Evidence-Based Market Research & Strategic Investment Insights

Invest with knowledge & safety.

Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

Right to privacy and confidentiality of all information shared with the Research Analyst.

Right to transparent practices and fair treatment in all dealings with the Research Analyst.

Right to fair and equitable treatment without any discrimination.

Right to receive adequate information about services, products, and associated risks.

Right to receive information about all the statutory and regulatory disclosures at the time of onboarding and on an ongoing basis.

Right to fair and true advertisement of products and services without misleading claims.

Right to awareness about service parameters and turnaround times for each service.

Right to be informed of the timelines for each service offered by the Research Analyst.

Right to be heard and satisfactory grievance redressal through a proper mechanism.

Right to have timely redressal of all complaints and grievances.

Right to exit from financial product or service in accordance with the terms and conditions agreed with the Research Analyst.

Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services.

Additional rights to vulnerable consumers — right to get access to services in a suitable manner even if differently abled.

Right to provide feedback on the financial products and services used.

Right against coercive, unfair, and one-sided clauses in financial agreements.

Investor should read and understand all research reports, risk disclosures, and terms of service before making any investment decisions.

Investor shall provide accurate and complete information to the Research Analyst for KYC and other regulatory requirements.

Investor should understand that investments in securities are subject to market risks and past performance is not indicative of future results.

Investor should independently evaluate the suitability of any investment recommendation based on their own financial goals, risk appetite, and investment horizon.

Investor should report any grievances or complaints promptly through the designated channels to enable timely resolution.

Investor shall comply with all applicable laws, regulations, and tax obligations related to their investment activities.

Investor should ensure that all personal and KYC records shared with the Research Analyst are kept up to date at all times.

Research analyst or research entity shall act honestly and in good faith.

Research analyst or research entity shall act with due skill, care and diligence and shall ensure that the research report is prepared after thorough analysis.

Research analyst or research entity shall effectively address conflict of interest which may affect the impartiality of its research analysis and research report and shall make appropriate disclosures to address the same.

Research analyst or research entity or its employees shall not engage in insider trading or front running of its own research report.

Research analyst or research entity or its employees shall maintain confidentiality of report till the report is made public.

Research analyst or research entity or its employees engaged in research analysis shall observe high professional standard while preparing research report.

Research analyst or research entity shall comply with all regulatory requirements applicable to the conduct of its business activities.

The senior management of research analyst or research entity shall bear primary responsibility for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.

Investor can lodge complaint/grievance against Research Analyst in the following ways:

Email: drparikhnimishresearchanalyst@gmail.com
Phone: 7990349172 with Dr. Nimish A Parikh, who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

If not satisfied, the investor can file the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB):

i. SCORES 2.0 (https://scores.sebi.gov.in)

Two level review for complaint/grievance against Research Analyst done on this web portal:

• First review done by designated body (RAASB)
• Second review done by SEBI

ii. Email to designated email ID of RAASB

If still not satisfied, the investor has the option to file the complaint/grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their complaints to:

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, 'G' Block,
Bandra-Kurla Complex, Bandra (E),
Mumbai - 400 051

As an individual Research Analyst, the following contact handles all designations. Working hours: Monday to Friday, 10:00 AM to 5:00 PM.

Escalation: raise the grievance with the Research Analyst first; if unresolved, approach SEBI SCORES (scores.sebi.gov.in); thereafter the Smart ODR portal (smartodr.in).

Data for the month ending —_____________

Number of complaints received during month against the RA due to impersonation by some other entity: _____________

In case of any complaints received against the RA due to impersonation of the RA by some other entity, the RA may adjust the number of such complaints from total number of received/resolved complaints while preparing the above table. Further, RA must close such impersonation related complaints after following the due process as specified by SEBI/RAASB.

* Inclusive of complaints of previous months resolved in the current month.

# Inclusive of complaints pending as on the last day of the month.

^ Average Resolution time is the sum total of time taken to resolve each complaint, in days, in the current month divided by total number of complaints resolved in the current month.

* Inclusive of complaints of previous months resolved in the current month.

# Inclusive of complaints pending as on the last day of the month.

* Inclusive of complaints of previous years resolved in the current year.

# Inclusive of complaints pending as on the last day of the year.

Disclosure with respect to the Annual Compliance Audit requirement under Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014:

Audit reports are published once each annual compliance audit is completed.

The information, research reports, views, opinions, recommendations and other content provided on this website are for informational and research purposes only and are not intended to constitute an offer, solicitation, invitation or inducement to buy or sell any securities or financial instruments.

The information provided herein is based on publicly available information and sources considered reliable. However, no representation or warranty, express or implied, is made regarding the accuracy, completeness or reliability of such information. The Research Analyst shall not be responsible for any loss or damage arising from the use of or reliance upon the information provided.

Investment in securities market is subject to market risks. There is no assurance or guarantee of returns, profits or performance of any investment or recommendation. Past performance is not indicative of future results. Investors should make their own investment decisions based on their financial objectives, risk appetite and independent assessment and, where appropriate, seek independent professional advice.

The research views and recommendations expressed by the Research Analyst represent the analyst's opinion as of the date of publication and may be subject to change without prior notice. The Research Analyst does not provide any assurance that the objectives of any investment or recommendation will be achieved.

The Research Analyst does not provide portfolio management or execution services unless specifically permitted under applicable regulations. The recommendations provided are not intended to be personalized investment advice or a guarantee of suitability for any particular investor.

Derivatives trading involves a high degree of risk and may not be suitable for all investors. Futures and Options are leveraged instruments, and a relatively small movement in the underlying asset can result in substantial gains or losses. The possibility of losing the entire capital deployed, and in certain circumstances incurring losses beyond the initial amount invested, cannot be ruled out.

Investors should carefully consider their investment objectives, financial position, risk tolerance and experience before participating in derivatives trading. Past performance is not indicative of future results. No representation or assurance is made regarding the accuracy, completeness or future performance of any trading strategy, recommendation or market view.

Investors are advised to understand the nature and risks of derivatives and seek independent professional advice, where appropriate, before taking any investment decision.

Registration as a SEBI Research Analyst does not guarantee returns or assure the performance of any investment.

The content published on any social media account, including posts, videos, reels, stories, comments, market views, research opinions and recommendations, is provided for informational and research purposes only. It should not be construed as an offer, solicitation, invitation, inducement or recommendation to buy, sell or hold any security, except where expressly identified as a research recommendation issued in accordance with applicable SEBI regulations.

Standard Warning: Investment in securities market is subject to market risks. Read all the related documents carefully before investing.

Standard Disclaimer: Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediatary or provide any assurance of returns to investors.

By accessing or using this website and any services provided by Dr. Nimish A Parikh (the "Research Analyst"), you agree to be bound by these Terms and Conditions. If you do not agree with any part of these terms, you must discontinue use of the website immediately.

The Research Analyst is registered with SEBI under the SEBI (Research Analyst) Regulations, 2014 (Registration No. INH000029193) and enlisted with BSE (Enlistment No. 7402). The services provided include research reports, market analysis, and investment advisory services strictly in accordance with applicable regulations.

Users shall use the website and its content solely for lawful purposes and in compliance with all applicable laws and regulations. Any unauthorized use, reproduction, or distribution of the content is strictly prohibited.

All research reports, analyses, opinions, recommendations, graphics, logos, and other materials published on this website are the exclusive intellectual property of the Research Analyst. No content may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed without prior written consent.

The Research Analyst shall not be held liable for any direct, indirect, incidental, consequential, or punitive damages arising out of or in connection with the use of this website or reliance on any information provided herein. Users acknowledge that investment decisions are made at their own risk.

Users agree to indemnify, defend, and hold harmless the Research Analyst, its directors, employees, and affiliates from and against any and all claims, liabilities, damages, losses, or expenses arising out of or related to the user's violation of these Terms and Conditions or misuse of the website.

The Research Analyst reserves the right to modify, amend, or update these Terms and Conditions at any time without prior notice. Continued use of the website following any changes constitutes acceptance of the modified terms.

These Terms and Conditions shall be governed by and construed in accordance with the laws of India. Any disputes arising hereunder shall be subject to the exclusive jurisdiction of the courts in Rajkot, Gujarat.

This document lays down the internal policies and procedures adopted by the SEBI Registered Research Analyst to identify, prevent, manage, and disclose conflicts of interest in compliance with Regulation 14 of the SEBI (Research Analysts) Regulations, 2014. The objective is to ensure integrity, transparency, and investor protection.

These policies are framed in accordance with:

• SEBI (Research Analysts) Regulations, 2014
• SEBI Code of Conduct for Research Analysts
• Relevant circulars and guidelines issued by SEBI from time to time

Conflict of interest refers to any situation where the personal interest of the Research Analyst, or related parties, conflicts or appears to conflict with the interests of clients or the objectivity of research.

The Research Analyst identifies potential conflicts of interest including but not limited to:

• Financial interest or ownership in securities being covered
• Receipt of any compensation from the subject company
• Personal trading in securities under research coverage
• Relationship with directors, promoters, or management of subject companies

The Research Analyst follows a strict personal trading policy:

• Personal trades are executed only after research dissemination
• No front-running of client recommendations
• All personal trades are documented and monitored
• Trading in securities under active research coverage is restricted

All actual or potential conflicts of interest are fully disclosed in research reports and communications. Disclosures are made in a clear, prominent, and understandable manner to enable investors to take informed decisions.

The Research Analyst maintains functional segregation between research activities and any marketing or commercial activities to ensure independence and objectivity of research.

The Research Analyst strictly prohibits:

• Insider trading or misuse of unpublished price sensitive information (UPSI)
• Manipulative or deceptive practices
• Issuance of misleading or biased research reports

Records relating to research reports, disclosures, personal trades, and conflict management are maintained for a minimum period of five years as prescribed under SEBI regulations. Periodic internal reviews are conducted.

Investor complaints, if any, are addressed promptly and in a fair manner. A proper mechanism is maintained for recording and resolving investor grievances.

This policy is reviewed periodically and updated as required to remain compliant with regulatory changes and best practices.

This internal policy on conflict of interest has been adopted by the Research Analyst in compliance with Regulation 14 of SEBI (Research Analysts) Regulations, 2014.

The applicant, Dr. Nimish A Parikh, proposes to operate as an Individual Part Time Research Analyst, duly registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Research Analyst) Regulations, 2014.

The objective of the proposed business is to operate as an independent, non-conflicted, and SEBI-compliant Research Analyst, providing research-based investment analysis and recommendations to investors and institutions, with an emphasis on transparency and ethical research practices.

The applicant does not intend to engage in any activity prohibited under the SEBI (Research Analyst) Regulations, 2014.

The applicant proposes to provide the following services strictly in accordance with the SEBI (Research Analyst) Regulations, 2014:

The services of the applicant shall be made available to the following categories of clients:

• Retail investors
• High Net-Worth Individuals (HNIs)
• Institutional investors and financial intermediaries
• Academicians, professionals, and students interested in capital markets

The applicant proposes to earn revenue through the following legitimate channels:

• Subscription-based research reports
• One-time fees for research publications
• Advisory services

No commission, brokerage, referral fee, or performance-linked compensation shall be accepted. The revenue model is designed to ensure independence and avoid any conflict of interest.

The following infrastructure and operational arrangements shall be maintained:

• Research activities shall be conducted using publicly available data, company disclosures, and recognized financial databases
• Reports shall be disseminated through electronic modes such as email and secure digital platforms
• Proper record-keeping of research reports, working papers, and client communication shall be maintained as prescribed by SEBI

The applicant undertakes to comply with the following regulatory requirements:

• SEBI (Research Analyst) Regulations, 2014
• Code of Conduct for Research Analysts
• All circulars, guidelines, and directions issued by Securities and Exchange Board of India from time to time

Key compliance measures include:

• Mandatory conflict-of-interest disclosures
• Risk disclaimers in all research outputs
• Maintenance of research rationale and audit trail
• No assurance or guarantee of returns
• As a part time research analyst, care should be taken to separate this business from main profession (arm’s length distance)
• No information related to research reports will be shared with associates or clients of other professional practice (Chinese wall segregation)

These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.

The fee charged by RA to the client 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:

• 2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
• 2.2. The fee limit does not include statutory charges.
• 2.3. The fee limits do not apply to a non-individual client / accredited investor.

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

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).

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.

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.

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.

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.

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

For any grievances:

• Step 1: the client should first contact the RA using the details on its website or following contact details:
  • Dr. Nimish A Parikh, SEBI Registered Research Analyst (INH000029193)
  • Email: drparikhnimishresearchanalyst@gmail.com
  • Phone: 7990349172
• Step 2 — If Not Satisfied, lodge with SCORES / RAASB: If the resolution is unsatisfactory, the client can lodge grievances through SEBI's SCORES 2.0 platform (two-level review, first by RAASB and then by SEBI) at https://scores.sebi.gov.in, or through the designated email ID of the Research Analyst Administration and Supervisory Body (RAASB).
• Step 3 — Online Dispute Resolution (ODR): The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in for resolution through online conciliation or arbitration.

Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.

The RA shall never ask for the client's login credentials and OTPs for the client's Trading Account, Demat Account and Bank Account. Never share such information with anyone including RA.

We shall comply with the applicable provisions of the Prevention of Money Laundering Act, 2002 (PMLA), SEBI regulations, circulars and other applicable laws, as amended from time to time. Where applicable, information relating to suspicious transactions shall be furnished to the Financial Intelligence Unit – India (FIU-IND) in accordance with the applicable regulatory requirements.

• Client identity and address shall be verified through appropriate KYC documents before onboarding.
• No account shall be opened or maintained in a fictitious, benami or anonymous name.
• Client identity shall be checked against applicable SEBI/exchange debarred lists and UN sanctions lists before onboarding.

• Fees shall be collected only through our designated bank account. No cash payments shall be accepted.
• Appropriate client records and relevant documents shall be maintained for the period prescribed under applicable laws and regulations.

Payment of research fees does not guarantee any particular return, profit or performance from investments.

Once the research service has commenced and research reports, recommendations, consultations or other contracted services have been provided to the client, the fee may be treated as earned and may generally be non-refundable.

For subscription-based services, any refund, where applicable, may be calculated on a proportionate basis depending upon the services already provided. If GST is paid then it is non-refundable.

Where a refund is approved, the amount will normally be processed within 7–10 working days from confirmation of the refund. Refunds will ordinarily be made through the original payment method used by the client, subject to the applicable payment gateway and banking procedures.

Investment losses, changes in market conditions, or dissatisfaction with the performance of any security or recommendation shall not by themselves constitute grounds for a refund of research fees. The Research Analyst does not guarantee returns or profits from any recommendation.

The Research Analyst may terminate or suspend a client's service in accordance with the applicable client agreement, regulatory requirements or circumstances specified in the terms and conditions.

Any refund arising from such termination shall be dealt with in accordance with the client agreement and applicable SEBI regulations.

This Refund & Cancellation Policy shall be read together with the applicable client agreement, SEBI regulations, circulars, guidelines and other applicable laws and regulations governing Research Analysts.

In case of any conflict, the applicable statutory or regulatory requirements shall prevail.

We may collect information such as your name, mobile number, email address, PAN/KYC details, communication details, subscription information, payment-related information, and other information voluntarily provided by you.

The information collected may be used for:

• Providing research reports, investment research and related services.
• Client registration, KYC and regulatory compliance.
• Processing subscriptions and payments.
• Communicating with clients regarding services and research.
• Maintaining records as required under applicable SEBI regulations and other laws.

We take reasonable administrative, technical and organisational measures to protect personal information against unauthorised access, disclosure, alteration, loss or misuse.

We do not sell or commercially disclose personal information. Information may be shared with authorised service providers, payment processors, technology providers, regulators, statutory authorities or other parties where required for providing services or complying with applicable laws and regulations.

Information provided through this website, including research reports, market views and communications, is subject to applicable SEBI regulations. Investment decisions are made solely at the client's own risk. Past performance does not guarantee future returns.

Our website may use cookies or similar technologies to improve website functionality, security and user experience. Users may manage cookie preferences through their browser settings.

Personal information and client records will be retained for the period required under applicable laws, regulations and regulatory requirements, after which such information may be securely deleted or anonymised.

Our website may contain links to third-party websites. We are not responsible for the privacy practices, content or security of such third-party websites.

Subject to applicable laws and regulatory requirements, users may request access to, correction of, or clarification regarding their personal information by contacting us.

We may update this Privacy Policy from time to time to reflect changes in applicable laws, regulations, technology or our services. The updated version will be published on this website.

By submitting the 'Inquiry form' on this website or through any other means, including social media, you are providing your consent to allow us to contact you via phone call, SMS, or WhatsApp on the number provided by you. Even if your mobile number is registered on the National 'Do Not Disturb' registry, you agree to receive communication from us.

For any privacy-related questions, requests or complaints, please contact:

Dr. Nimish Parikh

By using this website or providing personal information, you acknowledge that you have read and understood this Privacy Policy.

• Always deal with SEBI registered Research Analyst.
• Ensure that the Research Analyst has a valid registration certificate.
• Check for SEBI registration number. Please refer to the list of all SEBI registered Research Analysts which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14
• Always pay attention towards disclosures made in the research reports before investing.
• Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
• Before buying securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
• Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
• Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
• Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
• Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
• Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
• Inform SEBI about Research Analyst offering assured or guaranteed returns.

• Do not provide funds for investment to the Research Analyst.
• Don't fall prey to luring advertisements or market rumours.
• Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
• Do not share login credentials and password of your trading and demat accounts with the Research Analyst.

Dr. Nimish A Parikh, a SEBI Registered Research Analyst (INH000029193), is committed to ensuring that this website is accessible to all users, including persons with disabilities. We continuously strive to enhance the usability, readability and navigability of our website in line with recognised web accessibility guidelines, including the Web Content Accessibility Guidelines (WCAG).

This Accessibility Statement is published in the spirit of SEBI's investor protection and transparency framework, and consistent with the Rights of Persons with Disabilities (RPwD) Act, 2016 and the accessibility standards notified by the Government of India. SEBI-registered intermediaries are encouraged to provide information in a clear, accessible and easily understandable manner.

The website includes an integrated Accessibility Panel (accessible via the Accessibility button fixed on the page) that enables users to personalise their viewing experience, including:

• Text size adjustment: increase (A+) or decrease (A−) the font size, or reset (A) to the default size.
• 🔊Read Aloud: have the page content read aloud.
• 🌙High Contrast and 🎨Invert Colours: enhance visual clarity for users with visual impairments.
• ◐Grayscale: view the website in monochrome.
• ☀️Light mode: switch between light and dark colour themes.
• 🔐Readable font and ↔️More spacing: improve text legibility and readability.
• ⬍Align left: left-align content for easier reading.
• 🔗Highlight links and 🔖Highlight titles: make navigational elements more visible.
• 🖱️Big Cursor and ◉Focus halo: improve pointer and keyboard focus visibility.
• ➕Reading guide and ■Reading mask: assist focused reading of content.
• ⏸️Stop motion and 🖼️Hide images: reduce motion and visual distractions.
• ↩Reset All: restores all accessibility settings to their default state at any time.

The website is designed to be navigable using a keyboard alone, enabling users with limited motor function, screen-reader users, and those who cannot use a mouse to access all pages, sections and features without obstruction. The 'Skip to Content' facility and clearly defined focus states support efficient tab-based navigation.

All regulatory disclosures, research disclaimers, investor charter, grievance redressal and other investor-related information on this website are presented in clear, plain language with appropriate contrast and legible typography, in line with SEBI's objective of simplifying investor communication and promoting informed decision-making.

We welcome feedback on the accessibility of this website. If you encounter any accessibility issue or require content in an alternative format, or if any investor-related information is not fully accessible to you, please contact us and we will make reasonable efforts to provide the information and address your concern.

Accessibility is an ongoing commitment. We review and update this website and our Accessibility Statement periodically to incorporate improvements and to remain consistent with evolving accessibility standards, statutory requirements and best practices.

We are happy to assist you with any accessibility-related feedback, questions or assistance — please feel free to contact us:

📞Phone: +91 79903 49172

✉Email: drparikhnimishresearchanalyst@gmail.com