Honest, disciplined research for equity, index & stock options traders.

A. Vision & Mission for Investors

Vision: Invest with knowledge & 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

• Publish research reports based on genuine research activity
• Provide an independent, unbiased view on securities
• Disclose financial interests in recommended securities
• Base recommendations on publicly available information and known observations
• Conduct an annual audit
• Adhere to the SEBI Advertisement Code for Research Analysts
• Maintain records of client and prospective-client interactions

C. Services Provided to Investors

• Onboarding — sharing of terms & conditions, KYC for fee-paying clients
• Disclosure of material information, business activity, conflicts of interest and use of AI tools in research
• Distribution of research without discrimination; confidentiality until public release
• Clear guidance and caution notices for complex/high-risk products
• Fair, honest treatment and confidentiality of client information

D. Grievance Redressal Mechanism

1. Step 1: Approach the Research Analyst directly — grievances are addressed within 21 days.
2. Step 2: If unresolved, file on SEBI SCORES 2.0 — scores.sebi.gov.in ↗ (reviewed first by RAASB, then SEBI).
3. Step 3: If still unresolved, pursue online conciliation/arbitration via the Smart ODR portal — smartodr.in ↗.

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 (East), Mumbai – 400051.

E. Rights of Investors

• Right to Privacy, Confidentiality & Transparent Practices
• Right to Fair & Equitable Treatment and Adequate Information
• Right to Initial & Continuing Disclosure, and Fair/True Advertisement
• Right to be Heard and to Timely, Satisfactory Grievance Redressal
• Right to Exit in accordance with agreed terms
• Right to clear guidance on Complex & High-Risk products; additional rights for vulnerable consumers
• Right against coercive, unfair or one-sided clauses

F. Do's & Don'ts for Investors

Do's: Deal only with SEBI-registered RAs; verify the registration certificate/number; review disclosures before investing; pay only via banking channels (or CeFCoM); ask questions before acting on any recommendation; know your right to exit and to give feedback.

Don'ts: Never route investment funds through the RA; don't fall for luring advertisements/market rumours; don't chase discounts, gifts or incentives; never share trading, demat or bank login credentials with the RA.

General Disclaimer & Disclosure as per SEBI (Research Analyst) Regulations, 2014 — DHARMESH BHATT (Research Analyst), SEBI Reg. No. INH000009685, BSE Enlistment No. 5568.

Research/analysis/calls distributed via e-mail, SMS or any electronic/media format are prepared pursuant to research made by the Research Analyst. They are neither a solicitation nor a recommendation to buy or sell any security, and do not account for a recipient's specific investment objectives, financial situation or needs. Certain securities, derivatives and non-investment-grade products carry substantial risk and are not suitable for all investors; recipients should rely on their own investigation or seek professional advice before investing.

Research reports/recommendations shared during public appearances are for informational purposes only and must not alone form the basis of an investment decision. They include projections, forecasts and predictive statements based on currently available information, industry trends and assumptions — these are not guarantees, are subject to uncertainty, and actual outcomes may vary. Prices and values may go up or down; past performance is not indicative of future performance; capital loss may occur.

Reports are not for public distribution; reproduction or dissemination in any form is prohibited without the Research Analyst's written permission. The Research Analyst and its employees are not responsible for indirect, special or consequential damages arising from use of the information, and do not guarantee accuracy, adequacy or completeness of any report or data.

Disclosure under Regulation 19 of the SEBI (RA) Regulations, 2014

• The Research Analyst, its associates or relatives may have a financial interest or actual/beneficial ownership of 1% or more in a subject company at the end of the month preceding a report/appearance
• They may have other material conflicts of interest at the time of publication
• No compensation has been received from the subject company in the preceding 12 months
• No public offering has been managed/co-managed for the subject company in the preceding 12 months
• No compensation has been received for investment banking, merchant banking, brokerage or other services from the subject company
• The Research Analyst may have served as an officer, director or employee of the subject company, and is not engaged in market-making activity for it

Users should consult their own advisors on the merits and risks of any investment/product and read the Risk Disclosure Documents for Capital Markets & Derivative segments prescribed by SEBI before investing.

Investments are subject to market risk. Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary.

Escalation Matrix

Step 1: Contact the Research Analyst directly. Step 2: If unresolved, escalate via SEBI SCORES — scores.sebi.gov.in ↗. Step 3: Pursue online conciliation/arbitration via smartodr.in ↗.

Investor Complaint Data

Month ending: September 2026

Data for the month ending September 2026

Trend of monthly disposal of complaints

Trend of annual disposal of complaints

*Inclusive of complaints of previous months/years resolved in the current period. #Inclusive of complaints pending as on the last day of the month/year. Ref: SEBI/HO/IMD/IMD-IICIS/P/CIR/2021/0685

Most Important Terms & Conditions (MITC)

1. The Research Analyst (RA) provides research services only and cannot execute any trade on the client's behalf. Clients are advised not to permit the RA to execute trades for them.
2. Fees charged are subject to the maximum prescribed by SEBI/RAASB from time to time (for Individual and HUF clients). Current fee limit: ₹1,51,000 per annum per family of client for all research services combined; this excludes statutory charges and does not apply to non-individual clients/accredited investors.
3. Advance fees, if agreed, cannot exceed the SEBI-stipulated period (currently one quarter). On pre-mature termination, the client may seek a proportionate refund for the unexpired period.
4. Fees may be paid via cheque, online transfer, UPI, or through BSE's Centralized Fee Collection Mechanism (CeFCoM). Cash payments are not allowed.
5. The RA will disclose and promptly inform clients of any actual or potential conflict of interest.
6. Assured/guaranteed/fixed-return schemes of any nature are prohibited by law and will never be offered.
7. The RA cannot guarantee returns, profits, accuracy or risk-free investments. All opinions/estimates are based on analysis of available data as of the date of preparation.
8. Investments made on recommendations are subject to market risk; there is no recourse to claim losses. Reliance on any report is at the client's own judgement.
9. SEBI registration, RAASB enlistment and NISM certification do not guarantee performance or assure returns.
10. Research Recommendation Service is delivered via WhatsApp/e-mail (or another mutually agreed mode); Research Report Service is sent to the client's registered e-mail/mobile via WhatsApp or another mutually agreed platform. Any change of mode will be informed in advance.
11. All matters are subject to Ahmedabad jurisdiction only.
12. Fees, terms and service methods may change; subscribers will be duly informed in advance.
13. Subscriptions must be paid in advance for the respective period; renewals should be made within a reasonable period on/before the due date.
14. Research is intended for clients only and may not be reproduced or forwarded without written authorisation.
15. Clients must keep their contact details (email, mobile) updated with the RA at all times, and must never share login credentials/OTPs for trading, demat or bank accounts with the RA or anyone else.

Grievance Escalation (per MITC Clause 10)

Step 1: Contact the Research Analyst directly using the details on this website. Step 2: If unresolved, lodge a grievance via SEBI SCORES (scores.sebi.gov.in ↗). Step 3: Pursue Online Dispute Resolution via the Smart ODR portal (smartodr.in ↗).

DHARMESH BHATT maintains an internal Prevention of Money Laundering Act (PMLA) & Know-Your-Client (KYC) policy setting out client due-diligence, record-keeping and reporting obligations in line with SEBI's Master Circular for Research Analysts and applicable AML/CFT regulations. The policy covers client identification, risk categorisation, ongoing monitoring, and reporting of suspicious activity to the designated authorities.

An annual compliance audit is conducted in accordance with SEBI (Research Analyst) Regulations, 2014. The Auditor's Report for FY 2025–2026 confirms the review of DHARMESH BHATT's research activities and compliance processes for the relevant financial year.