🌟 Disclaimer and Disclosures

Please refrain from inquiring about the specific amount or lot size required for investing in securities. According to RA regulations, we are not permitted to disclose this information. While we may provide guidance upon request, please be aware that any future liabilities or losses resulting from our recommendations will not be our responsibility. It’s advisable to invest with your own risk tolerance in mind, without seeking direct advice from a Research Analyst.

1. (a) All service fees must be paid only via our official website: www.vriharesearch.com or verified bank/payment gateway channels/verified UPI.
2. (b) Centralized Fee Collection Mechanism (CeFCoM), if applicable.
3. (c) Payments made to any personal accounts or unauthorized third parties will not be acknowledged, and no liability will arise therefrom.
4. (d) No third party or employee is authorized to offer return guarantees. Report any such activity to our Compliance Officer and SEBI immediately.
5. (e) If you engage with such unauthorized persons, including our employees or associates, or accept return guarantees without officially informing the company, the company will not be liable for any resulting losses or liabilities.
6. (f) Reporting such incidents both internally (Compliance Officer) and to the regulatory authority (SEBI) is a critical step to help stop potentially illegal investment schemes.

Understanding the Risks of #HeroZero and #ZeroHero Options Calls

Options trading—particularly strategies shared under labels such as #HeroZero and #ZeroHero—involves high capital risk. These trades carry a high probability of total capital loss due to the leveraged and time-bound nature of derivatives. Investors must engage in Futures & Options (F&O) trading strictly in accordance with their personal risk appetite and financial capacity. These calls are intended for experienced market participants who understand the volatility and complexity of options markets.

While we provide research analysis and securities-specific recommendations, we do not offer:

1. (a) Portfolio management services (PMS)
2. (b) Personalized account handling
3. (c) Profit-sharing arrangements
4. (d) Investment advisory based on individual risk profiling

Investors are responsible for their own investment decisions and should seek a registered investment adviser for personalized financial planning services.

We are committed to ethical research and transparent market practices. If you observe any misleading claims, unauthorized fee collection, or unethical conduct involving our services or brand:

1. (a) No third party or employee is authorized to offer return guarantees. Report any such activity to our Compliance Officer and SEBI immediately.
2. (b) If you engage with such unauthorized persons, including our employees or associates, or accept return guarantees without officially informing the company, the company will not be liable for any resulting losses or liabilities.
3. (c) Reporting such incidents both internally (Compliance Officer) and to the regulatory authority (SEBI) is a critical step to help stop potentially illegal investment schemes.

Report directly to our Compliance Team: compliance@vriharesearch.com

Or contact SEBI Toll-Free:

📞 1800 22 7575
📞 1800 266 7575

🏢 Entity Name: PANKAJ GARG
SEBI Research Analyst Registration No.: INH000023481

💼 Business Activity: PANKAJ GARG is engaged in the business of providing independent equity research services. The firm offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary.

The company is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014. All recommendations are made in good faith and based on data believed to be reliable at the time of publication. Investors are advised to use discretion and consult with certified professionals before making any financial decisions.

✅ Regulatory Standing: This disclosure is in compliance with SEBI’s guidelines requiring transparency about the nature of the research entity and its registration credentials.
SEBI Registration No.: INH000023481
Name of RA Entity: PANKAJ GARG

📝 Disciplinary History Statement:

PANKAJ GARG (SEBI Registration No.: INH000023481) and its Partners and associates have a clear and unblemished record.

1. (a) There have been no instances of disciplinary action, penalties, or sanctions levied or passed by any regulatory or administrative authorities against PANKAJ GARG, its Partners, or its associates.
2. (b) This statement is made in accordance with disclosure requirements for transparency and regulatory compliance as per SEBI (Research Analyst) Regulations, 2014.

1. 1. Purpose and Audience:
   1. (a) The Research Report is exclusively issued to registered clients of PANKAJ GARG.
   2. (b) Reports and recommendations serve informational purposes only and are delivered as part of the firm’s professional research analyst services.
2. 2. Basis and Reliability of Information:
   1. (a) All research content is prepared using facts, figures, and information deemed to be true, correct, and reliable at the time of publication.
   2. (b) Information sources include publicly available data and other trusted channels believed to be accurate.
   3. (c) The research team conducts a review to ensure that there are no untrue statements of material fact and no false or misleading information in any report or recommendation.
3. 3. Nature of Recommendations
   1. (a) Reports and recommendations are provided solely for informational purposes.
   2. (b) The documents do not constitute an offer document and shall in no way be interpreted as a solicitation to:
      1. Buy
      2. Sell
      3. Hold
      4. Other ratings defined
4. 4. No Offer or Solicitation
   1. (a) The material does not create any obligation for clients to act on the information contained within.
   2. (b) It does not represent any proposal, invitation, or inducement relating to the trading or investment in securities.
5. 5. Regulatory Compliance
   1. (a) PANKAJ GARG is registered under SEBI (Research Analyst) Regulations, 2014 and operates under SEBI Registration No. INH000023481.
   2. (b) All recommendations adhere to compliance and disclosure standards set by regulatory authorities.
6. 6. Client Responsibility
   1. (a) Clients are urged to exercise independent judgment and consult with their own financial or investment advisors before making any decision based on the research.
   2. (b) The report, analysis, or recommendations do not replace independent professional advice suited to individual circumstances.
7. 7. Limitation of Liability
   1. (a) PANKAJ GARG and its analysts do not accept responsibility or liability for losses, whether direct or indirect, that may result from the use of the research report or recommendations.
8. 8. Copyright and Confidentiality
   1. (a) Research reports are issued for personal use of registered clients only.
   2. (b) No part of the report may be reproduced, redistributed, or published without written authorization from PANKAJ GARG.

PANKAJ GARG (SEBI Registration: INH000023481), along with its partners, employees, officers, and affiliates, shall not be held responsible for any loss, damage, or liability arising from any unintentional errors, omissions, or inaccuracies in the research reports or recommendations provided.

Key Risk Considerations:

1. (a) Market Risk: Investing in the securities market involves significant risk. Under certain market conditions, investors may incur substantial or even complete losses of their investment or portfolio.
2. (b) No Personalized Advice: The research reports and recommendations are general in nature and do not account for individual financial situations, investment goals, or risk profiles. They are not tailored to any specific investor's requirements.
3. (c) Client Responsibility: Clients and readers of our reports are strongly advised to assess their own risk appetite, financial situation, and investment objectives before acting on any recommendations. Where necessary, they should consult a certified financial advisor to determine the suitability of the information provided.
4. (d) Capital Market Risk Awareness: Clients should acknowledge and fully understand that all investments in the capital markets are subject to market volatility and external events that may adversely affect portfolio performance.

✅ Disclaimer: Investors are solely responsible for all decisions taken on the basis of the research reports or recommendations issued by PANKAJ GARG. All investments carry risk, and past performance or expert opinion does not guarantee future outcomes.

Entity Name: PANKAJ GARG
SEBI Research Analyst Registration Number: INH000023481

🔎 Disclosures Regarding Ownership and Material Conflicts of Interest:

1. (a) Ownership of Securities: Neither PANKAJ GARG, nor its research analysts, nor their relatives or associates, hold 1% or more in the equity securities of the subject company or companies mentioned in the research reports.
2. (b) Financial Interest: PANKAJ GARG, its research analysts, and their relatives or associates do not have any direct or indirect financial interest in the subject company/companies at the time of publication.
3. (c) Conflict of Interest: At the date of publication of the research report, PANKAJ GARG, its research analysts, and their relatives or associates do not have any material conflict of interest, whether pecuniary or otherwise, with any of the subject companies referred to in the report.

🔒 Conflict of Interest & Compensation Disclosures: PANKAJ GARG or its associates have NOT:

1. (a) Received any compensation from the subject company in the past twelve months.
2. (b) Managed or co-managed any public offering of securities for the subject company in the past twelve months.
3. (c) Received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
4. (d) Received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
5. (e) Received any compensation or other benefits from the subject company or any third party in connection with this research report.
6. (f) Engaged in any market-making activity for the subject company.

🧑‍💼 Research Analyst Disclosure: (a) The Research Analyst has not served as an officer, director, or employee of the subject company at any point in time.

For further details on risk disclosures, terms and conditions, SEBI registration details, refund policies, Compliance officer contact, disclaimers and investor responsibilities please visit our official website and social media platforms:

🌐 Trade Name / Website: www.vriharesearch.com

Our Recommendations are based on technical and fundamental analysis, with some use of AI-artificial intelligence, and Algo Platforms.

1. (a) Our responsibility for client data security, confidentiality, and compliance is upheld through the use of AI and Algo.
2. (b) AI and Algo trading risks include system vulnerabilities that can amplify errors.
3. (c) Handling sensitive data poses privacy and security risks, including potential breaches.
4. (d) Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, and misleading results from poor data.
5. (e) Severe data glitches may result in significant losses related to your security or portfolio.
6. (f) There is no guarantee of success or return when acting on AI-generated or Algo-generated recommendations.
7. (g) You bear the full risk of any investment decisions made based on such advice.
8. (h) The provider is not liable for any losses or damages you may incur as a result of your actions taken as per AI recommendations.

PANKAJ GARG (SEBI Research Analyst Registration No.: INH000023481) may, from time to time, publish or recommend a Model Portfolio as part of its research and analysis services. Any such model portfolio will be issued and maintained in accordance with the guidelines and conditions prescribed under the SEBI (Research Analyst) Regulations, 2014, and any subsequent circulars or clarifications issued by SEBI.

🔍 Key Points:

1. (a) The model portfolio is created purely for illustration and educational purposes and is not intended to act as specific investment advice for any individual client.
2. (b) Any inclusion of securities or their weightage is based on research-driven methodology and is aligned with general market views and sectoral outlooks at the time of issuance.

PANKAJ GARG will ensure that such model portfolios:

1. (i) Are accompanied by a detailed rationale.
2. (ii) Are continuously monitored and updated when necessary.
3. (iii) Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

⚠️ Investor Responsibility: Investors are advised to exercise discretion and consult with an investment adviser or financial planner before replicating or acting upon any model portfolio published by PANKAJ GARG. The model portfolio does not consider individual risk profiles, financial goals, or investment timelines, and therefore may not be suitable for all types of investors.

PANKAJ GARG (SEBI Research Analyst Registration No.: INH000023481)

⚠️ Important Legal & Risk Disclosure

Please note that our recommendations, insights, or services related to Crypto assets, Foreign Exchange (Forex) trading, and any other third-party products are made outside the jurisdiction of the Securities and Exchange Board of India (SEBI).

1. (a) These products fall outside the regulatory purview of SEBI.
2. (b) No recourse, protection, or dispute resolution mechanism from SEBI shall be available to investors engaging in such instruments based on our content or commentary.

🔻 High Risk Warning

1. (a) The potential for capital loss is significantly high in Crypto and Forex markets due to their unregulated and volatile nature.
2. (b) The absence of regulatory oversight and formal grievance mechanisms increases the risk of fraud, operational failure, and non-recoverable losses.
3. (c) Investors must exercise extreme caution and invest strictly based on their personal risk tolerance and financial situation.

🧠 Our Position

1. (a) We are not registered to provide investment advisory, trading, or portfolio services for unregulated products.
2. (b) Any views or references provided on Crypto, Forex, or similar third-party products are not recommendations, but are shared purely as research-based insights or analyst commentary for general informational purposes.

🚫 Liability Disclaimer

PANKAJ GARG and its representatives cannot be held responsible for any adverse events, capital erosion, or disputes arising from investment decisions made in unregulated markets based on our research or communications.

For SEBI-regulated research services, model portfolios, disclosures, and terms of service, please visit our official website: www.vriharesearch.com

Issued by: PANKAJ GARG (SEBI Reg. No.: INH000023481)

To ensure transparency and clarity in our research reports and stock recommendations, the following terminology is used to define specific ratings or actions:

1. ✅ Buy
   Indicates that the stock/security should be purchased within the specified price range provided in the recommendation.
   📌 Example: “Buy XYZ at ₹100–₹105” means XYZ should be bought strictly within that range. Buying outside this price band is not advised.
2. 📉 Sell
   Suggests that the stock/security should be sold within the specified price range mentioned in the recommendation.
   📌 Follow the defined range for optimal execution.
3. ✋ Hold
   Advises investors to retain their current holdings in the stock/security until a revised call is issued, such as a new stop-loss or target update.
4. 📝 Apply
   Recommends participation in specific public offers like:
   (a) Initial Public Offering (IPO) (b) Buyback Offers (c) Offer for Sale (OFS)
5. 💰 Book Profit
   Indicates it is advisable to sell part or all holdings of the stock/security to realize or lock in existing gains.
6. ❌ Exit
   A strong recommendation to sell all existing quantities and close the entire position in the mentioned stock/security.
7. ➕➖ Add / Reduce
   (i) Add: Buy additional quantity of the security if already holding based on favourable conditions. (ii) Reduce: Partially sell the security based on revised outlook, risk, or market movement.
8. 🔐 Investor Note
   Please execute recommendations as per the defined levels and time horizon, and consult a SEBI-registered Investment Adviser for decisions tailored to your individual risk profile and financial goals.

For more details, disclaimers, and regulatory information, visit: www.vriharesearch.com

At PANKAJ GARG (SEBI Reg. No.: INH000023481), we are committed to maintaining the highest standards of transparency, service, and investor protection.

If you are dissatisfied with any aspect of our services, we encourage you to raise your first level of complaint through the following channels:

📧 Email: compliance@vriharesearch.com

📞 Phone: +91 9115770111

🌐 Website: www.vriharesearch.com

We will make every effort to address and resolve your complaint in a transparent and timely manner. If unresolved, you may escalate it further through appropriate regulatory channels such as SEBI’s SCORES platform.

Thank you for giving us the opportunity to serve you responsibly.

📬 Level 1 – Initial Complaint Contact

📧 Email: compliance@vriharesearch.com

📞 Phone: +91 9115770111

🌐 Website: www.vriharesearch.com

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⚖️ Level 2 – Escalation to SEBI (If unresolved after 7 days)

If your concern remains unresolved within 7 days or you are not satisfied with our response, you may escalate the issue directly to SEBI using the platforms below:

1. 🔗 SEBI SCORES Portal: https://scores.sebi.gov.in/
2. 🔗 SEBI SMART ODR (Online Dispute Resolution): https://smartodr.in/

📞 SEBI Toll-Free Numbers: 1800 22 7575 / 1800 266 7575

🏢 Contact Any SEBI Office: https://www.sebi.gov.in/contact-us.html

📱 Download SEBI SCORES App:

(i) iOS (Apple): https://apps.apple.com/us/app/sebiscores/id6478849917

(ii) Android (Google Play): https://play.google.com/store/apps/details?id=com.sebi

The Securities and Exchange Board of India (SEBI) provides a range of free tools, resources, and mobile applications to promote investor awareness and financial literacy. These offerings are designed to empower investors to make informed decisions and protect their interests in the securities market.

🖥️ SEBI Investor App

📱 SEBI Saarthi App

1. 1. Android Download: https://play.google.com/store/apps/details?id=com.sebi.invapp
2. 2. iOS Download: https://apps.apple.com/in/app/saa%E2%82%B9thi/id1589426387

📊 Investor Charter & Complaint Table

For additional information on investor rights, services, responsibilities, and complaint mechanisms, you can refer to the Investor Charter and Complaint Table available on the research analyst or intermediary’s website.

Visit: Investor Charter, MITC & Complaint Table at: www.vriharesearch.com

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