Disclosure

Research Analyst Information:
Ankush Paul proprietor of Blackace Research (hereafter called as “Research Analyst” or “BLACKACE RESEARCH”), is a SEBI-registered Research Analyst (Registration No. INH000015251) under the SEBI (Research Analysts) Regulations, 2014.

Disciplinary Action:
No penalties / directions have been issued by SEBI under the SEBI Act or Regulations made there under against BLACKACE RESEARCH.

No Financial Interest:
Neither Research Analyst nor its associates, employees or relatives have any financial interest in any subject company discussed in our research reports.

No Ownership of Securities:
Neither Research Analyst nor its associates, or relatives hold 1% or more of the securities of any subject company as of the end of the month immediately preceding the publication of the research report or the date of any public appearance.

No Material Conflicts of Interest
At the time of publication of this research report, Research Analyst and its associates, or relatives have no material conflict of interest with the subject company. There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest will be disclosed to the client as and when they arise.

No Compensation Received:
1. Neither Research Analyst nor none of our employees and its associates: received any compensation from the company which is subject matter of recommendation/research; managed or co-managed the public offering of any company; received any compensation for investment banking or merchant banking or brokerage services from the subject company; received any compensation for products or services from the subject company; received any compensation or other benefits from the Subject Company or 3rd party in connection served as an officer, director or employee of the subject company; been engaged in market making activity of the subject company.

Also, the subject company was not our client during twelve months preceding the date of report.

No Third-Party Compensation:
Research Analyst and its associates have not received any compensation or other benefits from the subject company or any third party in connection with the research report.

Public Appearances:
Research Analyst has not received any compensation from the subject company for any public appearances within the past 12 months. Additionally, the subject company has not been a client of Research Analyst during the 12 months preceding the distribution of the research report.

General Disclaimer:
“Investments in securities markets are subject to market risks. Read all related documents carefully before investing. The securities mentioned are for illustration purposes only and should not be considered as a recommendation. BLACKACE RESEARCH does not guarantee any returns or performance and disclaims any responsibility for the accuracy or completeness of the information provided. Registration granted by SEBI, enlistment as RA with exchange and certification from NISM in no way guarantee performance of the Research Analyst or provide any assurance of returns to investors. This information/opinions/views are not meant to serve as a professional investment guide for the readers.”

BLACKACE RESEARCH owns the websiteBLACKACE RESEARCH ("website/ BLACKACE RESEARCH ").

BLACKACE RESEARCH makes research-based recommendations on various opportunities in the Indian equity market for the short and long term.

We have never been suspended or barred from doing business by SEBI or any other authority, nor has SEBI ever cancelled our certificate of registration.

The firm does not provide merchant banking, investment banking, investment adviser, or brokerage services.
The recommendations should not be interpreted as a solicitation of an offer to purchase or sell any security in a jurisdiction were doing so would be against the law.

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