Investor Charter for Research Analysts

A. Vision and mission

Vision: Invest with knowledge and safety.

Mission: Every investor should be able to invest in the right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Business transacted by the Research Analyst with respect to investors

To publish research reports based on the research activities of the RA.
To provide an independent, unbiased view on securities.
To offer unbiased recommendations, disclosing financial interests in recommended securities.
To provide research recommendations based on analysis of publicly available information and known observations.
To conduct an audit annually.
To ensure that all advertisements follow the Advertisement Code for Research Analysts.
To maintain records of interactions with all clients, including prospective clients before onboarding, where any conversation about the research services has taken place.

C. Services provided to investors

Onboarding of clients

Sharing the terms and conditions of research services.
Completing the KYC of fee-paying clients.

Disclosures to clients

Disclose information material to the client's decision: details of the RA's business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
Disclose the extent of use of Artificial Intelligence tools in providing research services.
Disclose any conflict of interest between providing research services and the RA's other activities.
Distribute research reports and recommendations to clients without discrimination.
Maintain confidentiality of a research report until it is made available in the public domain.
Respect the client's data privacy rights and take measures to protect unauthorised use of their confidential information.
Disclose the timelines for the services provided and ensure they are adhered to.
Give clear guidance and an adequate caution notice when recommending complex and high-risk financial products or services.
Treat all clients with honesty and integrity.
Keep information shared by clients confidential, unless disclosure is required by law or the client consents.

D. Your rights as an investor

Right to privacy and confidentiality.
Right to transparent practices.
Right to fair and equitable treatment.
Right to adequate and accurate information.
Right to initial and continuing disclosure, including the right to receive information about all statutory and regulatory disclosures.
Right to fair and true advertisement.
Right to awareness of service parameters and turnaround times.
Right to be heard and to satisfactory grievance redressal, in a time-bound manner.
Right to exit from the research service as per the terms and conditions agreed.
Right to receive clear guidance and a caution notice when dealing in complex and high-risk financial products and services.
Additional rights for vulnerable consumers, including access to services in a suitable manner for persons with disabilities.
Right to provide feedback on the financial products and services used.
Right against coercive, unfair and one-sided clauses in the terms and conditions.

E. Grievance redressal mechanism and timelines

With the Research Analyst: raise the grievance with us first (details here). We will try to resolve it immediately, and in any case within 21 days of receiving it.
SCORES 2.0: if you are not satisfied, file on SEBI's centralised grievance system at scores.sebi.gov.in. There is a two-level review: first by the designated body (RAASB, i.e. BSE Limited), then by SEBI. You can also email the RAASB's designated email ID.
SMART ODR: if still unresolved, use the Online Dispute Resolution portal at smartodr.in for conciliation and arbitration.
Physical complaints may be sent to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.

F. Expectations from investors (responsibilities)

Do's

Always deal with a SEBI registered Research Analyst.
Ensure the Research Analyst has a valid registration certificate.
Check the SEBI registration number on the SEBI website.
Check the research recommendation before buying securities or applying in a public offer.
Pay attention to disclosures in research reports before investing.
Pay fees only through banking channels and keep the receipts.
Ask all relevant questions and clear your doubts before acting on a recommendation.
Seek clarity on the risks, cost and possible gains involved before investing.
Be aware that you can stop the service as per the terms and conditions agreed.
Be aware of your right to receive the service as agreed.
Inform SEBI about any Research Analyst offering assured or guaranteed returns.

Don'ts

Do not provide funds for investment to the Research Analyst.
Don't fall prey to luring advertisements or market rumours.
Do not get attracted by limited-period discounts, incentives or gifts offered by a Research Analyst.
Do not share login credentials or passwords of your trading, demat or bank accounts with the Research Analyst.