Terms & Conditions
Most Important Terms & Conditions
These are the Most Important Terms & Conditions based on the SEBI Circular No.
(SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025)
1. The terms and conditions and the consent thereon are for the research services provided by the RA and RA cannot execute/ carry out any trade (purchase/ sell transaction) on behalf of the client. Thus, you are advised not to permit RA to execute any trade on your behalf.
2. 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).
a. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
b. The fee limit does not include statutory charges.
c. The fee limits do not apply to a non-individual client / accredited investor.
3. 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.
4. 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).
5. 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 endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. 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.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, and 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.
8. 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.
9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances,
- Step 1: the client should first contact the RA using the details on its website or following contact details: (RA to provide details as per ‘Grievance Redressal / Escalation Matrix’)
- Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in
- Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in
11. Clients are required to keep contact details, including email id and mobile number’s updated with the RA at all times.
12. 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.
Additional Terms & Conditions
These Terms & Conditions (“T&C”) govern the use of research, reports, analyses and services offered via AlphaStrat Research’s website. These T&C do not replace or modify the specific engagement agreement entered into between AlphaStrat Research and any individual client.
1. Nature of Services
1.1 AlphaStrat Research is a boutique research firm based in Mumbai, providing bespoke research and advisory services to institutional and UHNI clients.
1.2 The firm’s services cover private equity research, public equity research and derivatives/statistical-arbitrage research.
1.3 All services are provided pursuant to bespoke client engagement agreements which define the precise scope, fees, deliverables, timeline and other terms.
1.4 The materials and insights published on this website or delivered in standard reports are for the exclusive use of intended recipients; they do not themselves constitute the standalone engagement.
2. Client Eligibility & Use
2.1 Access to the firm’s services is restricted to institutional investors, family offices, ultra-high-net-worth individuals, and other selected clients.
2.2 By engaging with AlphaStrat Research, the client confirms that it is authorised and capable of making its own investment decisions, and has the requisite experience and resources to assess the risks.
2.3 The materials provided by AlphaStrat Research are for internal use only by the client party identified under the engagement. They may not be redistributed, published, sublicensed or otherwise made available to third parties without AlphaStrat Research’s prior written consent.
3. Intellectual Property & Use of Materials
3.1 AlphaStrat Research retains all intellectual property rights (including methodology, models, systems, templates and content) used in the provision of its services.
3.2 The client is granted a non-exclusive, non-transferable licence to use the reports, analyses and deliverables provided under its engagement for internal decision-making purposes only, provided that all fees have been paid in full.
3.3 The client shall not reverse-engineer, de-compile, replicate, adapt or derive the underlying proprietary systems, algorithms or models deployed by AlphaStrat Research.
4.Scope, Deliverables & Engagements
4.1 Each client engagement will be governed by a separate Engagement Letter or Agreement that sets out (among other things) the scope of work, deliverables, fees, timing, confidentiality obligations and termination rights.
4.2 The client is responsible for supplying any data, documentation, access or information reasonably required for the engagement. Delays in the client’s supply of such inputs may delay delivery of services, and AlphaStrat Research shall not be liable for such delays.
5. Fees & Payments
5.1 Fees for each engagement will be set out in the Agreement. Website- published materials may not reflect the specific fee arrangements negotiated individually.
5.2 Unless otherwise agreed, all fees are payable in the manner and timeline specified in the Agreement, exclusive of taxes (including GST).
5.3 AlphaStrat Research reserves the right to suspend or withhold its deliverables under an engagement if the client fails to pay fees when due.
6. Confidentiality
6.1 Each party agrees to treat as confidential all information disclosed by the other in the course of the engagement, except to the extent the information is publicly available or required to be disclosed by law.
6.2 The client shall not reproduce, distribute or make available any portion of a report or deliverable without the prior written consent of AlphaStrat Research.
7. Limitation of Liability & Disclaimer
7.1 The services provided by AlphaStrat Research are based on data, models, analysis and judgement at the time of delivery. While care is taken, there are inherent risks in investment, securities, derivatives and private-company investing.
7.2 Except as required by law, the aggregate liability of AlphaStrat Research (including its partners, officers, employees) under any engagement or arising from any use of its deliverables shall be limited to the fees paid by the client under that engagement.
7.3 In no event shall AlphaStrat Research be liable for any indirect, special, consequential, incidental or punitive losses, including lost profits or lost opportunity.
7.4 Past performance or back-tested results do not guarantee future results. The client acknowledges and accepts that no assurance or guarantee of return is provided.
8. Conflicts of Interest & Independence
8.1 AlphaStrat Research endeavours to maintain independence and objectivity in its research. Where any actual or potential conflict of interest is identified, the firm will disclose it to the client in accordance with applicable regulations.
8.2 The client acknowledges that the firm may maintain proprietary models or trading systems and that detailed disclosure of model logic or research methodology is not required.
9. Termination & Suspension
9.1 Each Engagement Agreement shall define rights of termination by either party. On termination the client shall pay fees for work done to the termination date.
9.2 AlphaStrat Research may suspend or terminate performance under an engagement if the client fails to comply with its obligations (for example non-payment of fees or failure to provide requested information).
10. Governing Law & Jurisdiction
10.1 These website-level T&C and anyengagement agreements shall be governed by the laws of India.
10.2 The parties submit to the exclusive jurisdiction of the courts in Mumbai, Maharashtra for any dispute arising out of or in connection with the services or delivery of research.
11. Amendments & Updates
11.1 AlphaStrat Research reserves the right to amend or update these website T&C from time to time. Material changes will be posted on the website and your continued access or use of our website or services following such changes will constitute your acceptance.
12. Miscellaneous
12.1 Neither party may assign or transfer its rights or obligations under these website T&C without the prior written consent of the other party, except to a permitted successor.
12.2 If any provision of these T&C is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
12.3 Headings are inserted for convenience and shall not affect interpretation.