The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations)

Bastion Research House LLP (“Corporate Research Entity”) is registered with SEBI as Research Analyst with Registration No. INH000023199, BSE Enlistment No.: 6747. The research entity got its SEBI registration on Sep 09, 2025 and is engaged in research and recommendation Services. The focus of Research entity is to provide research and recommendations services to the clients. Analyst aligns its interests with those of the client and seeks to provide the best suited services.

Research entity have no material adverse disciplinary history as on the date of publication of this report.
Research entity has no associates
Research entity or its associate or Research Analyst or his relative have no financial interest in the securities recommended.
There are no actual or potential conflicts of interest arising from any connection of Research entity or its associate or Research Analyst or his relative to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.
Research entity or its associate or Research Analyst or his relative, may have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation.
Research entity or its associate or Research Analyst or his relative has no connection or association of any sort with any issuer of products/ securities recommended herein.
Research entity or its associate or Research Analyst or his relative has no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of research and recommendations services.
Research entity or Research analyst or its associates has not received any kind of remuneration or consideration form the products/ securities recommended herein.
Research entity or Research analyst or its associates have not received any compensation from the subject company in past 12 months.
Research entity or Research analyst or its associates have not managed or co-managed the public offering of Subject Company in past 12 months.
Research entity or Research analyst or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company in past 12 months.
Research entity or Research analyst or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
Research entity or Research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report or research recommendations.
Research entity or Research analyst or its associates have not received any compensation for products or services from the subject company in past 12 months.
The subject company is or was not a client of Research entity or Research analyst or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.
Research Analysts or its associates has not served as an officer, director or employee of the subject company.
Research Entity or Research Analysts has not been engaged in market making activity of the subject company.
The research analyst is using artificial intelligence tools for providing the research services. We use it to help with our content writing and researching about companies.

Most Important Terms and Conditions (MITC)

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:
The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
The fee limit does not include statutory charges.
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 year. 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 endeavor 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: https://bastionresearch.in/contact-us/

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

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.