Disclosures & Compliance

Registration

Standard warning

Registration granted by SEBI, and certification from the National Institute of Securities Markets (NISM), in no way guarantee the performance of the Research Analyst or provide any assurance of returns to investors. Investment in securities markets is subject to market risks. Read all the related documents carefully before investing.

Analyst certification

The views expressed in our research accurately reflect the personal views of the analyst(s) about the subject securities and issuers. No part of the analyst’s compensation is, was, or will be directly or indirectly related to the specific recommendations or views expressed in any research report.

Disclosures of interest

As of the date of publication of any research, unless expressly stated otherwise in that report:

• Front Wave Research LLP is a SEBI-registered Research Analyst and does notprovide investment advisory, portfolio management, broking, or investment banking services.
• We do not have any actual or beneficial ownership of 1% or more in the securities that are the subject of our research at the month-end preceding publication, unless disclosed in the report.
• The analyst and the firm have no actual or material conflict of interest with the subject company, and have not received any compensation from the subject company in the past twelve months.
• We have not managed or co-managed any public offering, nor received compensation for investment banking, merchant banking, or brokerage services from the subject company.
• The analyst has not served as an officer, director, or employee of the subject company.
• Research is not a recommendation to buy or sell, is impersonal, and does not consider the particular investment objectives, financial situation, or needs of any specific person.

Grievance redressal

We take complaints seriously and aim to resolve them promptly. Please follow this escalation path:

1. Write to us — support@frontwaveresearch.com. We aim to acknowledge within 3 business days and resolve within a reasonable period.
2. SEBI SCORES — if unresolved, lodge a complaint on the SEBI Complaints Redress System at scores.sebi.gov.in.
3. Online dispute resolution — you may also initiate dispute resolution through the SEBI ODR portal at smartodr.in.

Investor charter

In line with SEBI requirements, Front Wave Research LLP is committed to the Investor Charter for Research Analysts — providing independent, unbiased research; maintaining confidentiality of client information; avoiding conflicts of interest; and ensuring timely grievance redressal. A copy of the Investor Charter and the annual complaints disclosure is available on request at support@frontwaveresearch.com.

General disclaimer

Research published by Front Wave Research LLP is for information and educational purposes and does not constitute investment advice, a personalised recommendation, or an offer to buy or sell any security. Information is drawn from sources believed to be reliable, but no representation is made as to its accuracy or completeness. Opinions are as of the date of publication and are subject to change without notice. Past performance is not indicative of future results. Investors should consult their own financial advisors before acting.