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Disclaimers

Capital Insight Research, its employees, or associates may have a financial interest or actual / beneficial ownership in the securities of the subject company recommended in research reports. Such interest, if any, will be disclosed at the time of making the recommendation.

Capital Insight Research, its research analysts, employees, or associates do not hold actual or beneficial ownership of 1% or more in the securities of any subject company covered in the research report as of the end of the month immediately preceding the date of publication, unless explicitly disclosed.

There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products or securities that would compromise the objectivity or independence of Capital Insight Research. Any such conflict, if it arises, will be disclosed promptly to clients.

Capital Insight Research, its research analysts, employees, or associates have not served as an officer, director, or employee of the subject company covered in any research report.

Capital Insight Research has not been engaged in market-making activity for the subject company referenced in any research report.

Capital Insight Research maintains a strict arm's-length relationship between its research activities and any other business activities, in accordance with Regulation 24(1) of the RA Regulations. Research recommendations are not influenced by business or commercial relationships.

Capital Insight Research, its employees, or associates have not received any compensation from the subject company covered in research reports in the past 12 months.

Capital Insight Research, its employees, or associates have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past 12 months.

Capital Insight Research, its employees, or associates have not managed or co-managed the public offering of securities of the subject company in the past 12 months.

Capital Insight Research, its employees, or associates have not received any compensation or other benefits from the subject company or any third party in connection with the preparation or publication of any research report or recommendation.

The subject company was not a client of Capital Insight Research or its employees or associates during the twelve months preceding the date of distribution of any research report or recommendation service.

Research analysts and associates do not deal or trade in securities that are under coverage, directly or indirectly, in a manner that would be contrary to the interest of clients.

Securities markets are subject to high levels of volatility. Prices of securities can fluctuate significantly in a short period of time due to economic, political, regulatory, or other factors beyond our control.

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Clients are advised to read the Risk Disclosure Document (RDD), Most Important Terms & Conditions (MITC), and Investor Charter provided at onboarding, and to consult an independent financial advisor before making any investment decision.

Investments discussed in research reports may not be suitable for all investors. Clients are responsible for assessing the suitability of any recommendation relative to their financial situation, risk tolerance, investment objectives, and time horizon.

Research reports, analysis, and recommendations published by Capital Insight Research are for informational and educational purposes only. They do not constitute personalised investment advice tailored to an individual client's specific financial profile, and should not be treated as a solicitation to buy or sell any security.

All facts in research reports are based on information from reliable sources. However, Capital Insight Research does not warrant or represent the accuracy, completeness, or reliability of such information. Errors, inaccuracies, or omissions may occur, and we accept no liability for any such errors.

Clients are advised to independently evaluate market conditions and risks and to verify the accuracy of any information in research reports before making any trading or investment decision. Capital Insight Research shall not be held responsible for any losses arising from reliance on research information.

Opinions, recommendations, estimates, and forecasts expressed in research reports are subject to change without notice. Capital Insight Research is under no obligation to update any research report subsequent to its date of publication.

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As required under the SEBI (Research Analysts) (Third Amendment) Regulations, 2024: Capital Insight Research discloses the extent to which AI tools are used in its research services. Where AI tools are used, Capital Insight Research remains solely responsible for the security, confidentiality, and integrity of client data, and for compliance with all applicable laws. This disclosure will be updated as required.