Disclaimer & Risk Disclosure

The information, research reports, trading signals, opinions, insights and analysis published by “CA Raj Rupesh Shah” ("“CA Raj Rupesh Shah”", "we", "our", "us") are intended for general informational purposes only and are not meant to be construed as investment, legal, tax, or financial advice.

“CA Raj Rupesh Shah” is registered with the Securities and Exchange Board of India ("SEBI") as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

1. No Investment Advice

1.1 All research, commentary, reports, model-based forecasts or trading signals produced by us represent general research and do not constitute personalised investment advice.

1.2 We do not: Assess the financial profile, risk appetite or objectives of any specific individual; Provide stock tips or trade recommendations tailored to any user; Provide portfolio management or financial planning; Execute trades or handle client funds.

1.3 Users must make independent decisions or consult a SEBI-registered Investment Adviser for personalised advice.

2. No Assured Returns or Guarantees

2.1 Securities markets are subject to risks.

2.2 We do not guarantee Profit or performance; Risk mitigation; Accuracy of forecasts; Reduction of losses; Achievement of any target or projection.

2.3 Past performance, backtests and illustrations do not indicate future results.

3. Limitations of Research & Model-Based Outputs

3.1 We use a combination of qualitative, technical, fundamental and quantitative/algorithmic research methodologies.

3.2 All quantitative and model-based outputs are subject to: Assumptions; Historical data limitations; Latency and data quality constraints; Unexpected market conditions; Sector-specific risks; Corporate governance risks; Model decay.

3.3 Model-based signals may change rapidly depending on market volatility and external events.

3.4 We do not undertake to update research in real time.

4. Accuracy of Information

4.1 While we endeavours to use reliable information, data may be obtained from: Public sources; Licensed data providers; Corporate filings; Market feeds.

4.2 We do not guarantee the completeness, accuracy or timeliness of information due to: Market volatility; Data vendor errors; System delays; Revised corporate disclosures; Unexpected corporate actions.

4.3 We are not responsible for losses caused by reliance on inaccurate or delayed data.

5. Conflict of Interest Disclosure

5.1 We and analysts follow strict conflict-of-interest rules under SEBI Regulations.

5.2 Analysts may hold securities discussed in research, but only in accordance with SEBI's personal trading restrictions.

5.3 We disclose:

• • Any material conflict of interest;
• • Any compensation received for covered securities;
• • Any issuer or group connections.

5.4 Analysts certify that research reflects their independent views.

6. No Liability for User Decisions

6.1 We shall not be liable for any losses—direct, indirect, incidental, consequential—arising from: Reliance on research; Execution decisions by the user; Errors or interruptions in research availability; Delays in delivery; Technical or data issues; Market events or force majeure.

6.2 Users bear full responsibility for decisions made using our research.

7. Use of AI & Quantitative Tools

7.1 We may use quantitative models, rules-based systems, or algorithmic tools as part of our research process. Additionally, we leverage multiple artificial intelligence (AI) platforms available in the public domain to optimize operational workflows. These advanced tools are used for general and clerical purposes including evaluating data frameworks, researching technical indicators, discovering primary public sources, making textual grammar corrections, generating design imagery, and performing supporting back-office administrative tasks.

7.2 Automation and AI tools assist in screening, data exploration, signal generation, or analysis, but all final recommendations, core research publications, and analytical insights undergo strict manual verification and final approval from our certified compliance analysts before dispatch. No automated or AI system independently issues or publishes research content.

7.3 Use of such quantitative and AI tools does not eliminate the risk inherent in securities markets.

8. Intellectual Property Rights

8.1 All research content, signals, analysis, reports, website content, design and proprietary methods belong exclusively to us.

8.2 Users may not: Copy or reproduce research; Forward reports; Publish or distribute content; Create derivative works; Remove watermarks or attribution.

8.3 Violation may result in legal action.

9. Regulatory Inspections & Disclosures

We may be required to share client information or research-related records with: SEBI, KRA, RAASB, FIU-IND, Law enforcement, Courts, pursuant to legal orders. We fully cooperate with all regulatory authorities.

10. Third-Party Links & Data Sources

10.1 Our website may contain links to third-party data providers or public financial sources.

10.2 We do not control or guarantee the availability or accuracy of those external websites or content.

11. Website Availability

11.1 We endeavours to maintain continuous availability of its website and research materials but does not guarantee: Uninterrupted service; Error-free operation; Real-time updates.

11.2 Downtime may occur due to: Maintenance; Cyber incidents; High traffic; Data vendor outages; Force majeure events.

12. Governing Law & Jurisdiction

This Disclaimer & Risk Disclosure is governed by the laws of India.

13. PMLA Guidelines

Prevention of Money Laundering Act, 2002 (PMLA), which came into effect on July 1, 2005, along with SEBI circulars dated January 18, 2006, December 31, 2010, March 12, 2014, and July 4, 2018, emphasizes the necessity of implementing various provisions of PMLA. Additionally, Exchanges and Depositories have issued circulars from time to time to ensure adherence and compliance with PMLA requirements.

Under the provisions of PMLA, members of the Exchange(s) are required to periodically update the details of their clients, including documents, data and information provided during the opening of their trading or demat accounts via the Client Registration Form (including KYC). Furthermore, as per the SEBI circular dated December 3, 2009, clients trading in the Derivatives Segment are required to submit the latest documentary proof concerning their financial details. Failure to provide the aforementioned documents will result in us considering the DP holding valuation statement as the financial details, which will be uploaded to the KYC records to update the income range.

To substantiate your latest financial details, kindly provide any one of the following documents, which should correspond with your deliverable position, intra-day volume, or off-market transactions through us:

• • (i) Latest Copy of ITR Acknowledgement
• • (ii) Copy of Annual Accounts
• • (iii) Latest Copy of Form 16 (in case of salary income)
• • (iv) Latest Net Worth Certificate
• • (v) Salary Slip of the last three months
• • (vi) DP Holding Valuation Statement
• • (vii) Latest six-month bank statement

We kindly request you to update the following details:

• • (i) Latest Contact Details
• • (ii) Aadhaar Number (where applicable; digits placeholder substituted for security metrics compliance tracking)
• • (iii) Latest Financial information

Providing the above-mentioned information will help us ascertain the latest client details and serve you more effectively.

Clients are encouraged to make informed decisions based on appropriate analysis of the companies rather than following unfounded rumors, tips, or unsolicited advice.

Above will help us in serving you better. In case you have already submitted the necessary updated documents, kindly ignore this communication. Assuring you of our best services at all times.