, professional or otherwise. Opinions expressed are subject to change without any notice. Neither the firm nor its partner or the employees of Statlane accept any liability whatsoever for any direct, indirect, consequential, or other loss arising from any use of this research and/or further communication in relation to this research. Here it may be noted that neither Statlane nor its partners, employees, agents, or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profit that may arise from or in connection with the use of the information contained in this report.

Copyright of this document vests exclusively with STATLANE.

This document is being shared on a confidential basis by Statlane (“Statlane”) with the recipient, on the specific request of the recipient.

This Document has neither been approved nor disapproved by the Securities and Exchange Board of India (“SEBI”) nor has SEBI certified the accuracy or adequacy of the contents of the document.

Any performance-related data provided herein is not verified by SEBI.

Statlane, its partners, and its clients may have ownership interests in the companies mentioned in this document. Recipients should not construe the contents of this document as legal, tax, investment or other advice. It is advisable to consult a registered financial advisor before making any investment decisions based on the information contained herein.

This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact and terms and conditions.

This document may not contain the most current information and may not reflect the latest developments in the field. The content is provided as of the date of the presentation and may be subject to change without notice.

All opinions, charts/graphs, estimates and data included in this presentation are as on date and are subject to change without notice. While utmost care has been exercised while preparing this document, Statlane does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information.

Opinions, if any, expressed are our opinions as of the date of appearing on this material only. We do not take or accept any responsibility to update these materials.

These materials contain confidential and proprietary information. These materials may not be copied, loaned, or distributed to any other person without the consent of Statlane.

DISCLOSURES

Disclosure of minimum mandatory terms and conditions to clients

1) 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.

2) Obligations on RA: 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.

3) 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.

4) Standard Terms of Service:

For Client’s Consent

The consent of client shall be taken 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.”

Declaration of the RA 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 number, registration date);

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.

5) 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. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

6) Risk factors:

a. Investments in securities carry inherent market risks, including potential loss of capital.

b. Historical performance of recommendations is not indicative of future returns.

c. The client must independently assess the suitability of investment decisions based on the research reports provided.

d. Registration granted by SEBI/ BSE, and certification from NISM in no way guarantee performance of the RA (intermediary) or provide any assurance of returns to the clients.

7) Conflict of interest:

a. The RA shall comply with all the applicable regulations/ circulars/ directions as specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflicts of interest.

b. Any actual or potential conflict of interest will be disclosed transparently to the client as and when identified

8) Optional Centralized Fee Collection Mechanism

a. Clients may choose to utilize the Centralized Fee Collection Mechanism (CeFCoM) for fee payments, as made available by SEBI.

b. If client wants to opt for ‘Centralised Fee Collection Mechanism (CeFCoM)’, an email request for the same may be sent to RA for processing of same. Guidance on the process will be provided by the RA.

9) Termination of service and refund of fees: Disclosure that 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.

10) Grievance redressal and dispute resolution:

a. Any grievance related to (i) nonreceipt 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/employee designated by RA, in this behalf (RA to provide name and e-mail ID of the designated person/employee).

b. 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. 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.

c. In case you are not satisfied with our response you can lodge your grievance with SEBI at https://scores.sebi.gov.in/ or you may also write to any of the offices of SEBI. SCORES may be accessed thorough SCORES mobile application as well, same can be downloaded from below link:

https://play.google.com/store/apps/details?id=com.ionicframework.sebi236330

d. Disputes between the RA and the client may be resolved through arbitration or any other modes or mechanism as specified by SEBI from time to time. ODR Portal could be accessed, if unsatisfied with the response. Your attention is drawn to the SEBI circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023, on “Online Resolution of Disputes in the Indian Securities Market”. A common Online Dispute Resolution Portal (“ODR Portal”) which harnesses conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market has been established. ODR Portal can be accessed via the following link – https://smartodr.in/

11) Mandatory notice: Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

Most Important Terms and Conditions (MITC)

[Forming part of the Terms and Conditions for providing research services]

1) 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.

2) 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).

Note:

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.

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 year . 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.

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 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 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.

7) 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.

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 the RA shall be as per the client’s own judgment and assessment of the conclusions contained in the research report.

9) The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

10) Clients are required to keep contact details, including email ID and mobile number(s), updated with the RA at all times.

11) 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.

Warning – “Investment in securities market is subject to market risks. Read all the related documents carefully before investing.”