Compliance

Dhanay Research is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under SEBI Registration No. INH000030551. We are engaged in the business of providing independent equity research based on technical and fundamental analysis, offering Buy / Sell / Hold recommendations and other research opinions in the form of research reports, analysis and market commentary.

This disclosure is made in compliance with SEBI's guidelines requiring transparency about the nature of the research entity and its registration credentials.

While we provide research analysis and securities-specific recommendations, we do not offer:

• Portfolio management services (PMS)
• Personalised account handling or trade execution
• Profit-sharing arrangements
• Investment advisory based on individual risk profiling

Investors are responsible for their own investment decisions and should consult a SEBI-registered Investment Adviser for personalised financial planning.

Market risk: Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Markets carry the possibility of partial or permanent loss of investment under certain conditions.

No assurance of returns: Registration granted by SEBI, enlistment with the Research Analyst Administration and Supervisory Body (RAASB), and certification from NISM do not guarantee the performance of the intermediary nor assure returns to investors.

Past performance: Past performance is not indicative of future results. By the nature of investment risk, investors cannot claim compensation for losses incurred based on research recommendations; all investment decisions and their consequences remain the sole responsibility of the investor.

To ensure transparency in our research reports and stock recommendations, we use the following terminology:

• Buy: Purchase the stock within the specified price range.
• Sell: Sell the stock within the specified price range.
• Hold: Retain current holdings until a revised call is issued.
• Book Profit: Sell part or all holdings to realise existing gains.
• Exit: Sell the entire position in the mentioned security.
• Add / Reduce: Buy additional quantity, or partially sell, based on revised outlook.

From time to time we may publish a model portfolio as part of our research services. Any such model portfolio is created purely for illustration and educational purposes, is not intended as specific investment advice for any individual client, and does not consider individual risk profiles, financial goals or investment timelines. Investors should exercise discretion and consult an Investment Adviser before replicating or acting upon any model portfolio.

All service fees must be paid only via our official website, or verified bank / payment gateway / UPI channels. No third party or employee is authorised to offer return guarantees on our behalf — if you encounter such claims, report them immediately to our Compliance Officer and to SEBI.

If you observe any misleading claims, unauthorised fee collection, or unethical conduct involving our services or brand, please report it to our Compliance Team at [email protected] or to SEBI Toll-Free: 1800 22 7575 / 1800 266 7575.

Level 1: Raise your first complaint with us at [email protected] or +91 7692080236. We aim to resolve every complaint transparently and promptly.

Level 2 (escalation to SEBI): If unresolved within 7 days, escalate via the SEBI SCORES platform (scores.sebi.gov.in), SEBI's SMART ODR (Online Dispute Resolution) portal, or the SEBI Toll-Free numbers 1800 22 7575 / 1800 266 7575.

In compliance with SEBI's disclosure requirements, the status of investor complaints received by Dhanay Research is published below and updated every month.

SEBI advises investors to exercise caution:

• Verify the registration of any entity before investing via the SEBI website.
• Carry out transactions only through authentic apps of SEBI-registered intermediaries.
• Use "Validated UPI Handles" (@valid UPI IDs of SEBI-registered intermediaries) for secure payments.
• Use the SEBI Investor App and SEBI Saarthi App for free investor education resources.