Disclosure Document

The particulars given in this Disclosure Document have been prepared in accordance with SEBI (Research Analyst) Regulations, 2014. The purpose of the Document is to provide essential information about the Research and Recommendation Services in a manner that assists and enables the prospective client/client in making an informed decision about engaging in Research and Recommendation services before investing. For the purpose of this Disclosure Document, the Research Analyst is Mr. Divyansh Jain of Elitefinserv (hereinafter referred to as "Research Analyst").

1. Description about “Research Analyst”

Terms and conditions of Research and Recommendation Services are detailed in the terms and conditions document. Please refer to the same for further details.

• No penalties or directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.
• There are no pending material litigations or legal proceedings, nor any findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst or its employees.

2. Details of Associates

• No associates.

3. Disclosures with respect to Research and Recommendation Services

• The Research Analyst, or any associate, or relative, does not have a financial interest in the subject company.
• The Research Analyst, or its associates or relatives, does not have actual/beneficial ownership of one percent or more of the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of public appearance.
• The Research Analyst, or his associates or relatives, does not have any other material conflict of interest at the time of publication of the research report or at the time of public appearance.
• The Research Analyst, or its associates, has not received any compensation from the subject company in the past twelve months.
• The Research Analyst, or its associates, has not managed or co-managed any public offering of securities for the subject company in the past twelve months.
• The Research Analyst, or its associates, has not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• The subject company was not a client of the Research Analyst, its employee, or its associates during the twelve months preceding the date of distribution of the research report and recommendation services provided.
• The Research Analyst, or its associates, has not received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• The Research Analyst, or its associates, has not received any compensation or other benefits from the subject company or a third party in connection with the research report.
• The Research Analyst has not been engaged in market-making activity for the subject company.
• The Research Analyst has not served as an officer, director, or employee of the subject company.
• The Research Analyst did not receive any compensation or other benefits from the companies mentioned in the documents or any third party in connection with the preparation of the research documents. Accordingly, the Research Analyst does not have any material conflict of interest at the time of publication of the research documents.