Disclaimer

• MARKET RISK WARNING: Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
• LOSS POSSIBILITY: Market risks may result in partial or permanent loss of investments under certain market conditions.
• ILLUSTRATIVE PURPOSES: Securities mentioned in our reports are for illustration purposes only and should not be treated as investment recommendations unless specifically stated.
• SEBI REGISTRATION: Registration granted by SEBI and certification from NISM do not guarantee the performance of the Research Analyst or assure returns to investors.
• PAST PERFORMANCE: Past performance is not indicative of future results.
• EDUCATIONAL PURPOSES: Information published on our website, social media platforms and research reports is for educational and informational purposes only and should not be construed as investment advice.
• RISK ASSOCIATED WITH OPEN POSITIONS: Research Analysts may have open positions in recommended securities as permitted under applicable regulations. Market volatility may lead to gains or losses.
• SEBI SPECIFIED PAYMENT MECHANISM: All payments for research services must be made only through the official bank account of Think Up Research. Payments made through any unauthorized account shall not be considered valid.
• NO WARRANTIES: Think Up Research does not guarantee the accuracy, completeness, reliability, merchantability or suitability of any research report or recommendation.
• EXERCISE CAUTION: Think Up Research provides Research Analyst services only. We do not provide Portfolio Management Services (PMS), Investment Advisory, Profit Sharing, Personal Account Handling or Risk Profiling Services unless separately registered.
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Business Activity:

Think Up Research is engaged in the business of providing Research Analyst services including Buy, Sell and Hold recommendations in accordance with the SEBI (Research Analysts) Regulations, 2014.

Think Up Research is registered as a Research Analyst under SEBI. Registration No.: INH000028431

Disciplinary History:

There has been no instance of any disciplinary action, penalty or regulatory order passed against Think Up Research except those disclosed by SEBI, if any.

Terms & Conditions for Research Reports:

• Research reports are issued exclusively for registered clients wherever applicable.
• Recommendations are prepared using information believed to be reliable and publicly available.
• Every effort is made to ensure that reports do not contain false, misleading or manipulated information.
• Research reports are issued solely for informational purposes and do not constitute an offer or solicitation to buy or sell securities.

• Think Up Research (SEBI Reg. No. INH000028431), its partners, employees, officers and affiliates shall not be responsible for any loss or damage arising from reliance on any research report or recommendation.
• Investors may lose part or all of their investment due to market risks. Investment decisions should always be based on the investor's own risk appetite, financial condition and investment objectives.
• Research reports and recommendations do not consider the individual financial objectives, risk profile or specific investment needs of any person.
• Clients should evaluate every recommendation independently and understand the risks associated with investing in capital markets before acting upon any research.

Think Up Research is a SEBI Registered Research Analyst (Registration No. INH000028431) and makes the following disclosures in accordance with SEBI (Research Analysts) Regulations, 2014.

• Think Up Research, its Research Analysts, relatives or associates do not have any direct or indirect financial interest in the subject company unless specifically disclosed.
• Think Up Research and its Research Analysts do not have any material conflict of interest at the time of publication of the research report unless expressly disclosed.
• Think Up Research and its Research Analysts do not hold 1% or more ownership in the securities of the subject company unless specifically disclosed.

• Think Up Research or its associates have not received any compensation from the subject company during the previous twelve months, unless specifically disclosed.
• Think Up Research or its associates have not managed or co-managed any public offering of securities of the subject company during the previous twelve months unless disclosed.
• Think Up Research or its associates have not received any compensation for investment banking, merchant banking or brokerage services from the subject company during the previous twelve months unless disclosed.
• Think Up Research or its associates have not received any compensation for products or services other than Research Analyst services from the subject company during the previous twelve months unless disclosed.
• Think Up Research or its associates have not received any compensation or other benefits from the subject company or any third party in connection with the research report unless disclosed.
• The Research Analyst has not served as an officer, director or employee of the subject company unless specifically disclosed.
• Think Up Research has not engaged in market-making activities for the subject company unless specifically disclosed.

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Website: www.thinkupresearch.com