Risk Disclosure Policy

1. PURPOSE OF THIS RISK DISCLOSURE POLICY

This Risk Disclosure Policy has been prepared to promote investor awareness, transparency, responsible decision-making, and regulatory compliance by explaining the principal risks associated with investing in securities markets and the use of research-related services provided through this website.

The objective of this document is to help investors understand that market participation involves uncertainty and that no research methodology, analytical framework, quantitative model, technological system, or professional opinion can eliminate investment risk or accurately predict future market outcomes with certainty.

This Policy is intended to encourage investors to make informed decisions based upon independent evaluation rather than relying solely upon research publications, educational materials, or analytical observations.

The information contained in this Policy should be read carefully before relying upon any research publication, subscribing to research services, or acting upon market-related information made available through this website.

Nothing contained in this Policy shall be interpreted as:

• a guarantee of investment returns;
• an assurance of profitability;
• a promise of capital protection;
• a prediction of future market performance;
• a recommendation suitable for every investor; or
• a substitute for independent investment judgment.

This Policy forms an important component of the overall investor protection framework adopted by the Research Analyst and should be read together with other applicable regulatory and legal documents published on this website.

2. SCOPE AND APPLICABILITY

This Risk Disclosure Policy applies to all individuals who access, browse, visit, interact with, or use this website, including but not limited to:

• Website visitors;
• Prospective subscribers;
• Existing subscribers;
• Investors reviewing research publications;
• Users accessing educational materials;
• Individuals completing onboarding procedures;
• Clients receiving research-related services;
• Users communicating through official communication channels; and
• Any other individual relying upon information published through this website.

The provisions contained in this Policy apply irrespective of whether an individual ultimately subscribes to any research service.

This Policy applies to all research-related content published through this website, including but not limited to:

• Research reports;
• Market commentary;
• Technical analysis;
• Quantitative research outputs;
• Institutional flow analysis;
• Open Interest analysis;
• AI-assisted research outputs;
• Educational materials;
• Investor awareness content;
• Website dashboards;
• Market observations; and
• Any other research-related publication made available by the Research Analyst.

This Policy applies throughout the entire relationship between the Research Analyst and users of this website and continues to remain relevant whenever research publications are accessed or relied upon.

3. RESEARCH ANALYST IDENTITY

Research Analyst Name

Dipak Das

Designation

Individual SEBI Registered Research Analyst

Nature of Registration

Research Analyst registered under the applicable provisions of the Securities and Exchange Board of India (Research Analysts) Regulations, as amended from time to time.

The research services provided through this website are offered solely in the capacity of an Individual SEBI Registered Research Analyst.

The Research Analyst prepares and disseminates research-related services focused on structured market analysis, quantitative evaluation, institutional participation assessment, market structure analysis, and evidence-based analytical methodologies.

The Research Analyst does not undertake activities outside the scope of the applicable regulatory framework unless separately permitted under applicable laws and regulatory requirements.

Nothing contained on this website shall be interpreted as creating a portfolio management relationship, discretionary investment management arrangement, brokerage relationship, or any other regulated activity beyond the scope of the Research Analyst registration.

4. REGULATORY DETAILS

Research Analyst Name

Dipak Das

SEBI Registration Number

INH000028732

BSE Research Analyst Enlistment Number (RAASB)

7348

Regulatory Capacity

Individual SEBI Registered Research Analyst

The Research Analyst operates in accordance with the applicable provisions of:

• Securities and Exchange Board of India (Research Analysts) Regulations, as amended from time to time;
• Applicable SEBI circulars, guidelines, and regulatory directions;
• BSE Administration and Supervision Limited (RAASB) requirements;
• National Institute of Securities Markets (NISM) certification requirements; and
• Other applicable legal and regulatory requirements governing Research Analysts in India.

Registration with SEBI, certification through NISM, and enlistment with RAASB should not be interpreted as an endorsement of any research publication, analytical opinion, market view, methodology, investment strategy, or expected investment outcome.

5. OFFICIAL CONTACT INFORMATION

Research Analyst

Dipak Das

Official Website

https://radipakdas.in/

Official Email Address

bappandas1992@gmail.com

Official Contact Numbers

+91 70024 03716

+91 99578 56035

Registered Office Address

1st Link Road, Lane No-1A, House No-41,

Silchar,

Cachar,

Assam – 788006,

India

Investors are advised to communicate only through the officially published communication channels listed on this website.

The Research Analyst shall not be responsible for communications, payment requests, research publications, investment-related instructions, or representations made through unofficial, unauthorized, impersonated, fraudulent, or third-party communication channels.

Users are encouraged to verify all contact details directly from the official website before sharing personal information, making payments, or relying upon any communication claiming to represent the Research Analyst.

6. NATURE OF RESEARCH SERVICES

The research-related services made available through this website are provided solely for research, analytical, educational, informational, and investor awareness purposes. The objective of these services is to assist investors in understanding market behaviour through structured analytical processes rather than to predict market movements with certainty.

Research publications are prepared using a combination of professional judgment, quantitative analysis, technical evaluation, market structure assessment, institutional participation analysis, publicly available market information, statistical observations, technology-assisted research tools, and other analytical methodologies considered appropriate at the time of publication.

Depending upon the nature of the research publication or subscription service, research outputs may include, but are not limited to:

• Quantitative Market Research
• Technical Market Analysis
• Nifty 50 Analysis
• Bank Nifty Analysis
• Institutional Flow Analysis
• Open Interest Analysis
• Market Structure Evaluation
• Trend Analysis
• Probability-Based Research
• Sentiment Analysis
• AI-Assisted Research Outputs
• Educational Articles
• Investor Awareness Content
• Research Dashboards
• Analytical Reports
• Market Commentary
• Research Updates
• Data Visualizations
• Risk-Oriented Market Observations

The research provided through this website represents analytical opinions based upon information available at the time of publication. Financial markets are dynamic and market conditions may change rapidly due to economic, corporate, geopolitical, regulatory, technological, or other unforeseen developments. Accordingly, research publications may become outdated after publication and should not be relied upon indefinitely without considering subsequent market developments.

Research publications are intended to assist investors in their own independent evaluation process and should never be interpreted as certainty regarding future market behaviour.

Nothing contained within any research publication should be interpreted as creating a guarantee regarding:

• Future market direction;
• Expected investment performance;
• Profitability;
• Capital preservation;
• Trading success; or
• Achievement of any financial objective.

Investors should independently evaluate all available information before making investment or trading decisions.

7. CAPACITY OF THE RESEARCH ANALYST

All services available through this website are provided exclusively in the capacity of an Individual SEBI Registered Research Analyst operating within the scope of the applicable regulatory framework.

The Research Analyst is engaged in the preparation and dissemination of research-related services intended to promote investor awareness, analytical discipline, transparency, and evidence-based market evaluation.

Research services are designed to support informed decision-making by providing structured market observations rather than personalized investment management or discretionary financial services.

The Research Analyst maintains responsibility for the preparation, review, interpretation, and publication of research outputs in accordance with applicable regulatory obligations and professional standards.

The existence of SEBI registration, NISM certification, or BSE Administration and Supervision Limited (RAASB) enlistment should not be interpreted as an assurance regarding the quality, profitability, accuracy, or future performance of any research publication.

All research opinions remain subject to market uncertainty and should be evaluated independently by investors before any investment or trading decision is made.

8. SERVICES NOT OFFERED

To avoid misunderstanding regarding the scope of services provided through this website, investors should note that the Research Analyst does not provide the following services unless separately permitted under applicable law and expressly disclosed:

• Portfolio Management Services (PMS)
• Wealth Management Services
• Investment Management Services
• Fund Management Services
• Stock Broking Services
• Trade Execution Services
• Discretionary Investment Management
• Custodial Services
• Depository Participant Services
• Merchant Banking Services
• Investment Banking Services
• Financial Planning Services
• Tax Advisory Services
• Legal Advisory Services
• Accounting Services
• Insurance Advisory Services
• Loan Advisory Services
• Credit Rating Services
• Guaranteed Return Schemes
• Assured Profit Schemes
• Capital Protection Schemes
• Profit Sharing Arrangements
• Performance-Based Trading Arrangements
• Management of Client Funds
• Management of Client Securities
• Operation of Client Trading Accounts
• Placement of Trades on Behalf of Clients

The Research Analyst does not possess discretionary authority over any client's investments, trading account, portfolio, funds, or securities.

All investment decisions, including the purchase, sale, holding, allocation, diversification, timing, position sizing, and risk management of investments, remain solely the responsibility of the investor.

Nothing published through this website shall be interpreted as establishing a fiduciary investment management relationship beyond the scope of the applicable Research Analyst regulations.

9. INVESTOR SUITABILITY

Research services made available through this website are intended for individuals who understand that investments in securities markets involve risk and who are capable of independently evaluating research information before acting upon it.

The suitability of any research service depends upon numerous factors that vary from one investor to another, including but not limited to:

• Financial objectives;
• Investment experience;
• Trading experience;
• Risk tolerance;
• Financial circumstances;
• Investment horizon;
• Liquidity requirements;
• Knowledge of financial markets; and
• Ability to withstand potential losses.

Because every investor possesses different objectives and risk profiles, the same research publication may not be suitable for every individual.

Investors should carefully evaluate whether a research service is appropriate for their own circumstances before relying upon any analytical publication or subscribing to research services.

Where applicable, access to research services may be subject to onboarding procedures, suitability assessments, risk profiling, regulatory verification, and other compliance requirements designed to promote investor protection.

Completion of such procedures should not be interpreted as a recommendation that any particular investment or trading activity is suitable for the investor. The ultimate responsibility for evaluating suitability remains with the investor.

If an investor is uncertain regarding the appropriateness of any investment decision, independent professional advice should be obtained before proceeding.

10. INTENDED AUDIENCE

This website and the research-related services offered through it are intended primarily for individuals seeking access to structured market research and analytical information for educational, informational, and research purposes.

The intended audience includes, but is not limited to:

• Individual Investors
• Prospective Subscribers
• Existing Subscribers
• Market Participants
• Traders
• Long-Term Investors
• Short-Term Investors
• Students of Financial Markets
• Researchers
• Financial Professionals
• Individuals Interested in Market Structure Analysis
• Individuals Seeking Investor Awareness Resources

The information published through this website is intended for users who understand that research publications represent analytical opinions and should not be interpreted as guarantees of investment success.

This website is not intended for individuals seeking:

• Guaranteed investment returns;
• Assured profits;
• Personalized portfolio management;
• Automatic trading systems;
• Trade execution services;
• Financial planning services; or
• Any arrangement that transfers investment responsibility to the Research Analyst.

Users who access this website acknowledge that they do so voluntarily and understand that investment and trading decisions remain their sole responsibility.

The Research Analyst encourages all users to carefully review this Risk Disclosure Policy together with all other applicable regulatory documents before relying upon any research publication or subscribing to any research-related service.

11. COMPREHENSIVE MARKET RISK DISCLOSURE

Investment in securities markets involves various forms of financial, economic, operational, technological, and market-related risks. Every investment decision carries the possibility of both gains and losses, and there is no investment strategy, research methodology, analytical framework, or technological system capable of eliminating market risk entirely.

The purpose of this section is to provide investors with a comprehensive understanding of the principal risks that may influence investment outcomes. These risks may arise individually or simultaneously and can significantly affect the value of investments, trading positions, and overall portfolio performance.

Investors should carefully evaluate each of the risks described in this Policy before relying upon any research publication or making investment or trading decisions.

The Research Analyst provides analytical opinions based upon information available at the time of publication. However, financial markets are influenced by numerous unpredictable variables that cannot be controlled or accurately forecast with certainty.

Investors acknowledge that market conditions may change rapidly due to domestic developments, international events, economic data releases, monetary policy decisions, corporate announcements, geopolitical developments, technological disruptions, natural disasters, or other unforeseen circumstances.

The risks described below are illustrative in nature and should not be interpreted as an exhaustive list of every possible risk associated with investing in securities markets.

12. EQUITY MARKET RISKS

Equity investments are exposed to significant market risk and the value of listed securities may increase or decrease substantially over short or extended periods.

Share prices are influenced by numerous factors including:

• Corporate earnings
• Financial performance
• Management decisions
• Business outlook
• Industry developments
• Government policies
• Economic conditions
• Investor sentiment
• Institutional participation
• Regulatory actions
• Global financial developments
• Market liquidity

Even fundamentally strong companies may experience significant price declines due to adverse market conditions or external events.

Historical performance of a company should not be interpreted as an assurance of future performance.

Research publications discussing listed companies or market indices represent analytical opinions and should not be interpreted as guarantees regarding future price movements.

Investors may experience partial or complete loss of invested capital depending upon market conditions.

13. DERIVATIVES RISKS

Trading in derivative instruments, including futures and options, involves substantially higher levels of risk than many traditional investment products.

Derivative instruments frequently employ leverage, meaning that relatively small changes in the underlying asset may produce disproportionately large gains or losses.

Derivative positions may expose investors to risks including:

• Leverage Risk
• Time Decay Risk
• Option Premium Risk
• Volatility Risk
• Assignment Risk
• Margin Risk
• Mark-to-Market Risk
• Expiry Risk
• Liquidity Risk
• Gap Risk

Option buyers may lose the entire premium paid.

Option writers may incur losses substantially exceeding the premium received.

Futures contracts may generate losses significantly greater than the initial margin deposited.

Derivatives require continuous monitoring, disciplined risk management, and a thorough understanding of the characteristics of each instrument.

Research publications relating to derivatives should not be interpreted as reducing or eliminating these inherent risks.

14. LIQUIDITY RISKS

Liquidity refers to the ability to buy or sell a financial instrument without significantly affecting its market price.

Certain securities, derivatives, or market segments may experience reduced liquidity during particular market conditions.

Limited liquidity may result in:

• Wider bid-ask spreads
• Delayed order execution
• Partial execution of orders
• Inability to exit positions promptly
• Significant price impact
• Increased transaction costs

During periods of market stress, liquidity may deteriorate rapidly.

Investors may be unable to execute transactions at desired prices or within expected timeframes.

The Research Analyst cannot guarantee that sufficient market liquidity will always exist for any security or derivative instrument.

15. VOLATILITY RISKS

Financial markets are inherently volatile.

Prices of securities may fluctuate significantly over short periods due to changing market expectations, investor sentiment, macroeconomic developments, corporate announcements, or unexpected events.

Periods of elevated volatility may result in:

• Rapid price movements
• Increased trading uncertainty
• Wider trading ranges
• Frequent trend reversals
• Increased stop-loss triggering
• Higher option premiums
• Reduced forecasting accuracy

Research methodologies attempt to analyze market conditions but cannot eliminate the impact of volatility.

Higher volatility generally increases investment risk.

Investors should ensure that their investment decisions are consistent with their financial objectives and risk tolerance.

16. EVENT RISKS

Financial markets may react sharply to unexpected events occurring at the corporate, national, or international level.

Examples include:

• Corporate earnings announcements
• Management changes
• Mergers and acquisitions
• Regulatory actions
• Government policy changes
• Election outcomes
• Budget announcements
• Central bank decisions
• Geopolitical conflicts
• Pandemics
• Natural disasters
• Cybersecurity incidents
• Financial institution failures

Such events may lead to sudden and substantial price movements that cannot be accurately predicted in advance.

Research publications prepared before such events may become outdated immediately following new developments.

Investors should understand that no analytical framework can anticipate every unexpected market event.

17. OVERNIGHT RISKS

Market conditions may change significantly outside normal trading hours.

Events occurring after market close or before market opening may materially affect the prices of securities and derivative contracts.

Examples include:

• International market movements
• Global economic data
• Geopolitical developments
• Corporate announcements
• Government policy changes
• Currency fluctuations
• Commodity price movements

Positions held overnight may open at prices substantially different from the previous closing price.

Stop-loss levels established during the previous trading session may not protect against overnight price gaps.

The Research Analyst cannot control or predict overnight developments affecting market prices.

18. GAP RISKS

Gap Risk refers to situations where market prices open significantly above or below the previous trading session's closing price without trading through intermediate price levels.

Gap movements may occur because of:

• Major news announcements
• Earnings releases
• Policy decisions
• Global market movements
• Unexpected economic events
• Corporate actions

Gap openings may result in:

• Larger-than-expected losses
• Missed execution opportunities
• Stop-loss orders being executed at prices significantly different from expected levels
• Increased market uncertainty

Gap Risk cannot be completely eliminated through technical analysis, quantitative models, or any trading strategy.

19. GLOBAL RISKS

Indian financial markets are increasingly interconnected with global financial systems.

International developments may significantly influence domestic market behaviour even when they are unrelated to Indian corporate fundamentals.

Global risks include:

• International economic slowdowns
• Foreign market corrections
• Global banking crises
• Commodity price shocks
• Trade disputes
• Armed conflicts
• Geopolitical instability
• International sanctions
• Sovereign debt crises
• Global inflation
• International monetary policy changes

These developments may produce sudden changes in market sentiment and capital flows.

Research publications cannot anticipate every global development or accurately measure its future market impact.

20. SECTOR RISKS

Individual industries and business sectors may experience unique risks independent of the broader market.

Examples include:

• Regulatory changes
• Industry competition
• Technological disruption
• Supply chain interruptions
• Changes in consumer demand
• Environmental factors
• Government policy changes
• Commodity price fluctuations

Performance of one sector may differ substantially from another despite similar overall market conditions.

Investors should avoid assuming that strength in one sector necessarily indicates strength across the broader market.

Diversification does not eliminate sector-specific risks.

21. INTEREST RATE RISKS

Changes in domestic or international interest rates may significantly affect financial markets.

Interest rate movements may influence:

• Corporate borrowing costs
• Business profitability
• Consumer spending
• Investment flows
• Valuation multiples
• Bond markets
• Equity markets
• Banking sector performance
• Real estate markets

Monetary policy decisions by the Reserve Bank of India (RBI) and major global central banks may result in increased market volatility.

Interest rate changes may produce immediate or delayed impacts across various asset classes.

The Research Analyst cannot guarantee that market reactions to monetary policy decisions will align with analytical expectations.

22. INFLATION RISKS

Inflation reduces the purchasing power of money over time and may influence investment returns.

Higher inflation may affect:

• Consumer demand
• Corporate profitability
• Interest rates
• Currency valuation
• Government policy
• Investor confidence
• Equity valuations

Persistent inflation may increase uncertainty within financial markets and contribute to higher market volatility.

Investors should recognize that nominal investment gains may not necessarily translate into real gains after accounting for inflation.

23. CURRENCY RISKS

Movements in domestic and international currency exchange rates may indirectly or directly influence Indian financial markets.

Currency fluctuations may affect:

• Export-oriented companies
• Import-dependent industries
• Commodity prices
• Foreign Institutional Investor (FII) flows
• International investment returns
• Corporate earnings
• Inflation expectations

Global currency volatility may contribute to increased uncertainty within domestic securities markets.

Although the Research Analyst may consider macroeconomic developments during analysis, future currency movements remain uncertain and cannot be predicted with certainty.

Investors should understand that exchange rate fluctuations represent an additional source of investment risk beyond traditional market factors.

24. RESEARCH METHODOLOGY RISKS

The research services provided through this website are developed using structured analytical methodologies designed to assist investors in understanding market behaviour. While these methodologies are based on professional judgment, market experience, quantitative evaluation, and analytical frameworks, they remain subject to inherent limitations and uncertainties.

Financial markets are dynamic systems influenced by numerous interconnected variables, many of which cannot be accurately measured, anticipated, or controlled. Consequently, no research methodology can consistently predict future market movements or eliminate investment risk.

Research publications available through this website represent analytical opinions formed using the information available at the time of analysis. Subsequent developments may materially change market conditions and reduce the relevance of previously published research.

The methodologies employed by the Research Analyst may include, where appropriate:

• Quantitative Analysis
• Technical Analysis
• Market Structure Analysis
• Price Action Analysis
• Trend Analysis
• Volume Analysis
• Open Interest Analysis
• Institutional Flow Analysis
• Statistical Evaluation
• Historical Market Behaviour Analysis
• AI-Assisted Research Tools
• Proprietary Analytical Frameworks
• Multi-Factor Market Assessment

These methodologies are intended to improve analytical understanding of market conditions. However, they should not be interpreted as providing certainty regarding future price movements or investment outcomes.

Investors acknowledge that:

• Research methodologies involve assumptions and professional judgment.
• Market behaviour may deviate significantly from historical patterns.
• Unexpected events may invalidate prior analytical conclusions.
• No methodology is capable of eliminating market uncertainty.

Research publications should therefore be considered one component of an investor's decision-making process rather than the sole basis for any investment or trading decision.

25. QUANTITATIVE MODEL LIMITATIONS

Quantitative models are analytical tools that evaluate financial markets using mathematical techniques, statistical methods, historical data, probability assessments, and computational frameworks.

Although quantitative analysis may enhance research quality and improve analytical consistency, quantitative models possess significant limitations.

Such models are generally based upon assumptions regarding:

• Historical price behaviour
• Market relationships
• Statistical distributions
• Correlation patterns
• Market efficiency
• Data availability
• Computational assumptions

Actual market behaviour frequently differs from these assumptions.

Quantitative models may become less effective when market conditions change significantly due to:

• Economic shocks
• Regulatory changes
• Geopolitical developments
• Structural market shifts
• Technological disruptions
• Unexpected investor behaviour
• Extraordinary market events

Historical data cannot guarantee future outcomes.

Statistical relationships observed during one market environment may not remain valid under different market conditions.

Model outputs should therefore be interpreted as analytical estimates rather than predictions of future market behaviour.

The Research Analyst continually reviews and refines analytical methodologies where appropriate; however, no quantitative model can guarantee investment success or eliminate investment risk.

Investors should not rely exclusively upon quantitative outputs when making investment decisions.

26. TECHNICAL ANALYSIS LIMITATIONS

Technical Analysis attempts to evaluate market behaviour through the study of historical price movements, trading volume, market structure, support and resistance levels, chart patterns, indicators, momentum, and other observable market characteristics.

While Technical Analysis is widely used by market participants, it possesses inherent limitations.

Technical Analysis assumes that historical market behaviour may provide useful insights regarding future market activity. However, markets do not always behave consistently with historical patterns.

Limitations of Technical Analysis include, but are not limited to:

• False breakouts
• Failed chart patterns
• Indicator lag
• Conflicting signals
• Unexpected trend reversals
• Whipsaw market conditions
• High volatility environments
• News-driven price movements
• Algorithmic trading influences
• Low liquidity conditions

Technical indicators frequently produce conflicting interpretations depending upon market conditions and the parameters selected.

No chart pattern, indicator, or technical signal should be interpreted as guaranteeing future market direction.

Technical Analysis should be viewed as an analytical framework rather than a predictive certainty.

Investors remain responsible for independently evaluating all available information before acting upon technical research.

27. OPEN INTEREST ANALYSIS LIMITATIONS

Open Interest analysis examines changes in outstanding derivative contracts in an attempt to understand participation within futures and options markets.

Although Open Interest data may provide useful insights regarding market activity, it should not be interpreted as a definitive indicator of future price direction.

Open Interest information does not disclose:

• Individual participant intentions
• Trading strategies
• Entry prices
• Exit objectives
• Hedging motives
• Portfolio structures
• Risk management practices

Identical Open Interest values may reflect substantially different market behaviour depending upon prevailing market conditions.

Changes in Open Interest may result from:

• Hedging activity
• Speculative activity
• Arbitrage strategies
• Institutional portfolio adjustments
• Expiry-related positioning
• Market-wide risk management

Accordingly, Open Interest should always be interpreted alongside other analytical factors.

Investors should avoid relying upon Open Interest data in isolation when making investment or trading decisions.

28. INSTITUTIONAL FLOW ANALYSIS LIMITATIONS

Institutional Flow Analysis seeks to evaluate market participation by institutional investors through publicly available information and observable market activity.

Institutional participation may include activity by:

• Domestic Institutional Investors (DIIs)
• Foreign Institutional Investors (FIIs)
• Foreign Portfolio Investors (FPIs)
• Mutual Funds
• Insurance Companies
• Pension Funds
• Other Institutional Participants

While institutional flow information may provide valuable analytical context, it possesses important limitations.

Published institutional data often represents aggregated information and may not fully explain the purpose, strategy, or investment objectives behind observed transactions.

Institutional buying does not necessarily indicate future market appreciation.

Institutional selling does not necessarily indicate future market decline.

Institutional participants may simultaneously:

• Hedge positions
• Rebalance portfolios
• Adjust sector allocations
• Meet liquidity requirements
• Respond to regulatory obligations
• Manage risk exposures

Consequently, institutional flow analysis should be interpreted as one analytical input among many rather than a standalone investment signal.

The Research Analyst cannot guarantee that future market movements will correspond with observed institutional activity.

29. PROBABILITY-BASED ANALYSIS

Research methodologies employed by the Research Analyst may incorporate probability-based analytical techniques to assess potential market scenarios.

Probability-based analysis estimates the likelihood of various outcomes based upon available market information, historical observations, statistical relationships, and analytical assumptions.

Such analysis does not predict future events with certainty.

Instead, it attempts to evaluate possible market scenarios together with their relative probabilities.

Investors should understand that:

• High-probability outcomes may fail to occur.
• Low-probability events may unexpectedly occur.
• Market behaviour may change rapidly.
• Unexpected events may invalidate probability assessments.

Probability should never be interpreted as certainty.

Even analytical scenarios assessed as highly probable remain subject to market uncertainty.

Investment decisions should therefore consider appropriate risk management rather than relying solely upon probability estimates.

30. DATA INTERPRETATION RISKS

Research publications rely upon market information obtained from publicly available sources, licensed data providers, financial databases, exchange information, statistical records, and other sources believed to be reliable.

Despite reasonable efforts to maintain analytical accuracy, data interpretation involves inherent risks.

Potential limitations include:

• Data delays
• Data revisions
• Reporting errors
• Incomplete information
• Computational limitations
• Timing differences
• Interpretation differences
• Data vendor inconsistencies
• Temporary system disruptions
• Human analytical judgment

Different analysts reviewing the same information may reasonably arrive at different conclusions.

Similarly, identical market data may support multiple analytical interpretations depending upon methodology, assumptions, investment horizon, and market context.

Research publications represent the professional interpretation of available information at the time of analysis and should not be interpreted as absolute factual certainty regarding future market outcomes.

The Research Analyst cannot guarantee that all analytical conclusions will prove accurate under changing market conditions.

Investors should independently verify material information, exercise their own judgment, and consider multiple sources of information before making investment decisions.

INVESTOR ACKNOWLEDGEMENT FOR METHODOLOGY RISKS

By accessing this website or relying upon any research publication, investors acknowledge and agree that:

• All research methodologies possess inherent limitations.
• Quantitative models cannot eliminate market uncertainty.
• Technical Analysis does not guarantee future market direction.
• Open Interest analysis is interpretative in nature.
• Institutional flow analysis does not predict future price movements with certainty.
• Probability-based analysis reflects potential scenarios rather than guaranteed outcomes.
• Data interpretation involves professional judgment and may differ among analysts.
• Investment decisions should not be based exclusively upon any single research methodology, analytical model, or research publication.

Investors remain solely responsible for evaluating the suitability of research information in light of their individual financial circumstances, investment objectives, experience, and risk tolerance.

31. ARTIFICIAL INTELLIGENCE AND TECHNOLOGY RISKS

The Research Analyst may utilize various technology-assisted systems, including Artificial Intelligence (AI), machine learning tools, automation technologies, quantitative software, statistical models, data visualization platforms, computational frameworks, and workflow automation systems to assist in the research preparation process.

These technologies are used solely to improve research efficiency, data organization, analytical consistency, workflow management, and information processing. They are intended to support the research process and should not be interpreted as autonomous investment advisory systems or substitutes for professional analytical judgment.

Technology-assisted research processes may be used for activities including, but not limited to:

• Market data aggregation
• Quantitative screening
• Statistical computation
• Pattern recognition
• Market monitoring
• Sentiment evaluation
• Open Interest processing
• Institutional participation analysis
• Data visualization
• Research workflow optimization
• Report preparation support
• Information organization

Artificial Intelligence systems operate using algorithms, computational models, and available datasets. Such systems may occasionally produce inaccurate, incomplete, inconsistent, outdated, or misleading outputs due to limitations in data quality, computational assumptions, model architecture, or rapidly changing market conditions.

Investors should understand that Artificial Intelligence does not possess the ability to predict future market movements with certainty.

Technology-assisted outputs should not be interpreted as:

• Guaranteed trading signals;
• Guaranteed investment recommendations;
• Certain market forecasts;
• Assured investment outcomes;
• Elimination of investment risk; or
• Replacement for independent investor judgment.

The use of Artificial Intelligence within the research process should not be interpreted as increasing the certainty, reliability, profitability, or future performance of any research publication.

Investors remain solely responsible for independently evaluating all research information before making investment or trading decisions.

32. API RISKS

The Research Analyst may rely upon one or more Application Programming Interfaces (APIs) and technology integrations to obtain market-related information, automate workflows, improve research efficiency, or facilitate website functionality.

APIs may provide access to information including:

• Market prices
• Historical market data
• Derivatives information
• Open Interest data
• Institutional participation data
• Economic indicators
• Corporate information
• Financial statistics
• Exchange-related information

Although reasonable efforts are made to use reliable service providers, APIs remain third-party technology services that operate independently of the Research Analyst.

API-related risks may include:

• Temporary outages
• Delayed data transmission
• Data synchronization issues
• Rate limitations
• Service interruptions
• Technical failures
• Software incompatibility
• Incomplete responses
• Configuration errors
• Unexpected changes to API functionality

Third-party API providers may modify, suspend, discontinue, restrict, or replace their services without prior notice.

Such changes may temporarily affect research preparation, website functionality, analytical dashboards, or information availability.

The Research Analyst does not control the operation, maintenance, availability, or long-term continuity of third-party API services and therefore cannot guarantee uninterrupted access to such systems.

33. DATA PROVIDER RISKS

Research publications may rely upon market information obtained from stock exchanges, licensed data vendors, publicly available databases, financial information providers, statistical resources, regulatory publications, and other sources believed to be reliable.

Despite reasonable efforts to use credible information sources, data obtained from third parties may contain limitations beyond the control of the Research Analyst.

Potential risks include:

• Delayed information
• Incomplete datasets
• Data revisions
• Temporary inaccuracies
• Missing records
• Calculation differences
• Reporting inconsistencies
• Corporate action adjustments
• Exchange revisions
• Vendor processing delays

Financial markets continuously evolve, and historical information may subsequently be corrected or revised by the original source.

Research conclusions prepared using information available at one point in time may therefore differ from conclusions reached after revised information becomes available.

The Research Analyst cannot guarantee the completeness, timeliness, or continuous availability of information supplied by third-party providers.

Investors are encouraged to independently verify material information before making investment decisions.

34. WEBSITE AVAILABILITY RISKS

Reasonable efforts are made to maintain the continuous operation of this website and associated research-related services. However, uninterrupted availability cannot be guaranteed.

Temporary interruptions may occur due to circumstances including:

• Scheduled maintenance
• Software updates
• Server maintenance
• Hosting provider maintenance
• Cloud infrastructure issues
• Technical failures
• Hardware malfunction
• Power interruptions
• Network disruptions
• Regulatory requirements
• Unexpected operational events

Such interruptions may temporarily affect:

• Website accessibility
• Research publication availability
• Client portal functionality
• Downloadable documents
• Contact forms
• Educational resources
• Market dashboards
• Subscriber access

The Research Analyst shall not be responsible for losses arising solely from temporary website unavailability beyond reasonable operational control.

Reasonable efforts will be made to restore normal service as soon as practicable whenever operationally feasible.

35. INTERNET RISKS

Access to this website depends upon internet connectivity and telecommunication infrastructure that are beyond the control of the Research Analyst.

Users may experience interruptions resulting from:

• Internet service provider outages
• Slow internet connectivity
• Mobile network failures
• Broadband disruptions
• DNS failures
• International network congestion
• Regional communication failures
• Infrastructure maintenance
• Satellite communication interruptions

Internet disruptions may delay or prevent access to:

• Research publications
• Educational materials
• Subscriber dashboards
• Communication channels
• Client onboarding
• Website functionality

The Research Analyst cannot guarantee uninterrupted internet connectivity or uninterrupted access to online services.

Investors should recognize that internet infrastructure is subject to operational risks beyond the control of website operators.

36. CYBERSECURITY RISKS

Digital platforms are exposed to evolving cybersecurity threats despite the implementation of reasonable security practices.

Potential cybersecurity risks may include:

• Unauthorized access attempts
• Malware attacks
• Ransomware incidents
• Distributed Denial of Service (DDoS) attacks
• Phishing attempts
• Identity theft
• Credential compromise
• Data interception
• Software vulnerabilities
• Third-party security incidents

While reasonable efforts are undertaken to maintain appropriate security measures, no internet-based platform can guarantee absolute protection against every cybersecurity threat.

Users should independently adopt appropriate security practices, including:

• Protecting login credentials
• Using strong passwords
• Enabling multi-factor authentication where available
• Avoiding suspicious communications
• Verifying official website addresses
• Confirming payment instructions through official channels

The Research Analyst shall not be responsible for losses arising from unauthorized access resulting from compromised user devices, stolen credentials, phishing attacks, or security incidents occurring outside the reasonable control of the Research Analyst.

37. SOFTWARE LIMITATIONS

Research preparation and website operations may rely upon various software applications, operating systems, databases, analytical platforms, cloud infrastructure, automation systems, and computational tools.

Software systems may occasionally experience:

• Programming errors
• Configuration issues
• Compatibility problems
• Performance limitations
• Processing delays
• Memory constraints
• Version conflicts
• System bugs
• Unexpected failures
• Temporary operational disruptions

Software vendors may periodically release updates, security patches, feature modifications, or compatibility changes that could temporarily affect system behaviour.

Analytical software may produce differing outputs depending upon:

• Input parameters
• Data quality
• Computational methods
• Software versions
• System configuration
• Available information

The existence of software-assisted research should not be interpreted as ensuring analytical accuracy or eliminating investment risk.

The Research Analyst continuously reviews research processes and technology infrastructure; however, software limitations remain an inherent aspect of digital systems.

38. HUMAN REVIEW FRAMEWORK

Although technology, Artificial Intelligence, automation systems, quantitative models, and computational tools may assist various stages of the research process, final analytical responsibility remains with the Research Analyst.

Technology is used as a supporting resource rather than an independent decision-making authority.

Where reasonably applicable, research publications are subject to human evaluation before dissemination.

Human review may include:

• Analytical interpretation
• Market context assessment
• Data validation
• Consistency review
• Risk assessment
• Professional judgment
• Regulatory consideration
• Editorial review

The existence of human review does not eliminate market uncertainty, guarantee analytical accuracy, or assure successful investment outcomes.

Human judgment, like all professional judgment, is subject to limitations arising from available information, changing market conditions, evolving economic circumstances, and unforeseen events.

Accordingly, investors should understand that:

• Human review cannot predict future market behaviour with certainty.
• Analytical conclusions remain subject to revision as new information becomes available.
• Professional opinions may differ among qualified analysts.
• Market conditions may invalidate previous research conclusions without prior warning.

Investors should therefore consider research publications as one source of analytical information rather than the sole basis for investment or trading decisions.

INVESTOR ACKNOWLEDGEMENT FOR TECHNOLOGY RISKS

By accessing this website or using any research-related service, investors acknowledge and agree that:

• Artificial Intelligence and technology are used only as supporting tools within the research process.
• API services and third-party technology providers operate independently of the Research Analyst.
• Third-party market data may occasionally be delayed, revised, incomplete, or unavailable.
• Temporary interruptions affecting website availability may occur due to technical or operational circumstances.
• Internet connectivity remains outside the control of the Research Analyst.
• Cybersecurity threats cannot be completely eliminated despite reasonable protective measures.
• Software systems possess inherent technical limitations and may occasionally experience operational issues.
• All technology-assisted research outputs remain subject to professional human review and judgment.
• Neither technology nor human review can eliminate investment risk or guarantee future market performance.

Investors remain solely responsible for independently evaluating research information and making investment decisions based upon their own financial circumstances, objectives, and risk tolerance.

41. NO PROFIT ASSURANCE

The Research Analyst does not assure, promise, or represent that any research publication, methodology, analytical model, educational content, or research service will produce profits.

No statement made through:

• Research reports;
• Market commentary;
• Educational materials;
• Website content;
• Subscriber communications;
• Presentations;
• Analytical dashboards;
• Quantitative models; or
• Technology-assisted research outputs

should be interpreted as an assurance that an investor will achieve profitable investment or trading results.

Investment returns depend upon numerous variables beyond the control of the Research Analyst, including market conditions, investor behaviour, timing of transactions, position sizing, capital allocation, risk management practices, transaction costs, taxation, and individual financial circumstances.

The Research Analyst does not guarantee that:

• Suggested market scenarios will occur;
• Analytical expectations will be realised;
• Trading opportunities will become profitable;
• Market conditions will remain favourable;
• Risk-reward expectations will be achieved; or
• Financial objectives will be successfully attained.

Investors should understand that even well-researched investment decisions may produce unfavorable outcomes.

Accordingly, no research publication should be relied upon as a promise or assurance of future profitability.

42. PAST PERFORMANCE DISCLAIMER

Historical market performance, previous analytical outcomes, statistical observations, case studies, historical examples, back-tested models, and prior research publications are provided solely for educational, informational, and analytical purposes.

Past performance should never be interpreted as an indicator, predictor, or guarantee of future market performance.

Financial markets evolve continuously, and market conditions that existed during one period may not exist in the future.

Changes in economic conditions, investor sentiment, regulatory developments, technological innovation, geopolitical events, monetary policy, and numerous other factors may significantly alter future market behaviour.

Similarly, research methodologies that produced satisfactory analytical outcomes under one market environment may produce different results under another.

Illustrative examples contained within research publications are intended to explain analytical concepts and should not be interpreted as evidence that similar outcomes will occur in future market conditions.

Investors should independently evaluate current market conditions rather than relying exclusively upon historical observations.

Nothing contained within this website should be interpreted as suggesting that previous investment success, historical analytical accuracy, or past market behaviour will necessarily be repeated.

43. INVESTOR RESPONSIBILITY

All investment and trading decisions remain solely the responsibility of the investor.

The Research Analyst provides research-related services intended to assist investors in understanding market conditions; however, the ultimate responsibility for every investment decision remains with the individual investor.

Investors are responsible for evaluating:

• Their financial objectives;
• Their investment horizon;
• Their risk tolerance;
• Their investment experience;
• Their financial circumstances;
• Their liquidity requirements;
• Their tax considerations;
• Their diversification strategy; and
• Their overall portfolio allocation.

Investors are also responsible for making independent decisions regarding:

• Entry timing;
• Exit timing;
• Position sizing;
• Stop-loss placement;
• Profit booking;
• Portfolio diversification;
• Capital allocation;
• Risk management;
• Investment monitoring; and
• Ongoing portfolio review.

The Research Analyst shall not be responsible for losses, damages, opportunity costs, capital erosion, or financial consequences arising from investment or trading decisions independently undertaken by investors.

Investors should recognize that responsible investing requires continuous evaluation, prudent judgment, and disciplined risk management.

44. INDEPENDENT DECISION MAKING

Research publications made available through this website are intended to support independent investment analysis rather than replace investor judgment.

Each investor possesses unique financial circumstances, investment objectives, risk tolerance, tax considerations, and personal preferences.

Accordingly, no research publication can be considered universally suitable for every investor.

Investors should independently evaluate all available information before acting upon any research publication.

Independent evaluation may include consideration of:

• Current market conditions;
• Financial objectives;
• Personal investment strategy;
• Risk capacity;
• Diversification requirements;
• Time horizon;
• Liquidity needs;
• Professional advice where appropriate; and
• Other relevant circumstances.

The Research Analyst does not exercise discretionary authority over investor decisions.

No research publication should be interpreted as directing or requiring an investor to buy, sell, hold, or otherwise transact in any particular financial instrument.

The final investment decision should always be made independently by the investor after careful consideration of all relevant factors.

45. SUITABILITY RESPONSIBILITIES

Research services available through this website are intended for investors who understand the risks associated with investing in securities markets and who are capable of independently assessing the suitability of research information.

The Research Analyst cannot determine the suitability of every research publication for every investor.

Suitability depends upon numerous individual factors including:

• Age;
• Income;
• Financial obligations;
• Investment experience;
• Trading knowledge;
• Financial objectives;
• Investment horizon;
• Risk tolerance;
• Liquidity requirements;
• Existing portfolio composition; and
• Personal financial circumstances.

Investors should carefully determine whether any research publication or research-related service is appropriate for their individual needs before acting upon it.

Completion of onboarding procedures, regulatory verification, suitability assessments, or risk profiling should not be interpreted as confirmation that every future research publication will remain suitable for the investor.

Suitability may change over time due to changes in financial circumstances, market conditions, investment objectives, regulatory developments, or other personal factors.

Investors are therefore encouraged to periodically review their investment objectives, financial circumstances, and risk tolerance to ensure that continued reliance upon research services remains appropriate.

Where an investor is uncertain regarding the suitability of any investment decision, independent professional advice should be obtained before proceeding.

INVESTOR ACKNOWLEDGEMENT REGARDING INVESTMENT RESPONSIBILITIES

By accessing this website or using any research-related service, investors acknowledge and agree that:

• The Research Analyst does not guarantee investment returns.
• No assurance is provided regarding capital protection or investment profitability.
• Past performance does not indicate future results.
• Research publications represent analytical opinions rather than guaranteed outcomes.
• All investment decisions remain solely the responsibility of the investor.
• Independent judgment should be exercised before acting upon any research publication.
• The suitability of research services varies according to each investor's individual circumstances.
• The Research Analyst shall not be responsible for investment losses resulting from decisions independently made by investors based upon research publications or market commentary.

Investors further acknowledge that prudent investing requires independent evaluation, disciplined risk management, and continuous monitoring of changing market conditions.

46. THIRD-PARTY INFORMATION DISCLAIMER

The Research Analyst may, from time to time, use information obtained from third-party sources for the purpose of preparing research publications, market commentary, analytical reports, educational materials, quantitative research outputs, and investor awareness content.

Such third-party information may include, but is not limited to:

• Stock exchange data
• Corporate announcements
• Financial statements
• Regulatory publications
• Government notifications
• Economic indicators
• Publicly available databases
• Financial news services
• Licensed market data providers
• Statistical publications
• Industry reports
• Market research reports
• Exchange circulars
• Public disclosures filed by listed entities

Reasonable efforts are made to use information believed to be reliable and obtained from sources considered credible at the time of publication.

However, the Research Analyst does not independently audit, certify, guarantee, or warrant the completeness, accuracy, reliability, timeliness, or continued availability of information supplied by third parties.

Third-party information may subsequently be:

• Revised;
• Corrected;
• Updated;
• Withdrawn;
• Delayed;
• Replaced; or
• Modified by the original source.

Accordingly, research conclusions prepared using such information may require revision without prior notice.

Investors should independently verify material information from the original source before making investment or trading decisions.

The Research Analyst shall not be responsible for investment losses or financial consequences arising solely from inaccuracies, omissions, delays, or revisions contained within information originally supplied by third-party sources.

47. EXTERNAL WEBSITE DISCLAIMER

This website may contain references or links to external websites, government portals, regulatory authorities, stock exchanges, financial institutions, payment service providers, educational resources, technology providers, or other third-party websites for the convenience of users.

Such links may be provided solely for informational, educational, operational, regulatory, or reference purposes.

The inclusion of any external website should not be interpreted as:

• An endorsement;
• A recommendation;
• A certification;
• A guarantee of reliability;
• A commercial partnership; or
• Approval of products or services offered by such third parties.

The Research Analyst does not control the content, availability, privacy practices, security measures, operational policies, or future modifications of external websites.

Third-party websites may independently change:

• Their content;
• Terms of use;
• Privacy policies;
• Services;
• Website functionality;
• Security standards; or
• Regulatory compliance.

Users who access external websites do so entirely at their own discretion and risk.

The Research Analyst shall not be responsible for any loss, damage, data breach, financial consequence, service interruption, or dispute arising from the use of third-party websites or services.

48. REGULATORY CHANGES

The securities market operates within a dynamic legal and regulatory environment.

Applicable laws, regulations, circulars, guidelines, supervisory requirements, exchange rules, compliance standards, and regulatory expectations may change from time to time.

Such changes may be introduced by authorities including, but not limited to:

• Securities and Exchange Board of India (SEBI);
• BSE Administration and Supervision Limited (RAASB);
• Recognized Stock Exchanges;
• Reserve Bank of India (RBI);
• Government of India;
• Ministry of Finance;
• Other competent regulatory authorities.

Future regulatory developments may affect:

• Research methodologies;
• Service offerings;
• Compliance procedures;
• Client onboarding;
• Suitability assessments;
• Risk profiling requirements;
• Documentation;
• Website disclosures;
• Operational processes; and
• Investor obligations.

The Research Analyst reserves the right to modify research processes, website content, policies, disclosures, onboarding procedures, or operational practices whenever necessary to comply with applicable legal or regulatory requirements.

Investors are encouraged to remain informed regarding applicable regulatory developments affecting securities markets.

49. TAXATION CHANGES

Investment returns and financial transactions may be subject to taxation under applicable laws.

Tax treatment may vary depending upon:

• Individual circumstances;
• Type of financial instrument;
• Holding period;
• Nature of income;
• Residential status;
• Applicable tax legislation; and
• Future legislative amendments.

Tax laws, government notifications, and regulatory requirements may change without prior notice.

Such changes may influence:

• Capital gains taxation;
• Securities Transaction Tax (STT);
• Goods and Services Tax (GST), where applicable;
• Stamp duties;
• Dividend taxation;
• Tax reporting obligations; and
• Other statutory liabilities.

The Research Analyst does not provide taxation advice unless separately permitted under applicable law.

Investors should consult appropriately qualified tax professionals regarding the taxation consequences of their individual investment decisions.

The Research Analyst shall not be responsible for tax liabilities, penalties, interest, reporting obligations, or financial consequences arising from the personal tax circumstances of investors.

50. OPERATIONAL RISKS

Research services are supported by operational processes involving personnel, technology, infrastructure, communication systems, service providers, and administrative procedures.

Operational risks may arise despite the implementation of reasonable internal controls.

Examples include:

• Human error;
• Administrative delays;
• Technology failures;
• Infrastructure interruptions;
• Utility failures;
• Vendor disruptions;
• Software upgrades;
• Equipment malfunction;
• Data processing delays;
• Resource constraints;
• Regulatory inspections;
• Business continuity events; and
• Force majeure circumstances.

Operational disruptions may temporarily affect:

• Research publication schedules;
• Subscriber communications;
• Client onboarding;
• Website functionality;
• Technical support;
• Administrative processing; and
• Delivery of certain services.

Reasonable efforts shall be made to minimise operational disruptions; however, uninterrupted service cannot be guaranteed under all circumstances.

The Research Analyst shall not be liable for operational interruptions arising from events beyond reasonable control.

51. COMMUNICATION RISKS

The Research Analyst communicates with investors through officially published communication channels.

Communication systems may occasionally experience interruptions due to circumstances beyond reasonable operational control.

Potential communication risks include:

• Email delivery delays;
• Spam filtering;
• Mobile network interruptions;
• Internet connectivity issues;
• Technical failures;
• Server outages;
• Messaging platform disruptions;
• Incorrect contact information provided by users;
• Device-related issues; and
• Temporary communication service failures.

Investors remain responsible for ensuring that their contact information remains accurate and updated.

Failure to receive communications due to incorrect contact details, technical issues, spam filtering, network failures, or circumstances outside the control of the Research Analyst shall not invalidate applicable regulatory obligations or contractual responsibilities.

Where important communications are issued, investors are encouraged to contact the Research Analyst if expected correspondence is not received within a reasonable period.

INVESTOR ACKNOWLEDGEMENT REGARDING EXTERNAL INFORMATION AND COMMUNICATIONS

By accessing this website or using any research-related service, investors acknowledge and agree that:

• Third-party information may contain inaccuracies, omissions, delays, or subsequent revisions.
• External websites operate independently of the Research Analyst and remain outside the Research Analyst's control.
• Regulatory and legal requirements governing securities markets may change without prior notice.
• Taxation laws applicable to investments may change over time and vary according to individual circumstances.
• Operational interruptions may occasionally affect research services despite reasonable preventive measures.
• Electronic communications are subject to technical limitations and delivery risks.
• Fraudulent persons may attempt to misuse the identity or reputation of the Research Analyst.
• Investors should communicate exclusively through officially published communication channels and independently verify the authenticity of important communications before acting upon them.

54. CONFLICT AWARENESS

The Research Analyst is committed to conducting research activities with integrity, independence, objectivity, fairness, and transparency in accordance with applicable regulatory requirements.

Financial markets frequently involve situations where actual, perceived, or potential conflicts of interest may arise. Such conflicts may exist despite the implementation of reasonable compliance procedures and ethical standards.

Potential conflicts may arise in circumstances including, but not limited to:

• Personal investment activities;
• Investments held by immediate family members;
• Existing financial interests;
• Research subscriptions;
• Commercial relationships permitted under applicable law;
• Business relationships;
• Market participation;
• Changes in investment positions over time; or
• Other circumstances permitted under applicable regulations.

Where disclosures regarding financial interests, holdings, compensation, ownership, or other conflicts are required under applicable laws or regulatory requirements, such disclosures shall be made in the manner prescribed by the relevant regulatory framework.

Unless specifically disclosed within a particular research publication, investors should not assume the existence or absence of any financial interest relating to securities discussed within research content.

The existence or absence of any actual or potential conflict should not be interpreted as an indication of the likely performance of any security or financial instrument.

Investors should evaluate every research publication on its analytical merits and exercise independent judgment before making investment decisions.

55. RESEARCH PUBLICATION LIMITATIONS

Research publications available through this website represent analytical opinions prepared using information available at the time of publication.

Research publications should not be interpreted as:

• Guarantees of future market performance;
• Assured investment recommendations;
• Personalized investment advice;
• Portfolio management instructions;
• Trading execution instructions;
• Financial planning advice;
• Tax advice;
• Legal advice; or
• Professional advice applicable to every investor.

Research publications are inherently subject to limitations including:

• Changing market conditions;
• Availability of information;
• Analytical assumptions;
• Professional judgment;
• Data quality;
• Regulatory developments;
• Technological limitations;
• Human interpretation; and
• Unforeseen market events.

Financial markets may change rapidly following publication.

Accordingly, previously published research may become outdated, partially relevant, or entirely inapplicable under changing market conditions.

The Research Analyst does not guarantee that every research publication will remain accurate, complete, or applicable indefinitely.

Investors should avoid relying upon outdated research without considering subsequent developments.

56. UPDATES TO RESEARCH

Research publications reflect analytical conclusions formed at the time of preparation.

Subsequent developments may materially influence the validity or relevance of previously published research.

Such developments may include:

• New market information;
• Corporate announcements;
• Regulatory changes;
• Economic developments;
• Monetary policy decisions;
• Global events;
• Institutional participation changes;
• Significant price movements; and
• Other relevant developments.

The Research Analyst may, where considered appropriate, revise, update, supplement, replace, or withdraw research publications.

However, the Research Analyst is not obligated to continuously update every previously published research report, article, market commentary, educational publication, or analytical observation.

The absence of an updated publication should not be interpreted as confirmation that previously published research remains valid under current market conditions.

Investors are encouraged to consider the publication date of research materials and independently evaluate whether market conditions have changed before relying upon historical research.

57. WEBSITE MODIFICATION RIGHTS

The Research Analyst reserves the right to modify, improve, redesign, suspend, discontinue, replace, or update any part of this website whenever considered necessary for operational, technological, regulatory, security, business, or investor protection purposes.

Such modifications may include changes to:

• Website design;
• Navigation;
• Features;
• Research services;
• Subscription plans;
• Educational resources;
• Analytical dashboards;
• Investor awareness materials;
• Client onboarding procedures;
• Compliance documentation;
• Website functionality;
• Technical infrastructure; and
• Security measures.

Temporary interruptions may occur while modifications or maintenance activities are being performed.

Reasonable efforts shall be made to minimize disruption; however, uninterrupted website availability cannot be guaranteed.

Continued use of the website following modifications constitutes acceptance of the updated website functionality and published policies.

58. POLICY REVISION RIGHTS

This Risk Disclosure Policy may be amended, updated, supplemented, or replaced whenever considered necessary.

Revisions may occur due to:

• Changes in applicable laws;
• Regulatory amendments;
• SEBI circulars;
• RAASB requirements;
• Judicial developments;
• Technological advancements;
• Operational improvements;
• Business requirements;
• Investor protection initiatives; or
• Other legitimate operational considerations.

The latest version published on the official website shall supersede previous versions.

Investors are encouraged to periodically review this Policy to remain informed regarding current disclosures.

Continued use of this website or continued access to research services following publication of revised versions shall constitute acknowledgement of the updated Policy.

59. GOVERNING LAW

This Risk Disclosure Policy shall be governed by and interpreted in accordance with the laws of the Republic of India.

The interpretation, validity, enforcement, and application of this Policy shall be subject to all applicable:

• Acts of Parliament;
• Rules;
• Regulations;
• Notifications;
• Circulars;
• Guidelines;
• Directions; and
• Other legal requirements

issued by competent authorities from time to time.

Nothing contained within this Policy shall limit or restrict any statutory rights or obligations arising under applicable Indian law.

Where any provision of this Policy conflicts with mandatory legal or regulatory requirements, the applicable law shall prevail to the extent of such inconsistency.

60. JURISDICTION

Subject to any mandatory dispute resolution procedures prescribed under applicable law or regulatory requirements, the courts and competent judicial authorities having jurisdiction over the Registered Office of the Research Analyst shall have jurisdiction in relation to matters arising from or connected with this Policy.

Nothing contained herein shall prevent any competent regulatory authority from exercising its statutory powers under applicable law.

The existence of this jurisdiction clause shall not affect any rights available to investors under applicable consumer protection laws, securities regulations, or other mandatory legal provisions.

61. CONTACT DETAILS

For questions relating to this Risk Disclosure Policy, regulatory matters, research services, or investor protection, investors may communicate through the officially published contact details below.

Research Analyst

Dipak Das

Designation

Individual SEBI Registered Research Analyst

SEBI Registration Number

INH000028732

BSE Research Analyst Enlistment Number (RAASB)

7348

Official Website

https://radipakdas.in/

Official Email Address

bappandas1992@gmail.com

Official Contact Numbers

+91 70024 03716

+91 99578 56035

Registered Office Address

1st Link Road, Lane No. 1A, House No. 41
Silchar
Cachar
Assam – 788006
India

Investors are advised to communicate only through the official communication channels published on the official website.

DOCUMENT CONTROL

Document Title

Risk Disclosure Policy

Research Analyst

Dipak Das

Designation

Individual SEBI Registered Research Analyst

SEBI Registration Number

INH000028732

BSE Research Analyst Enlistment Number (RAASB)

7348

Effective Date

21/07/2026

Last Updated

21/07/2026

Version

1.0

Document Status

Official Website Policy