Rajesh Sudhakar Prabhudesai ('the Research Analyst') is also registered with SEBI as an Individual Investment Adviser (SEBI Registration No. INA000021906). The activities undertaken in his capacity as a Research Analyst are conducted independently of those performed as an Investment Adviser. In accordance with applicable regulatory requirements, the Research Analyst has established segregated processes and maintains separate records to ensure clear distinction between the two roles.

If we, at the time of issuance of a recommendation, have any actual holdings or financial interests in the stocks on which we are expressing recommendation, we shall duly disclose it in the respective research report, as required under applicable regulations. Our recommendation will not be influenced by our personal holdings.

We earn our income solely from fees charged to investor clients for the research services provided by us. We do not receive any compensation or consideration from the subject companies covered in our research reports.

We do not earn any income from sale, promotion, or distribution of third-party products.

Internal Policy for Conflict of Interest

1. The Research Analyst adheres to the guidelines prescribed by SEBI for identifying, avoiding, managing, and disclosing conflicts of interest.
2. The Research Analyst shall:
   • Maintain documented internal policies to identify, avoid, or manage actual or potential conflict of interest;
   • Maintain high standards of integrity in the conduct of business at all times;
   • Ensure fair treatment of all clients and do not discriminate amongst them;
   • Ensure that personal interests do not conflict with duties to clients and client interests always take primacy in advice, investment decisions, and transactions;
   • Make appropriate disclosure to clients of possible sources or potential areas of conflict of interest which may impair the ability to render fair, objective, and unbiased services;
   • Impose appropriate restrictions on trading in securities where conflict situations may arise;
   • Do not deal in securities while in possession of material non-published information;
   • Do not communicate material non-published information;
   • Do not engage in any activity that may manipulate demand, supply, or prices of securities;
   • Do not have an incentive structure that promotes unsuitable recommendations;
   • Maintain confidentiality of client information and do not use it for personal interest;
3. The Research Analyst has established systems and controls for effective implementation of this policy and reviews compliance periodically to ensure ongoing adherence to regulatory requirements.