Terms & conditions

Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the RA at his/her sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

Obligations on RA: The RA and client shall be bound by the SEBI Act and all applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force from time to time.

Client information and KYC: The client shall furnish all such details in full as may be required by the RA in its standard form, with supporting details if required, as may be made mandatory by RAASB/SEBI from time to time. The RA shall collect, store, upload and check KYC records of clients with a KYC Registration Agency (KRA) as specified by SEBI.

Standard Terms of Service

The consent of the client shall be taken on the following understanding:

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure. I / We are subscribing to the research services for our own benefit and consumption, and any reliance placed on the research report provided by the research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report. I / We understand that — (i) any investment made based on the recommendations in the research report is subject to market risk; (ii) recommendations in the research report do not provide any assurance of returns; and (iii) there is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

Declaration of the RA

• It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014, and its registration details are: Registration No. INH000000000.
• It has the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting.
• The research analyst services provided do not conflict with or violate any provision of law, rule, regulation, contract or other instrument to which it is a party.
• The maximum fee that may be charged by the RA is ₹1,51,000 per annum per family of client.
• The recommendations provided by the RA do not provide any assurance of returns.

Consideration and mode of payment

The client shall duly pay to the RA the agreed fees for the services rendered and statutory charges as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/mechanism(s). Cash payment is not allowed. Optionally, the client may make payments through the Centralised Fee Collection Mechanism (CeFCoM), managed by BSE Limited.

Risk factors and conflict of interest

Risk factors: Investment in securities is subject to market risks. Index options are complex, leveraged instruments and the risk of loss can be substantial. Recommendations provide no assurance of returns, and there is no recourse to claim any losses incurred on investments made based on the research.

Conflict of interest: The RA shall adhere to the applicable regulations, circulars and directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.

Termination of service and refund of fees

The RA may suspend or terminate rendering of research services on account of suspension/cancellation of registration of the RA by SEBI, and shall refund the residual amount to the client.

In case of suspension of the certificate of registration of the RA for more than 60 days, or cancellation of the RA registration, the RA shall refund the fees on a pro-rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.

Grievance redressal and dispute resolution

Any grievance related to (i) non-receipt of the research report, (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services, shall be escalated promptly by the client to Mr. Mohammad Farid Firoz Khan at connect@fivepointresearch.com.

The RA shall resolve grievances within 7 business days or such timelines as may be specified by SEBI. Any dispute between the RA and the client may be resolved through arbitration or any other mode specified by SEBI from time to time, including the Smart ODR portal.

Additional and voluntary clauses: All voluntary clauses added by the RA shall not contravene the rules, regulations or circulars of SEBI. Any change in such voluntary clauses shall be preceded by a notice of 15 days. Clients are requested to go through the Do's and Don'ts specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024.

Most Important Terms and Conditions (MITC)

The MITC below have been standardised by the Industry Standards Forum (ISF) in consultation with SEBI and RAASB.

1. These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst (RA), and the RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Clients are advised not to permit the RA to execute any trade on their behalf.
2. The fee charged by the RA to the client will be subject to the maximum amount prescribed by SEBI/RAASB from time to time (applicable only for Individual and HUF clients).
   • The current fee limit is ₹1,51,000/- per annum per family of client for all research services of the RA.
   • The fee limit does not include statutory charges.
   • The fee limits do not apply to a non-individual client / accredited investor.
3. The RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter. In case of pre-mature termination by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the unexpired period.
4. Fees to the RA may be paid through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally, the client may pay through the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited.
5. The RA is required to abide by the applicable regulations/circulars/directions specified by SEBI and RAASB in relation to disclosure and mitigation of any actual or potential conflict of interest, and will endeavour to promptly inform the client of any conflict of interest.
6. Any assured/guaranteed/fixed-returns schemes or any other schemes of similar nature are prohibited by law. No such scheme shall be offered to the client by the RA.
7. The RA cannot guarantee returns, profits, accuracy or risk-free investments from the use of its research services. All opinions, projections and estimates are based on analysis of available data under certain assumptions as of the date of preparation/publication.
8. Any investment made based on recommendations is subject to market risks; recommendations do not provide any assurance of returns. There is no recourse to claim any losses. Any reliance placed on the research report shall be as per the client's own judgement and assessment.
9. The SEBI registration, enlistment with RAASB and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances — Step 1: contact the RA using the details on its website or the Grievance Redressal / Escalation Matrix; Step 2: if unsatisfied, lodge a grievance through SEBI's SCORES platform at www.scores.sebi.gov.in; Step 3: you may also consider Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in.
11. Clients are required to keep contact details, including email id and mobile number(s), updated with the RA at all times.
12. The RA shall never ask for the client's login credentials and OTPs for the client's Trading Account, Demat Account and Bank Account. Never share such information with anyone, including the RA.

Optional Centralised Fee Collection Mechanism: The RA shall provide guidance to clients on the optional Centralised Fee Collection Mechanism for IA and RA (CeFCoM) available for payment of fees.