Legal Center

MANDATORY TERMS & CONDITIONS

Disclosure of minimum mandatory terms and conditions to client

RAs shall disclose to the client the terms and conditions of the research services offered including rights and obligations. RAs shall ensure that neither any research service is rendered nor any fee is charged until consent is received from the client on the terms and conditions.
Below are the minimum mandatory T&Cs required by the Circular. These provisions are integral to Our agreement with You:
1.Availing the Services
By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service of the RA at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2. Obligations on RA
RA and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.
3. Client Information & KYC
The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time.
RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Standard Terms of Service
The consent of client shall be taken on the following understanding:
The client has read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.
The client is subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.
The client understands that –
i.
Any investment made based on the recommendations in the research report are subject to market risk.
ii.
Recommendations in the research report do not provide any assurance of returns.
iii.
There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.
Declaration of the RA that:
i.
It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: (registration number INH000023728, registration date 31.10.2025);
ii.
It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
iii.
Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
iv.
The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.
v.
The recommendations provided by RA do not provide any assurance of returns.
Additionally, if RA is an individual, declaration that:
It is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with/influence or have the potential to interfere with/influence the independence of research report and/or recommendations contained therein.
5. Consideration & Mode of Payment
The client shall duly pay to RA, the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).
6. Risk Factors
You acknowledge that investing in securities is subject to market risk, including but not limited to volatility and potential loss of principal, and any past performance is no indicator of future performance, and no returns are guaranteed.
7. Conflict of Interest
The RA shall adhere to the applicable regulations/ circulars/ directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.
RA shall disclose any conflicts of interest as mandated by SEBI and take steps to mitigate or avoid them. Full disclosures, if required, will be provided in each research report or at the time of giving a recommendation. The Client is advised to visit and thoroughly review all policies, disclosures, and disclaimers available on the official website of the Research Analyst. By signing this Agreement, it shall be deemed that the Client has had the opportunity to read, understand, and accept all such policies and disclaimers as published on the website. The Client confirms and agrees to be bound by the same.
8.Termination of Service & Refund of Fees
The RA may suspend or terminate rendering of research services to client on account of suspension/ cancellation of registration of RA by SEBI and shall refund the residual amount to the client.
We may also suspend/terminate services in the event You breach these T&Cs or as otherwise allowed by law.
In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.
9.
Grievance Redressal & Dispute Resolution
Any grievance related to
(i) non receipt of research report or
(ii) missing pages or inability to download the entire report, or
(iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA, in this behalf (Namita Rathore Proprietor of Bharat Stock Market Research, namitarathore05071992@gmail.com)
The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.
RA shall redress grievances of the client in a timely and transparent manner.
Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.
If unresolved, the client may escalate the complaint to SEBI via the SCORES portal or undertake online conciliation and/or online arbitration by participating in the ODR Portal and/or undertaking dispute resolution in the manner specified in the SEBI circular no. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195 Updated as on December 20, 2023on "Online Resolution of Disputes in the Indian Securities Market.
10. Additional Clauses
Any additional voluntary clauses in this agreement shall not conflict with SEBI regulations/circulars. Any changes to such voluntary clauses shall be preceded by 15 days’ notice.
11. Mandatory Notice
The Client is requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD 1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.
12. Most Important Terms & Conditions (MITC)
We shall also disclose MITC (as standardized by the Industry Standards Forum, in consultation with SEBI/RAASB).
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.
13. Optional Centralised Fee Collection Mechanism: RA Shall provide the guidance to their clients on an optional ‘Centralised Fee Collection Mechanism for IA and RA’ (CeFCoM) available to them for payment of fees to RA.
PART C
Most Important Terms and Conditions (MITC)
1.
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.
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).
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.
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 year. In case of premature
termination of the RA services by either the client or the RA, the client shall be entitled to seek a refund of proportionate fees only for the 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 endeavour 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, 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 the following contact details:

Customer Care Number : +91 9457296893

Contact Person Name : Namita Rathore


Address : House No 223, Qila Chawni Near Holi Chowk Ward No 47, Rampur Road, Bareilly, Uttar Pradesh, 243001

Email-ID : namitarathore05071992@gmail.com

Working hours when complainant can call : (9 AM-5 PM (Monday-Friday)

Step 2: If the resolution is unsatisfactory, the client can 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. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - Oct 31, 2025 - Oct 30, 2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

1.  Collection of Information
We may collect Personal Information, Transaction Information and Non-Personal Information (defined below) from You when You register or set up an account with Us on the Platform or when You avail the Services. You can browse certain sections of the Platform without being a registered member, however, to avail certain Services on the Platform (such as investing in Stocks, P2P Lending etc.) You are required to register with Us. This Privacy Policy applies to the following information:

Information You provide Us: You may provide certain information to Us voluntarily while registering on Our Platform or for using Our Services. Such information include any identification/ correspondence details including Your mobile number, email address, password, date of birth, gender, Permanent Account Number (PAN), signature, marital status, nominee details, residential/ current address, any national identifiers such as identity card / passport details / Aadhaar card details / Voter ID / driving license, and/or education details. We may also ask You to provide certain additional information about You or any person acting on Your behalf on a case-to-case basis (collectively “Personal Information”). Further, You hereby acknowledge and agree that Our affiliates or group or subsidiary companies registered with financial services regulators may retrieve from Your records available with third party including from Know Your Customer (KYC) Registration Agency (KRA) such as name, KYC details, KYC status, father’s name, occupation, address details and related documents.

Transactional Information: We may also ask You for certain financial information, including Your billing address, bank account details, income, expenses, and/or credit history, including transaction history, balances, and/or other payment related details or other payment method data, and debit instructions or other standing instructions to process payments for the Services. Further, if You choose to invest through the Platform, We will also collect information about Your transactions including transaction status/ ID and details and Your investing patterns and behaviour (collectively “Transaction Information”).

Non-Personal Information and Cookies: We may also collect certain non-personal information, such as Your internet protocol address, web request, operating system, browser type, URL, internet service provider, IP address, aggregate user data, browser type, software and hardware attributes, pages You request, and cookie information, etc. which will not identify with You specifically (“Non – Personal Information”), while You browse, access or use the Platform. We receive and store Non – Personal Information, using data collection devices such as “cookies” on certain pages of the Platform, in order to help and analyze Our web – page flow, track user trends, measure promotional effectiveness, and promote trust and safety. We offer certain additional features on the Platform that are only available through the use of a “cookie”. We place both permanent and temporary cookies in Your computer’s hard drive. We also use cookies to allow You to enter Your password less frequently during a session on the Platform. Most cookies are “session cookies,” meaning that they are automatically deleted from Your hard drive at the end of a session. You are always free to decline Our cookies if Your browser permits, although in that case, You may not be able to use certain features or Services being provided on the Platform or You may be required to re-enter Your password each time you log – in or access the Platform during a session. No Personal Data will be collected via cookies and other tracking technology; however, if You previously provided Personal Data, cookies may be tied to such information. When and if You download and/or use the Platform through Your mobile device, We may receive information about Your location, Your IP address, and/or Your mobile device, including a unique identifier number for Your device. We may use this information to provide You with location-based Services including but not limited to search results and other personalized content. You can withdraw Your consent at any time by disabling the location-tracking functions on Your mobile. However, this may affect Your use/ enjoyment of certain features on Our Platform. You acknowledge and agree that when You browse the Platform without being a registered member or without providing Your Personal Information, We may still collect and store Your Non-Personal Information.

2. Use of Information
We use the Personal Information, Non-Personal Information, Transactional Information and User Communications and such other information provided by You for the following: (i) to provide and improve the Services on the Platform that You request; (ii) to resolve disputes and troubleshoot problems; (iii) to help promote a safe service on the Platform and protect the security and integrity of the Platform, the Services and the users; (iv) collect money from You in relation to the Services, (v) inform You about online and offline offers, products, services, and updates; (vi) customize Your experience on the Platform or share marketing material with You; (vii) to detect, prevent and protect Us from any errors, fraud and other criminal or prohibited activity on the Platform; (viii) enforce and inform about our terms and conditions; (ix) to process and fulfil Your request for Services or respond to Your comments, and queries on the Platform; (x) to contact You; (xi) to allow Our business partners and/or associates to present customised messages to You; (xii) to communicate important notices or changes in the Services, use of the Platform and the terms/policies which govern the relationship between You and the Company and with Our affiliates for providing Services to You; and (xiii) for any other purpose after obtaining Your consent at the time of collection.

Information You provide Us: You may provide certain information to Us voluntarily while registering on Our Platform or for using Our Services. Such information include any identification/ correspondence details including Your mobile number, email address, password, date of birth, gender, Permanent Account Number (PAN), signature, marital status, nominee details, residential/ current address, any national identifiers such as identity card / passport details / Aadhaar card details / Voter ID / driving license, and/or education details. We may also ask You to provide certain additional information about You or any person acting on Your behalf on a case-to-case basis (collectively “Personal Information”). Further, You hereby acknowledge and agree that Our affiliates or group or subsidiary companies registered with financial services regulators may retrieve from Your records available with third party including from Know Your Customer (KYC) Registration Agency (KRA) such as name, KYC details, KYC status, father’s name, occupation, address details and related documents.

Transactional Information: We may also ask You for certain financial information, including Your billing address, bank account details, income, expenses, and/or credit history, including transaction history, balances, and/or other payment-related details or other payment method data, and debit instructions or other standing instructions to process payments for the Services. Further, if You choose to invest through the Platform, We will also collect information about Your transactions including transaction status/ ID and details and Your investing patterns and behaviour (collectively “Transaction Information”).

Non-Personal Information and Cookies: We may also collect certain non-personal information, such as Your internet protocol address, web request, operating system, browser type, URL, internet service provider, IP address, aggregate user data, browser type, software and hardware attributes, pages You request, and cookie information, etc. which will not identify with You specifically (“Non – Personal Information”), while You browse, access or use the Platform. We receive and store Non – Personal Information, using data collection devices such as “cookies” on certain pages of the Platform, in order to help and analyze Our web – page flow, track user trends, measure promotional effectiveness, and promote trust and safety. We offer certain additional features on the Platform that are only available through the use of a “cookie”. We place both permanent and temporary cookies in your computer’s hard drive. We also use cookies to allow You to enter Your password less frequently during a session on the Platform. Most cookies are “session cookies,” meaning that they are automatically deleted from Your hard drive at the end of a session. You are always free to decline Our cookies if your browser permits, although in that case, You may not be able to use certain features or Services being provided on the Platform or You may be required to re-enter Your password each time you log – in or access the Platform during a session. No Personal Data will be collected via cookies and other tracking technology; however, if You previously provided Personal Data, cookies may be tied to such information. When and if You download and/or use the Platform through Your mobile device, We may receive information about your location, your IP address, and/or Your mobile device, including a unique identifier number for Your device. We may use this information to provide You with location-based Services including but not limited to search results and other personalized content. You can withdraw Your consent at any time by disabling the location-tracking functions on Your mobile. However, this may affect Your use/ enjoyment of certain features on Our Platform. You acknowledge and agree that when You browse the Platform without being a registered member or without providing Your Personal Information, We may still collect and store Your Non-Personal Information.

3. Governing Law

This policy shall be governed by and construed in accordance with the laws of India and shall be subject to the exclusive jurisdiction of the Courts of Bareilly, Uttar Pradesh.

Grievance Redressal

For any complaints or grievances related to our research services, please contact:

Principal Officer Details 

Name - Namita Rathore 

Email: namitarathore05071992@gmail.com

Phone: +91 9457296893

Compliance Officer Details 

Name - Namita Rathore 

Email: namitarathore05071992@gmail.com

Phone: +91 9457296893

Response Time: Within 30 days of receipt of the query. 

SEBI Office Details 

3rd Floor, Eldeco Corporate Chambers-II, Vibhuti Khand, Gomti Nagar, Lucknow - 226 010

1. In case you are not satisfied with the response, you can lodge your grievance with SEBI at https://scores.sebi.gov.in/
2.  
3. In case you are not satisfied with the response from SEBI, then you can lodge your grievance with SMARTODR on the link below: https://smartodr.in/.

Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - 31-10-2025 to 30-10-2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838
 

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

1. Refund Eligibility

Refunds are governed strictly by SEBI RA Regulations.

✔ Refunds are allowed only for the unexpired portion of the subscription
✔ Refunds are calculated on a pro-rata basis

2. Non-Refundable Cases

❌ Partial month usage is generally non-refundable
❌ No refund for services already consumed
❌ No penalty or breakage fee shall be charged

3. Regulatory Suspension

If the RA’s SEBI registration is:

• Suspended for more than 60 days, or
• Cancelled

Then, unused fees will be refunded from the effective date onward.

4. Mode & Timeline

• Refunds are processed via the original payment method
• Timeline as per SEBI-prescribed norms

5. Contact for Refund Requests

📧 namitarathore05071992@gmail.com
📞 +91 9457296893 

Office

223, Qila Chawni, Near Holi Chowk, Ward No. 47, Rampur Road, Bareilly, Uttar Pradesh, Bharat (India) 243001

Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - Oct 31, 2025 - Oct 30, 2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838
 

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

Anti-Money Laundering (AML) Policy

Bharat Stock Market Research SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

1. Introduction

Bharat Stock Market Research is committed to complying with the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) and the rules notified thereunder. This policy outlines the framework for implementing Anti-Money Laundering (AML) measures, including procedures for client due diligence, monitoring of transactions, and reporting obligations.

2. Regulatory Framework

• Prevention of Money Laundering Act, 2002 (PMLA)
• Securities and Exchange Board of India (SEBI) Guidelines
• Financial Intelligence Unit – India (FIU-IND) Guidelines
• Other relevant laws, rules, and regulations

3. Scope of the Policy

This policy applies to all clients, partners, and associates of Bharat Stock Market Research involved in financial transactions.

4. Client Due Diligence (CDD) Process

a) Policy for Acceptance of Clients

• No account shall be opened in a fictitious or anonymous name.
• Clients must provide valid Know Your Customer (KYC) documents.
• Accounts will not be opened for individuals/entities banned by SEBI/Stock Exchanges.
• Risk assessment of clients shall be conducted using various parameters such as geographical location, nature of business, and financial transactions.

b) Procedure for Identifying Clients

• Collect and verify PAN Card, Aadhaar, or other government-issued identity proof.
• Validate KYC details through SEBI-registered KYC Registration Agencies (KRAs).
• Conduct enhanced due diligence for high-risk clients.

c) Identifying Beneficial Ownership and Control

• Identify and verify the ultimate beneficial owner (UBO) of an account.
• Establish ownership/control of an entity in cases where the client is a corporate entity or a trust.

5. Transaction Monitoring and Reporting

a) Monitoring Transactions

• Volume, frequency, and pattern of trades
• Unusual or unjustified complexity
• Lack of economic rationale
• Transactions involving high-risk jurisdictions

b) Suspicious Transaction Reporting (STR)

• Involve proceeds of criminal activities.
• Appear unusually complex or lack an economic purpose.
• Suggest an attempt to avoid regulatory reporting thresholds.

c) Cash Transaction Reporting (CTR)

• Transactions involving cash deposits or withdrawals of ₹10 lakh or more (or equivalent in foreign currency) in a single day will be reported to FIU-IND.

6. Record-Keeping

• All records related to client identification, transaction history, and AML compliance will be maintained for a minimum period of 10 years.
• Records shall be made available to regulatory authorities upon request.

7. Employee Training & Awareness

• Annual AML training sessions will be conducted as applicable.
• Any suspicious activities must be reported to the relevant authorities immediately.
• Awareness sessions will be conducted on the latest AML regulatory developments.

8. Internal Audit and Review

• Bharat Stock Market Research will conduct regular internal audits to assess the effectiveness of its AML measures.
• Any observations from the audit will be reviewed and corrective actions will be taken.

9. Review of Policy

• This policy shall be reviewed annually or as required by regulatory changes.
• Updates shall be communicated to all relevant stakeholders.

10. Confidentiality and Compliance

• All reports and client data shall be treated confidentially.
• No disclosure shall be made to clients regarding AML investigations or reports filed.
• Strict disciplinary action will be taken against any violations of AML regulations.

11. Cooperation with Law Enforcement Authorities

• Bharat Stock Market Research will fully cooperate with regulatory authorities such as SEBI, FIU-IND, and law enforcement agencies in matters related to AML compliance.
• Any request for information from such agencies shall be responded to promptly.

This AML Policy serves as a guiding document for ensuring compliance with Anti-Money Laundering regulations and safeguarding Bharat Stock Market Research SEBI Registration Number INH000023728 (Proprietor: Namita Rathore) Services against financial crimes.

Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - Oct 31, 2025 - Oct 30, 2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838
 

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

All SEBI-registered Research Analysts are required to bring the Investor Charter to the notice of their clients and thus pursuant to the same we are suo motu including the investor charter along with the T&C and MITC. This ensures that the client is not into the regulatory hassle and can take our continued services without any interruption.

Bharat Stock Market Research hereby discloses the updated Investor Charter to all existing and prospective clients in compliance with the above circulars. The Investor Charter outlines the rights, responsibilities, and grievance redressal mechanisms available to clients and forms an integral part of the client on-boarding and service delivery process.

This Investor Charter is intended to promote transparency, protect investor interests, and improve awareness of client rights and grievance redressal mechanisms.

Clients are encouraged to read the Investor Charter carefully as part of their onboarding process and ongoing engagement.

INVESTOR CHARTER IN RESPECT OF RESEARCH ANALYST (RA)
A.
Vision and Mission Statements for investors.
•
Vision
Invest with knowledge & safety.
•
Mission
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.
B.
Details of business transacted by the Research Analyst with respect to the investors.
•
To publish research report based on the research activities of the RA
•
To provide an independent unbiased view on securities.
•
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
•
To provide research recommendation, based on analysis of publicly available information and known observations.
•
To conduct audit annually
•
To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
•
To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.
C.
Details of services provided to investors (No Indicative Timelines)
•
Onboarding of Clients
•
Sharing of terms and conditions of research service
•
Completing KYC of fee-paying clients
•
Disclosure to Clients:
•
To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
•
To disclose the extent of use of Artificial Intelligence tools in providing research services
•
To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider or provide web address that directs a recipient to the relevant disclosures
•
To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
•
To distribute research reports and recommendations to the clients without discrimination.
•
To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
•
To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information
•
To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines
•
To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services
•
To treat all clients with honesty and integrity
•
To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.
D.
Details of grievance redressal mechanism and how to access it
1.
Investor can lodge complaint/grievance against Research Analyst in the following ways:
Mode of filing the complaint with research analyst
In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
i.
SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in)
Two level review for complaint/grievance against Research Analyst:
•
First review done by designated body (RAASB)
•
Second review done by SEBI
ii.
Email to designated email ID of RAASB
2.
If the Investor is not satisfied with the resolution provided by the Market Participants, then 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
E.
Rights of investors
•
Right to Privacy and Confidentiality.
•
Right to Transparent Practices.
•
Right to fair and Equitable Treatment.
•
Right to Adequate Information.
•
Right to Initial and Continuing Disclosure -Right to receive information about all the statutory and regulatory disclosures.
•
Right to Fair & True Advertisement.
•
Right to Awareness about Service Parameters and Turnaround Times.
•
Right to be informed of the timelines for each service.
•
Right to be Heard and Satisfactory Grievance Redressal.
•
Right to have timely redressal.
•
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
F.
Expectations from the investors (Responsibilities of investors).
•
Do’s
I.
Always deal with SEBI registered Research Analyst.
II.
Ensure that the Research Analyst has a valid registration certificate.
III.
Check for SEBI registration number.
IV.
Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website in the following link: https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=14) iv. Always pay attention towards disclosures made in the research reports before investing.
V.
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)
VI.
Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
VII.
Ask all relevant questions and clear your doubts with your Research
Analyst before acting on recommendation.
VIII.
Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high-risk financial products and services in form SEBI about Research Analyst offering assured or guaranteed returns.
IX.
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.
X.
Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
XI.
Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
XII.
Inform SEBI about Research Analyst offering assured or guaranteed returns.
•
Don’ts
I.
Do not provide funds for investment to the Research Analyst.
II.
Don’t fall prey to luring advertisements or market rumors.
III.
Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
IV.
Do not share login credentials and password of your trading and demat accounts with the Research Analyst.

Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - Oct 31, 2025 - Oct 30, 2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838
 

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

1.
Honesty and Good Faith
Research analyst or research entity shall act honestly and in good faith.
2.
Diligence
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.
3.
Conflict of Interest
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.
4.
Insider Trading or front running
Research analyst or research entity or its employees shall not engage in insider trading or front running or front running of its own research report.
5.
Confidentiality
Research analyst or research entity or its employees shall maintain confidentiality of report till the report is made public.
6.
Professional Standard
Research analyst or research entity or its employees engaged in research analysis shall observe high professional standard while preparing research report.
7.
Compliance
Research analyst or research entity shall comply with all regulatory requirements applicable to the conduct of its business activities.
8.
Responsibility of senior management
The senior management of the research analyst or research entity shall bear primary responsibility for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.

Registered Name - Bharat Stock Market Research 

Type of registration - Proprietorship 

Registration Validity - Oct 31, 2025 - Oct 30, 2030

SEBI Registration Number INH000023728 (Proprietor: Namita Rathore)

BSE Enlistment Number - 6838
 

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

SEBI registration details and regulatory compliance information

Registration Details

Registered Name - Bharat Stock Market Research

SEBI Registration Number

INH000023728

Registration Date

31- OCTOBER 2025

Valid Until

30 - OCTOBER 2030

Category

Proprietorship

Principal Officer Details

Name

Namita Rathore

Designation

Research Analyst and Proprietor 

STANDARD DISCLOSURES

The particulars given in this Disclosure Document have been prepared in accordance with SEBI (Research Analyst) Regulations, 2014.

For the purpose of this disclosure document, Research Analyst is Namita Rathore ( Research Analyst), (hereinafter referred to as “Research Analyst” or “RA”)

History, Present business and Background

Bharat Stock Market Research (Research Analyst) (hereinafter referred to as the “Research Analyst” or “RA”) is a registered SEBI Research Analyst under the SEBI (Research Analysts) Regulations, 2014, having Registration No. INH000023728

Below are the brief details:

• Name: Bharat Stock Market Research 
• Proprietor: Namita Rathore 
• SEBI Registration Number: INH000023728
• BSE Enlistment Number: 6838
• Address: 223, Qila Chawni, Near Holi Chowk, Ward No. 47, Rampur Road, Bareilly, Uttar Pradesh, Bharat (India) 243001
• Email ID: namitarathore05071992@gmail.com
• Contact No.: +91 9457296893

The Research Analyst is engaged in offering research recommendation to the clients in the Indian Securities Market. Its scope of services is restricted to providing the independent research services and is in no way involve in offering any Investment Advice, Portfolio Management or any other ancillary services.

The Research Analyst does not offer any execution or distribution services.

Terms and conditions of Research Services

The Research Services will be limited to providing independent research and shall not be involved in any portfolio allocation services, execution services or distribution services.

The Research Analyst has exercised due diligence in checking the correctness and authenticity of the information

Disciplinary history

No penalties / directions have been issued by SEBI under the SEBI Act or Regulations made there under against the Research Analyst relating to Research Analyst services.

There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst.

Details of its associates

The details of associates shall be provided as and when required.

Disclosures with respect to Research and Recommendations Services

• The Research Analyst or any of its officer/employee does not trade in securities which are subject matter of recommendation.
• There are 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 Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.
• Research Analyst or its employee or its associates have not received any compensation from the company which is subject matter of recommendation.
• Research Analyst or its employee or its associates have not managed or co-managed the public offering of any company.
• Research Analyst or its employee or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company.
• Research Analyst or its employee or its associates have not received any compensation for products or services other than above from the subject company.
• Research Analyst or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
• The subject company was not a client of Research Analyst or its employee or its associates during twelve months preceding the date of recommendation services provided.
• Research Analysts or its employee or its associates has not served as an officer, director or employee of the subject company.
• Research Analysts has not been engaged in market making activity of the subject company.

In case of any query or issue you may connect to us namitarathore05071992@gmail.com.

Grievance Redressal

For any complaints or grievances related to our research services, please contact:

Email:namitarathore05071992@gmail.com

Phone: +91 9457296893

Response Time: Within 30 days of receipt

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

Disclaimer(s)

Important Notice and Limitation of Liability

Please read carefully.

The particulars given below are as per Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

About the Research Analyst

Bharat Stock Market Research  (Research Analyst) (hereinafter referred to as the “Research Analyst” or “RA”) is a registered SEBI Research Analyst under the SEBI (Research Analysts) Regulations, 2014, having Registration No. INH000023728

Brief details:

• Research Analyst Name: Bharat Stock Market Research 
• Proprietor: Namita Rathore
• SEBI Registration Number: INH000023728
• BSE Enlistment Number: 6838
• Address: 223, Qila Chawni, Near Holi Chowk, Ward No. 47, Rampur Road, Bareilly, Uttar Pradesh, Bharat (India)
• Email ID: namitarathore05071992@gmail.com
• Contact No.: +919457296893

History, Present business and Background

The Research Analyst is engaged in offering research recommendation to the clients in the Indian Securities Market. Its scope of services is restricted to providing the independent research services and is in no way involve in offering any Investment Advice, Portfolio Management or any other ancillary services. The Research Analyst does not offer any execution or distribution services.

Terms and conditions of Research Services

The Research Services will be limited to providing independent research and shall not be involved in any portfolio allocation services, execution services or distribution services.

Disciplinary history

No penalties / directions have been issued by SEBI under the SEBI Act or Regulations made there under against the Research Analyst relating to Research Analyst services. There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the Research Analyst.

Details of its associates

The details of associates shall be provided as and when required.

Disclosure with regard to ownership and material conflicts of interest

• The Research Analyst or its associates or relatives do not have financial interest in the subject Company;
• The Research Analyst or its associates or relatives do not 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;
• The Research Analyst or its associates or relatives do not have any other material conflict of interest at the time of publication of the research report or at the time of public appearance.

Disclosure with regard to receipt of Compensation

• The Research Analyst or its associates have not received compensation from the subject Company in the past twelve months.
• The Research Analyst or its associates have not managed or co-managed public offering of securities for the subject Company in the past twelve months.
• The Research Analyst or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject Company in the past twelve months.
• The 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.
• The 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.

Disclosure with regard to receipt of Compensation (For the purpose of Public appearance)

• Whether it or its associates have received any compensation from the subject company in the past twelve months – No
• Whether the subject company is or was a client during twelve months preceding the date of distribution of the research report and the types of services provided – No

General Disclosure

• The Research Analyst has not served as an officer, director or employee of the subject Company.
• The Research Analyst has not been engaged in market making activity for the subject Company.
• The Research Analyst is not using any Artificial Intelligence (AI) tool in research services.

Additional Disclosures

Trading/investing in Stock Market involves considerable risk. Investment in equity shares, futures, options and commodities has its own risks. You may lose part or all of the initial investment because stock market investments are subject to market risk. It is not ideal for all types of investors to invest in stock market.

Registration granted by SEBI, enlistment of Research Analyst (RA) with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

The research recommendation and/or report provided is based on information & analysis which is believed to be accurate. This information is provided to enable you to make your own investment decisions and should not be construed as investment advice.

The Research Analyst do not offer any product/service with assured/guaranteed returns. The anticipatory moves mentioned are purely subject to technical studies and does not take into consideration sudden currency/ market volatility and data events. The Research Analyst cannot be held responsible for the accuracy of the research recommendation and/or report.

The Research Analyst do not give any kind of profit commitments. Investment in stock or commodity markets is subject to market risk, though best attempts are made for predicting markets, but no surety of return or accuracy of any kind is guaranteed. Clients are advised to consider all the advice as just an opinion and make investment decision on their own.

In case of clients seeking advice on any specific positions already made by the client, the Research Analyst will be able to suggest best possible action considering the view on the security or product. Such suggestion under any circumstances shall be considered as an opinion (not advice) and the Research Analyst advise client to consider the opinion and not consultancy to make his/her final decision. The Research Analyst is not liable for any losses whatsoever client may incur in accepting the opinions.

Client is also advised to trade only if research recommendation and/or report suit his/her current risk appetite and risk bearing capacity, all the research recommendation and/or report shall be considered as a view or opinion and client shall on his/her discretion decide actual trades.

The Research Analyst shall not be held responsible for any decisions taken based on the research recommendation, reports, or any related information.

The Research Analyst does not provide merchant banking, investment banking, investment adviser, or brokerage services.

The Research Analyst has never been suspended or barred from doing business by SEBI or any other authority, nor has SEBI ever cancelled our certificate of registration.

The Research Analyst has never been in any partnership with any third-party intermediaries for execution or distribution services. As a result, we receive no compensation for execution or distribution services.

Interpretation

Unless the context otherwise requires, words importing the singular shall include the plural and vice versa; words importing the masculine gender shall include the feminine and vice versa; and words importing natural persons shall include bodies corporate, partnerships, and other legal entities, and vice versa.

Definitions of Terms Used

• Buy: Buy means that the stock recommended to be bought either at Market or at price or within price band mentioned in the recommendation. Stock to be bought at Market or Current Market price (CMP) must be bought immediately or near the closing time of market at closing price. Stock with limit price order or where buying price or price band is mentioned, such stock can be bought at the price or within the price band mentioned.
• Sell / Target: Sell or target price is the price at which stock must be sold. For Stocks which have reached to their target price or trading above target price must be sold upon reaching the target price or price band mentioned.
• Hold: Hold means that a stock may be held and no exit is required. Hold recommendation is given if stock has not achieved its mentioned target or hit the mentioned stop loss price. Hold recommendation can also be given in case if research analyst is of opinion that even after reaching the target price, the stock may go beyond target price due to change in circumstances.
• Stop loss price: Stop loss is a price at which the stock must be exited or sold due to adverse situation or market move contrary to recommendation. When the stop loss price is reached, stock can be exited immediately or near the close of trading session at price which is near the closing price. Second scenario is mentioned given the fact that sometimes the stop loss price is reached due to intra day volatility of market but it recovers towards the end of session showing the strength of stock & in such case stock can be held. This mechanism helps the Investor from a wrong exit/ pre mature exit from stock. It must be noted, however, that if the stock is trading below/at stop loss near the closing trading time, then it must be exited.
• Add / Accumulate: Add or Accumulate means gradually purchasing additional quantities of the stock, usually on declines or at favorable levels, to build or enhance the position over time.
• Reduce / Trim: Reduce or Trim refers to gradually decreasing exposure in the stock without a full exit, usually recommended when valuations are stretched or partial profit booking is advisable.
• Neutral: Neutral recommendation implies that the Research Analyst does not expect any significant upside or downside in the stock, and therefore neither a Buy nor Sell view is warranted.
• Outperform: Outperform indicates that the stock is expected to deliver returns higher than the relevant benchmark index or sectoral index over the recommended horizon.
• Underperform: Underperform indicates that the stock is expected to deliver returns lower than the relevant benchmark index or sectoral index over the recommended horizon.
• Fair Value / Valuation: Fair Value refers to the estimated intrinsic value of the stock derived from the Research Analyst’s analysis and valuation models, which may include discounted cash flow (DCF), price-to-earnings (P/E), price-to-book (P/B), EV/EBITDA, or other methodologies.
• Benchmark: Benchmark means the index or market standard (e.g., Nifty 50, Sensex, sectoral indices) against which the performance of the recommended stock is measured.
• Risk Factors: Risk Factors are potential events, conditions, or variables (such as regulatory changes, macroeconomic events, company-specific developments, or geopolitical risks) that may materially affect the outcome of the recommendation.
•  

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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

Risk Warnings & Disclosures

Important risk disclosures and disclaimers for investors

General Investment Risks

Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Past performance is not indicative of future returns.

Market Risks

Price Volatility

Stock prices can fluctuate significantly due to market conditions, economic factors, and company-specific events.

Liquidity Risk

Some stocks may have limited trading volumes, making it difficult to buy or sell at desired prices.

Currency Risk

For foreign investments, currency fluctuations can impact returns when converted to local currency.

Company-Specific Risks

Business Risk

Company performance can be affected by management decisions, competitive position, and operational efficiency.

Financial Risk

High debt levels, poor cash flow, or weak financial position can negatively impact stock performance.

Regulatory Risk

Changes in government policies, regulations, or tax laws can significantly impact specific sectors or companies.

Recommendations Disclaimer

Our research recommendations are based on available information and analytical models at the time of publication. Market conditions, company fundamentals, and other factors can change rapidly, potentially affecting the validity of our recommendations. Investors should:

• • Conduct their own research and due diligence
• • Consider their own risk tolerance and investment objectives
• • Consult with qualified financial advisors if needed
• • Diversify their investment portfolio to manage risk

• Name: Bharat Stock Market Research 
• Proprietor: Namita Rathore 
• SEBI Registration Number: INH000023728
• BSE Enlistment Number: 6838
• Address: 223, Qila Chawni, Near Holi Chowk, Ward No. 47, Rampur Road, Bareilly, Uttar Pradesh, Bharat (India) 243001
• Email ID: namitarathore05071992@gmail.com
• Contact No.: +91 9457296893
•  

Disclaimer: Registration granted by SEBI, enlistment of RA with Exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

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