Terms & Conditions

Client Consent & Terms of Service

Between Research Analyst (AJAY KURIAN VARGHESE) and Client

1. Parties & Scope

a. Research Analyst (RA): AJAY KURIAN VARGHESE, SEBI-registered Research Analyst, Reg. No. INH000027292, providing research-only services and not executing trades or offering portfolio management or investment advisory services.

b. Client: Any individual or entity subscribing to or using the research services of AJAY KURIAN VARGHESE for personal and non-commercial use.

By subscribing, accessing, or using any research report or communication, you confirm you have read, understood, and agreed to these Terms of Service (TOS), SEBI (Research Analyst) Regulations, 2014, and related circulars including Investor Charter, MITC, and RA Guidelines issued by SEBI and RAASB from time to time.

2. Nature of Services

a. Services are limited to research reports, model portfolios (if provided), market commentary, and educational discussions, based on publicly available information and the RA’s technical and fundamental analysis.

b. All reports are for information and personal use only; you must exercise independent judgment and may consult your own advisor before acting on any recommendation.

3. Research Report Terms & Conditions

(a) The recommendations provided in this report are based on technical and fundamental analysis on publicly available information we believe to be reliable and accurate at the time of publication.

(b) Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.

(c) All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements.

(d) A daily closing chart of securities is available at:

4. Regulatory Compliance & Segregation

a. Research Analyst shall comply with SEBI (Research Analyst) Regulations, RAASB directions, and applicable laws at all times.

b. Clients cannot simultaneously receive research and distribution services from the same group/family; at onboarding, you must choose either research or distribution service only.

5. Client Information, KYC & FATCA

a. You agree to provide true, complete, and current personal, financial, and KYC details and to update any change in residency, tax status, or politically exposed status within 30 days.

b. Data may be verified with KRA and disclosed to competent authorities as required under Indian law and FATCA-related obligations; misrepresentation may lead to service termination and regulatory reporting.

6. Risk Disclosure & No Guarantee

You acknowledge and agree that:

• Investment in securities markets is subject to market, credit, liquidity, operational, regulatory, litigation, cyber and other risks, and may result in partial or total loss of capital. Read all the related documents carefully before investing.
• Futures & Options and open positions without stop-loss/targets carry higher risk; exiting on 10–15% loss is strongly advised for risk control.
• Past performance does not indicate future results; no returns, accuracy, profits, or loss protection are assured or guaranteed.
• “Registration granted by SEBI, Enlistment with RAASB, and certification from NISM do not guarantee the performance of the intermediary nor assure returns to investors.”
• No claims, compensation, or recourse exist for losses arising from acting on or relying upon research reports, calls, comments, model portfolios, or group discussions.

7. Use of Research, Copyright & Confidentiality

a. Research reports, commentary, recordings, and other content are strictly for your personal use and must not be reproduced, redistributed, forwarded, or published without prior written consent of Research Analyst.

b. Research Analyst maintains client confidentiality and data security in line with applicable laws and uses AI/Algo tools only as supplementary inputs, which may carry risks such as model error, data bias, and system failure.

8. Conflicts of Interest & Disclosures

a. Research Analyst endeavors to avoid, disclose, and mitigate any actual or potential conflict of interest as per SEBI and RAASB guidelines; any material conflict affecting services will be promptly intimated to you.

b. At the time of issuing research, the RA declares that there is no conflict, financial interest, or compensation from the subject company that is likely to prejudice the independence of research, unless specifically disclosed in the report.

9. Service Conduct, Suspension & Termination

a. All communication is ordinarily through group formats and standardized reports; one-on-one trading or investment services are not provided and must not be sought from Research Analyst.

b. Research Analyst may suspend or terminate services, with or without notice, in case of TOS violation, regulatory direction, inaccurate KYC, misuse of content, impersonation, or non-payment beyond the grace period; in such cases, only eligible pro-rata refunds (if any) will be processed per regulations.

10. Most Important Terms and Conditions (MITC)

Applicable to Research Services by AJAY KURIAN VARGHESE (RA)

SEBI Registration Number: INH000027292

• These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst, and the 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.
• 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:
• 2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
• 2.2. The fee limit does not include statutory charges.
• 2.3. The fee limits do not apply to a non-individual client / accredited investor.
• 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 premature termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the unexpired period.
• 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.
• (a) Optionally, the client can make payments through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e., currently recognized RAASB)
• 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.
• (a) The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
• Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law.
• (a) No scheme of this nature shall be offered to the client by the RA.
• The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services.
• (a) All opinions, projections, and estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of the research report.
• Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns.
• (a) There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.
• (b) 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.
• The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee The performance of the RA or ensure any returns to the client.

11. For Any Grievances

Step 1:

The client should first contact the RA using the details on its website or by following contact details:

Customer Support & Primary Contact

Step 2:

If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at https://scores.sebi.gov.in/ (opens in a new tab)

Step 3:

The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in/ (opens in a new tab)

Cyber frauds may be reported to the National Cyber Crime Portal and Helpline 1930 as per government guidelines.

12. Jurisdiction, Governing Law & Amendments

• These TOS are governed by the laws of India and SEBI/RAASB regulations; courts at THIRUVANANTHAPURAM, KERALA shall have exclusive jurisdiction over any disputes.
• Research Analyst may update these Terms to reflect regulatory changes or business requirements; material changes will be notified via www.mavexresearch.com (opens in a new tab) or email, and continued use of services constitutes deemed acceptance of the updated Terms.

13. Client Declaration & Consent

• Confirms Indian residency and tax status as declared (including non-PEP status, if applicable), and agrees to promptly update any change.
• Confirms having read and understood the SEBI (Research Analyst) Regulations, Investor Charter, MITC, RA Guidelines, and these TOS, including all risk factors and limitations of liability.
• Accepts that all investment decisions based on research are taken at their sole discretion, risk, and responsibility, without any assurance, guarantee, or recourse against Research Analyst.

Additional Information