Terms & Conditions

Terms and Conditions of Research Services

Parties to These Terms and Conditions

1. Availing the Services

The Client hereby accepts the research services and confirms to avail the research services on its own discretion provided by the Research Analyst ("RA"), and the Research Analyst agrees to provide such services in accordance with the terms and conditions set forth underneath.

2. Obligations on RA and Client

The Client and the Research Analyst shall be bound by all applicable regulations, rules, circulars, and amendments issued by SEBI, including the SEBI (Research Analysts) Regulations, 2014 and all other notifications of the Government, if any, from time to time.

3. Client Information and KYC

The Client is bound, upon acceptance of services, to submit all requisite documents as requested by the Research Analyst and help the RA to complete the KYC process.

The Client hereby gives consent to the Research Analyst to fetch his KYC documents from the KYC Registration Agency (KRA).

4. Standard Terms of Service

The Client acknowledges and gives his consent to be bound by the terms set forth herewith, as well as any applicable amendments or updates provided by the Research Analyst.

The Client hereby agrees:

1. I have 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.
2. I am subscribing to the research services for my own benefit and consumption, and any reliance placed on the research report provided by the Research Analyst shall be based on my own judgment and assessment of the conclusions contained in the research report.

The Client understands that:

1. Any investment made based on the recommendations in the research report is subject to market risk.
2. Recommendations in the research report do not provide any assurance of returns.
3. There is no recourse to claim any losses incurred on investments made based on the recommendations in the research report.

Declaration by Research Analyst

The Research Analyst further declares that:

1. It is duly registered with SEBI as an RA having Registration No.: INH000022084, Date of Registration: 28 July 2025.
2. It has the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting.
3. The services provided by the RA do not conflict with or violate any provision of law, rule, regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject.
4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum per family of clients.
5. The recommendations provided by the RA do not provide any assurance of returns.
6. The RA is not engaged in any additional professional or business activities on a full-time or executive capacity that may interfere with or influence the independence of the research report and/or recommendations.

5. Consideration and Mode of Payment

1. The Client shall duly pay the fees to the RA on the invoice raised, or for any agreed amount whether written or oral, within 2 days.
2. The Client agrees to make all payments via UPI, Netbanking, Payment Gateway, or any other verified banking channel. The Client shall not pay any fees in cash.
3. The Client hereby agrees to pay the fees into the bank account of the Research Analyst only. The RA shall not be liable for any payment made to a third-party account.

6. Risk Factors

The Client understands that the services provided by the Research Analyst involve inherent risks, and the Client agrees to bear full responsibility for any financial or other consequences arising from the use of these services. Investment in the market is subject to market risk, and is also subject to the following:

1. Trading in equities, derivatives, and other securities is subject to market risks and there is no assurance or guarantee of returns.
2. Past performance does not indicate future performance.
3. Research recommendations may not always be profitable, as actual market movements may differ from anticipated trends.
4. The Research Analyst is not responsible or liable for any losses resulting from research recommendations.
5. Investments in the securities market are subject to market risks. Read all related documents carefully before investing.
6. Registration granted by SEBI, membership of BSE, and certification from NISM do not guarantee the performance of the intermediary or provide any assurance of returns to investors.

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. Some of the disclosures are as follows:

1. The Research Analyst or any of its officers/employees does not trade in securities which are the subject matter of recommendation.
2. 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 carrying on Research Analyst services. Such conflict of interest shall be disclosed to the Client as and when they arise.
3. The Research Analyst, its employees, or its associates have not received any compensation from the company which is the subject matter of recommendation.

The Client is advised to refer to the detailed disclosure provided on our website.

8. Termination of Service and Refund of Fees

The Agreement may be terminated by the Client if the Research Analyst fails to provide the research recommendations. However, the Client cannot terminate the agreement solely on the basis of not achieving the desired returns or incurring losses from trading on the recommendations, or the Client discontinuing the services without valid reason, or in case of force majeure.

The RA may suspend or terminate rendering of research services to the Client on account of suspension/cancellation of registration of the RA by SEBI, and shall refund the residual amount to the Client.

In case of suspension of the certificate of registration of the RA for more than 60 (sixty) days, or cancellation of the RA registration, the RA shall refund the fees on a pro rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.

9. Grievance Redressal

In the event of grievances related to non-receipt of the research report, missing content, or deficiencies in services, the Client may raise a grievance. The Research Analyst will ensure redressal within 7 days of such complaint.

The Client is required to follow the following procedure for any grievance:

Note: Clients are advised to read the Do's and Don'ts for Dealing with the Research Analyst, as mentioned in SEBI Master Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024, or any updates provided by SEBI in the future. Clients are requested to go through all the Disclaimers, Disclosures, Refund Policy, and information mentioned on our website.

10. Most Important Terms and Conditions

1. These terms and conditions, and consent thereon, are for the research services provided by the Research Analyst (RA), and the RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of the Client. Thus, Clients are advised not to permit the RA to execute any trade on their behalf.
2. The fee charged by the RA to the Client will be subject to the maximum amount prescribed by SEBI/Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
   • The current fee limit is ₹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.
3. The 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 a refund of proportionate fees only for the unexpired period.
4. Fees to the 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 the Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (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 a 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 the research report.
8. Any investment made based on recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on 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. 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 — Contact No.: +91 9826265656, Mail ID: info@galaxyresearch.in
    • 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 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 the RA.

11. Optional Centralised Fee Collection Mechanism

There is an optional 'Centralized Fee Collection Mechanism for Investment Advisors and Research Analysts' (CeFCoM) for fee payments. The Research Analyst has presently not opted for the same, and once the Research Analyst gets registered for it, the said mechanism will thereafter be available for the Client.

12. Confidentiality

The Client shall not share any confidential information with a third party without prior consent from the RA which has come to its knowledge.

13. Dispute

No suit, prosecution, or other legal proceeding shall lie against the Research Analyst for any damage caused or likely to be caused by anything which is done in good faith or intended to be done under the provisions of the Securities and Exchange Board of India (Research Analyst) Regulations, 2014.

Any disputes between the parties shall be resolved through arbitration or other methods mutually agreed upon, in accordance with applicable legal and regulatory guidelines.

14. Severability

If any provision of these Terms and Conditions is found to be invalid, illegal, or unenforceable, the remaining provisions will remain in full effect, provided the essential purpose of the Terms and Conditions is not undermined.

15. Force Majeure

Neither party shall be held liable for failure or delay in performance under these Terms and Conditions due to circumstances beyond their reasonable control, including but not limited to natural disasters, government actions, or other unforeseen events.

The Client agrees to abide by the terms and conditions of the research services.

Galaxy Research is committed to ethical research practices and transparency. These Terms & Conditions, together with our Disclaimer, Privacy Policy, and Investor Charter, constitute the entire agreement between you and Galaxy Research with respect to your use of the website and research services.