Disclaimer and Disclosures

• Market Risk Warning: “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”
• Possibility of Loss: Market risks may result in partial or permanent loss of investments under certain market conditions.
• Illustrative Purposes Only: The securities mentioned on any social media platforms or in free groups are presented solely for illustrative purposes. They do not constitute investment advice or recommendations in any form.
• SEBI Registration Disclaimer: “Registration granted by SEBI, Enlistment with RAASB, and certification from NISM do not guarantee the performance of the intermediary nor assure returns to investors.”
• Past Performance Warning: Past performance is not indicative of future results. Investments are subject to market risks, and historical returns should not be relied upon as a basis for future investment decisions.
• Risk Associated with Open Positions: Our recommendations might include open positions without set stop-loss levels or target prices, exposing portfolios to significant losses from adverse market movements or unexpected events.
  
  Investors should recognize that the absence of predefined exit points heightens the risk of capital erosion. Investors should consider their own risk tolerance and financial circumstances when making decisions.
• Important Notice for Investors and Traders:
  
  Please do not ask about specific investment amounts, lot sizes, or prices for securities. Follow portfolio allocations, group calls, and exit calls or positions when target or stop-loss prices are reached, as holding securities based on emotions can lead to significant losses.
  
  Invest according to your own risk tolerance. We treat all users equally, but may offer discounts at our discretion for recurring subscribers or upon valid specific requests.
• Fee Payment and Investor Protection:
  
  All service fees must be paid only via the official Mavex Research website or verified bank, payment gateway, or verified UPI channels.

Investor Protection and Ethical Practices

• No Warranties on Accuracy or Results: The research analyst or entity does not guarantee the accuracy, completeness, or reliability of any information or content on its platform or reports.
• No Claims for Losses from Recommendations: By the nature of investment risk, investors cannot claim compensation for losses incurred based on research recommendations provided. All investment decisions and their consequences remain the sole responsibility of the investor.
• Options Trading Risk:
  
  These trades carry a high probability of total capital loss due to the leveraged and time-bound nature of derivatives.
  
  Investors must engage in Futures and Options (F&O) trading strictly in accordance with their personal risk appetite and financial capacity.
• Exercise Caution:
  
  While we provide research analysis and securities-specific recommendations, we do not offer:
  
  (a) Portfolio management services (PMS)
  (b) Personalized account handling
  (c) Profit-sharing arrangements
  (d) Investment advisory based on individual risk profiling
  
  Investors are responsible for their own investment decisions and should seek a registered investment adviser for personalized financial planning services.
• Report Unethical Practices:
  
  We are committed to ethical research and transparent market practices.
  
  If you observe any misleading claims, unauthorized fee collection, or unethical conduct involving our services or brand, please report the matter to our Compliance Officer and the appropriate regulatory authority.
  
  No third party or employee is authorized to offer return guarantees. Any such activity should be reported immediately.
  
  If you engage with unauthorized persons or accept return guarantees without officially informing the company at ajayvarghese1177@gmail.com , the company will not be liable for resulting losses or liabilities.
• Report Directly to Our Compliance Team:
  ajayvarghese1177@gmail.com
• SEBI Toll-Free Numbers:
  
  1800 22 7575
  1800 26 67 575

Disclosure of Material Information

• Entity Name: AJAY KURIAN VARGHESE
  SEBI Research Analyst Registration No: INH000027292
• Business Activity:
  
  AJAY KURIAN VARGHESE is engaged in the business of providing independent equity research services based on technical and fundamental analysis. The firm offers Buy, Sell, and Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary.
  
  The company is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.
  
  All recommendations are made in good faith and based on data believed to be reliable at the time of publication. Investors are advised to use discretion and consult with certified professionals before making financial decisions.
• Regulatory Standing:
  
  This disclosure is intended to provide transparency about the nature of the research entity and its registration credentials.
  
  SEBI Registration No: INH000027292
  Name of RA Entity: AJAY KURIAN VARGHESE

Disciplinary History Statement

AJAY KURIAN VARGHESE (SEBI Registration No: INH000027292) and its partners and associates have a clear and unblemished record.

• There have been no instances of disciplinary action, penalties, or sanctions levied or passed by any regulatory or administrative authorities against AJAY KURIAN VARGHESE, its partners, or its associates.
• This statement is made in accordance with disclosure requirements for transparency and regulatory compliance as per the SEBI (Research Analyst) Regulations, 2014.

Terms and Conditions of Issuance: Research Report by AJAY KURIAN VARGHESE (INH000027292)

1. Purpose and Audience

• The Research Report is exclusively issued to clients of AJAY KURIAN VARGHESE.
• Reports and recommendations serve informational purposes only and are delivered as part of the firm's professional research analyst services.

2. Basis and Reliability of Information

• All research content is prepared using facts, figures, and information deemed to be true, correct, and reliable at the time of publication.
• Information sources include publicly available data and other trusted channels believed to be accurate.
• The research team conducts a review to ensure that there are no untrue statements of material fact and no false or misleading information in any report or recommendation.

3. Nature of Recommendations

• Reports and recommendations are provided solely for informational purposes when they are in the public domain.
• The documents do not constitute an offer document and shall not be interpreted as a solicitation to buy, sell, hold, or act on other ratings defined in the report.
• Daily closing charts of securities are available through:
  
  NSE Securities Charts
  
  and
  
  BSE Securities Charts
• Views on securities may be based on both technical and fundamental analysis.

4. No Offer or Solicitation

• The material does not create any obligation for clients to act on the information contained within.
• It does not represent any proposal, invitation, or inducement relating to trading or investment in securities.

5. Regulatory Compliance

• AJAY KURIAN VARGHESE is registered under the SEBI (Research Analyst) Regulations, 2014, and operates under SEBI Registration No. INH000027292.
• Recommendations are intended to adhere to applicable compliance and disclosure standards set by regulatory authorities.

6. Client Responsibility

• Clients are urged to exercise independent judgment and consult with their own financial or investment advisers before making decisions based on the research.
• Reports, analysis, and recommendations do not replace independent professional advice suited to individual circumstances.

7. Limitation of Liability

AJAY KURIAN VARGHESE and its analysts do not accept responsibility or liability for losses, whether direct or indirect, that may result from the use of research reports or recommendations.

8. Copyright and Confidentiality

• Research reports are issued for personal use only.
• No part of a report may be reproduced, redistributed, or published without written authorization from AJAY KURIAN VARGHESE.

Risk Disclosures

AJAY KURIAN VARGHESE (SEBI Registration: INH000027292), along with its partners, employees, officers, and affiliates, shall not be held responsible for any loss, damage, or liability arising from unintentional errors, omissions, or inaccuracies in research reports or recommendations provided.

Disclaimer: Investors are solely responsible for decisions taken based on research reports or recommendations issued by AJAY KURIAN VARGHESE. All investments carry risk, and past performance or expert opinion does not guarantee future outcomes.

Disclosure of All Material Information

Entity Name: AJAY KURIAN VARGHESE

SEBI Research Analyst Registration Number: INH000027292

Disclosures Regarding Ownership and Material Conflicts of Interest

In accordance with the SEBI (Research Analyst) Regulations, 2014, the following disclosures are made in relation to research reports and recommendations issued by AJAY KURIAN VARGHESE:

• (a) Ownership of Securities: Neither AJAY KURIAN VARGHESE, nor its research analysts, nor their relatives or associates hold 1% or more in the equity securities of the subject company or companies mentioned in the research reports.
• (b) Financial Interest: AJAY KURIAN VARGHESE, its research analysts, and their relatives or associates may have direct or indirect financial interests in the subject company or companies at the time of publication.
• (c) Conflict of Interest: At the date of publication of the research report, AJAY KURIAN VARGHESE, its research analysts, and their relatives or associates do not have any material conflict of interest, whether pecuniary or otherwise, with the subject companies referred to in the report.

Conflict of Interest and Compensation Disclosures

AJAY KURIAN VARGHESE or its associates have not:

• Received any compensation from the subject company in the past twelve months.
• Managed or co-managed any public offering of securities for the subject company in the past twelve months.
• Received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• Received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• Received any compensation or other benefits from the subject company or any third party in connection with this research report.
• Engaged in any market-making activity for the subject company.

Research Analyst Disclosure

• The Research Analyst has not served as an officer, director, or employee of the subject company at any point in time.

Use of AI and Algorithmic Tools in Research and Advisory Services

Our recommendations are based on technical and fundamental analysis, with some use of artificial intelligence and algorithmic platforms.

• Responsibility for client data security, confidentiality, and compliance is maintained when using AI and algorithmic tools.
• AI and algorithmic trading risks include system vulnerabilities that may amplify errors. Strategies based on historical data may fail in changing market conditions and may lead to losses.
• Handling sensitive data poses privacy and security risks, including potential breaches.
• Potential concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data centre communication failures, and misleading results caused by poor data.
• Severe data glitches may result in significant losses related to securities or portfolios.
• There is no guarantee of success or returns when acting on AI-generated or algorithm-generated recommendations.
• Investors bear the full risk of investment decisions made based on such advice.
• The provider is not liable for losses or damages that may result from actions taken based on AI-generated recommendations.

Model Portfolio Disclaimer and Research Analyst Disclosure

AJAY KURIAN VARGHESE
SEBI Research Analyst Registration No: INH000027292

AJAY KURIAN VARGHESE may, from time to time, publish or recommend a Model Portfolio as part of its research and analysis services. Any such model portfolio will be issued and maintained in accordance with applicable guidelines and conditions prescribed under the SEBI (Research Analyst) Regulations, 2014, and subsequent circulars or clarifications issued by SEBI.

Key Points

• The model portfolio is created purely for illustration and educational purposes when it is in the public domain. It is not intended to act as specific investment advice for any individual client.
• Inclusion of securities and their weightage is based on a research-driven methodology and general market views and sectoral outlooks at the time of issuance.

AJAY KURIAN VARGHESE will ensure that such model portfolios:

• Are accompanied by a detailed rationale.
• Are continuously monitored and updated when necessary.
• Respect the boundaries between non-advisory research and personal portfolio management as mandated by applicable SEBI guidelines.

Investor Responsibility

Investors are advised to exercise discretion and consult with an investment adviser or financial planner before replicating or acting upon any model portfolio published by AJAY KURIAN VARGHESE. The model portfolio does not consider individual risk profiles, financial goals, or investment timelines and may therefore not be suitable for all investors.

Notice on Unregulated Products: Crypto, Forex and Third-Party Services

AJAY KURIAN VARGHESE
SEBI Research Analyst Registration No: INH000027292

Important Legal and Risk Disclosure

Recommendations, insights, or services related to crypto assets, foreign exchange (Forex) trading, and other third-party products may fall outside the jurisdiction of the Securities and Exchange Board of India (SEBI).

• These products may fall outside the regulatory purview of SEBI.
• SEBI grievance redressal mechanisms and investor protection frameworks may not be available for investors engaging in such instruments.

High-Risk Warning

• The potential for capital loss may be significantly high in crypto and Forex markets due to their unregulated and volatile nature.
• The absence of regulatory oversight and formal grievance mechanisms may increase the risk of fraud, operational failure, and non-recoverable losses.
• Investors should exercise extreme caution and make decisions based on their personal risk tolerance and financial situation.

Regulatory Notice and International Investment Risk Disclosure

1. Regulatory Jurisdiction: Services, recommendations, and fee structures concerning foreign securities, U.S. markets, and third-party investment products not registered with SEBI may operate outside SEBI's regulatory oversight.
2. Limitation of Recourse: Clients acknowledge that SEBI grievance redressal mechanisms and investor protection frameworks may not apply to non-SEBI-regulated products.
3. Associated Investment Risks: International investments involve additional risk factors that may lead to substantial loss of portfolio value, including:
   
   a. Exchange Rate Risk: Fluctuations in foreign currency values relative to the Indian Rupee (INR).
   
   b. Market Risk: General volatility and economic downturns in foreign jurisdictions.
   
   c. Management Risk: Operational or strategic failures by foreign asset managers or issuers.
   
   d. Political and Regulatory Risk: Changes in foreign government policies, taxation, or legal frameworks.

Our Position

• We are not registered to provide investment advisory, trading, or portfolio services for unregulated products.
• Views or references provided on crypto, Forex, or similar third-party products are not recommendations and are shared purely as research-based insights or analyst commentary for general informational purposes.

Liability Disclaimer

AJAY KURIAN VARGHESE and its representatives cannot be held responsible for adverse events, capital erosion, or disputes arising from investment decisions made in unregulated markets based on research or communications.

For SEBI-regulated research services, MITC, model portfolios, disclosures, and terms of service, please visit the official Mavex Research website .

Securities and Stock Ratings: Definitions and Guidelines

Issued by: AJAY KURIAN VARGHESE (SEBI Reg. No: INH000027292)

To ensure transparency and clarity in research reports and stock recommendations, the following terminology is used to define specific ratings or actions.

Buy

Indicates that the stock or security should be purchased within the specified price range provided in the recommendation.

Example: “Buy XYZ at ₹100–₹105” means XYZ should be bought strictly within that range. Buying outside this price band is not advised.

Sell

Suggests that the stock or security should be sold within the specified price range mentioned in the recommendation.

Investors should follow the defined range for execution.

Hold

Advises investors to retain their current holdings in the stock or security until a revised call is issued, such as a new stop-loss or target update.

Apply

Recommends participation in specific public offers such as:

• Initial Public Offering (IPO)
• Buyback Offers
• Offer for Sale (OFS)

Book Profit

Indicates that it may be advisable to sell part or all holdings of the stock or security to realize or lock in existing gains.

Exit

A strong recommendation to sell all existing quantities and close the entire position in the mentioned stock or security.

Add and Reduce

Add: Buy additional quantity of the security if already holding based on favourable conditions.

Reduce: Partially sell the security based on revised outlook, risk, or market movement.

Investor Note

Investors should execute recommendations according to defined levels and time horizons and consult a SEBI-registered Investment Adviser for decisions tailored to their individual risk profile and financial goals.

Grievance Redressal Mechanism

AJAY KURIAN VARGHESE is committed to providing a fair and transparent mechanism for addressing investor grievances and complaints.

Step 1: Contact the Compliance Officer

Investors may first contact the Compliance Officer for resolution of any complaint, concern, or grievance relating to the research services provided.

Email: ajayvarghese1177@gmail.com

Step 2: Escalation to SEBI

If the grievance is not resolved satisfactorily, investors may approach the Securities and Exchange Board of India through the appropriate grievance redressal mechanism.

Investors may use the SEBI SCORES platform to register and track complaints.

SEBI Investor Support and Verification

Investors are advised to verify the registration status of any intermediary before engaging in investment-related activities.

1. Verify the registration details of entities through the official SEBI Intermediaries Directory .
2. For investor support and assistance, visit the SEBI Investor Support page .
3. Investors may use the SEBI Check platform to verify payment-related information and validated UPI handles.

Investor Awareness and Education

Investors are encouraged to educate themselves about financial markets, investment products, risks, and the regulatory framework before making investment decisions.

• Understand the risks associated with securities market investments.
• Verify the registration status of intermediaries before making payments or sharing personal information.
• Do not rely on guaranteed returns, unsolicited investment offers, or misleading claims.
• Make investment decisions based on your own financial circumstances, investment objectives, and risk tolerance.

Investors may refer to the official SEBI Investor website for investor education and awareness resources.

Investor Charter

The Investor Charter provides important information regarding the services provided by Research Analysts, investor rights and responsibilities, and the grievance redressal mechanism.

Investors are advised to read and understand the applicable Investor Charter before subscribing to research services.

The relevant investor protection and regulatory information may be accessed through the official SEBI Investor website .

Cybercrime and Fraud Reporting

Investors should remain alert to fraudulent websites, fake social media profiles, impersonation, unauthorized payment requests, and other forms of online financial fraud.

If you become a victim of cybercrime or suspect fraudulent activity, report the incident through the official National Cyber Crime Reporting Portal .

For immediate assistance related to cybercrime reporting in India, investors may also contact the relevant official authorities.

Important Notice to Investors

Investors are advised to exercise caution when dealing with individuals or entities claiming to represent AJAY KURIAN VARGHESE.

• Do not share passwords, OTPs, trading account credentials, or other sensitive information with unauthorized persons.
• Do not make payments to unverified bank accounts, UPI IDs, or payment channels.
• Do not rely on promises of guaranteed returns or assured profits.
• Verify all communication and payment instructions through official channels before taking action.

Any unauthorized person claiming to provide guaranteed returns or requesting payments on behalf of the entity should be reported immediately to the Compliance Officer.

Email: ajayvarghese1177@gmail.com

Updates to This Disclaimer

This Disclaimer and Disclosures page may be updated from time to time to reflect changes in applicable laws, regulations, regulatory requirements, business practices, or services.

Any material changes will be communicated through appropriate channels or published on this website.

Contact Information

For questions, concerns, complaints, or clarification regarding this Disclaimer and Disclosures page, investors may contact the Compliance Officer.

Entity: AJAY KURIAN VARGHESE

SEBI Research Analyst Registration No: INH000027292

Email: ajayvarghese1177@gmail.com