1. Availing the research services: By accepting delivery of the research service, you as a Client of the RA confirm that you have elected to subscribe the research service of the RA at your sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

2. Obligation of the RA: The RA and the Client shall be bound by Securities and Exchange Board of India Act, 1992 ("SEBI Act") and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. 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 Research Analyst Administration and Supervisory Body ("RAASB") / SEBI from time to time. The RA shall collect, store, upload and check KYC records of the Clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

4. Consideration and mode of payment: The Client shall duly pay to RA, the agreed fees, if any, for the services that RA renders to the Client and statutory charges, as applicable. Such fees and statutory charges are payable through the manner and mode(s)/ mechanism(s) as may be specified by Citi.

5. Risk factors: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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

7. Termination of relationship: The RA may suspend or terminate rendering of research services to the Client on account of suspension / cancellation of registration of the RA by SEBI and shall refund the residual amount received, if any, to the Client. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, the RA shall refund the fees received (if any), on a pro rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.

8. Grievance redressal and dispute resolution: Any grievance related to (i) non-receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by the RA, shall be escalated promptly by the Client to the designated Research Grievance Officer (see contact details displayed in the SEBI Investor Charter). The RA shall be responsible to resolve grievances promptly within timelines prescribed under RA regulations from the date of receipt of the grievance in a transparent manner. Any dispute between the RA and the Client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time. Please refer to the Most Important Terms and Conditions prescribed below.

9. Expectations from the Client (Responsibility of the Clients): Client is requested to go through Do's and Don't's while dealing with RA as specified in Master Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be amended or specified by SEBI from time to time.

10. Disclosure of use of artificial intelligence: Citi Research utilizes various AI tools and/or sources in providing research services. Citi maintains robust policies, procedures, controls, and training to ensure continued compliance with all applicable rules and regulations. All recommendations contained herein are made by duly qualified research analysts.

11. These terms and conditions are for the research services provided by the RA and the RA cannot execute/carry put any trade (purchase/sell transaction) on behalf of the Client (in its capacity as a research entity). Thus, the Client is advised to not permit the RA (in its capacity as a research entity) to execute any trade on its behalf.

12. The fee charged by RA to the Client, if any, will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

Note:

12.1.   The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.

12.2.   The fee limit does not include statutory charges.

12.3.   The fee limits do not apply to a non-individual client / accredited investor.

13. 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 of the research services by either the Client or the RA, the Client shall be entitled to seek refund of proportionate fees only for the unexpired period.

14. Fees to RA may be paid by the Client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally, the Client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).

15. The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavour to promptly inform the Client of any conflict of interest that may affect the services being rendered to the Client.

16. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the Client by the RA.

17. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA's research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.

18. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the Client's own judgement and assessment of the conclusions contained in the research report.

19. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the Client.

20. For any grievances,
    • Step 1: the Client should first contact the RA using the details in the SEBI Investor Charter.
    • Step 2: If the resolution is unsatisfactory, the Client can also lodge grievances through SEBI's SCORES platform at www.scores.sebi.gov.in
    • Step 3: The Client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in

21. Client is required to keep its contact details, including email id and mobile number/s updated with the RA at all times.

22. The RA will never ask for the Client's login credentials and OTPs for the Client's Trading Account Demat Account and Bank Account. The Client should never share such information with anyone including RA.