Compliance audit reports

Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014 requires every registered Research Analyst to conduct an annual audit of compliance with those regulations. The audit is carried out by a member of the Institute of Chartered Accountants of India or the Institute of Company Secretaries of India, independent of our management.

The audit examines, among other things:

• Whether our research is supported by documented rationale and retained records
• Whether the required disclosures on conflicts of interest and holdings were made with each report
• Whether client agreements, KYC and risk-profiling records are complete and current
• Whether fees were received only in the company account and invoiced correctly
• Whether the complaint register, grievance timelines and SEBI disclosures were maintained
• Whether our analysts hold and maintain valid NISM certification
• Whether any advertisement or communication contained a prohibited performance or return claim

Adverse findings, where any arise, are placed before the Board of Directors along with the corrective action taken, and are reported to SEBI in the manner prescribed. The audit is a compliance examination — it does not assess, certify or comment on the performance of our research, and nothing in it should be read as an assurance of returns.