Disclosures

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN is a SEBI Registered Research Analyst having registration no. INH000011006.

This report has been prepared by HARSH VARDHAN PROPRIETOR OF STOCK OCEAN and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing.

Nothing in this document should be construed as investment advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN is not obliged to update this report for such changes. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN has the right to make changes and modifications at any time.

This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HARSH VARDHAN PROPRIETOR OF STOCK OCEAN or its affiliates to any registration or licensing requirement within such jurisdiction.

If this report is inadvertently sent or has reached any person in such country, especially, United States of America, the same should be ignored and brought to the attention of the sender. This document may not be reproduced, distributed or published in whole or in part, directly or indirectly, for any purposes or in any manner.

Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. It should not be considered to be taken as an offer to sell or a solicitation to buy any security.

This document is not, and should not, be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. This report should not be construed as an invitation or solicitation to do business with HARSH VARDHAN PROPRIETOR OF STOCK OCEAN. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN may from time to time solicit from, or perform broking, or other services for, any company mentioned in this mail and/or its attachments.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report. As regards the associates of HARSH VARDHAN PROPRIETOR OF STOCK OCEAN please refer the website.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months.

Please note that HARSH VARDHAN PROPRIETOR OF STOCK OCEAN has a ARN issued by AMFI and Insurance Code issued by IRDAI We maintains an arm’s length distance with the Research team and all its activities are segregated from Research activities.  It operates independently, potentially leading to investment decisions that may deviate from research views. We maintain proper segregation of clients.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from t date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither HARSH VARDHAN PROPRIETOR OF STOCK OCEAN nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Research Analyst has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research Report.

Terms and conditions of Research and Recommendation Services are detailed in the terms and condition document. Please refer to the same for details.

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 or its relatives.

Research Analyst or its associates may have financial interest or actual / beneficial ownership of one per cent or more in the securities recommended in its personal portfolio at the end of the month immediately preceding the date of publication of the research report or date of the public appearance. Details of the same may be referred through the disclosures made at the time of recommendation.

There are no actual or potential conflicts of interest arising from any connection of Research Analyst or his associate or his relative to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.

Research analyst or its associates, may have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation. Details of the same may be referred through the disclosures made at the time of advice.

Research analyst or its associates has no connection or association of any sort with any issuer of products/ securities recommended herein.

Research analyst or its associates has no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of research and recommendations services.

Research analyst has not received any kind of remuneration or consideration form the products/ securities recommended herein. Research analyst has not received any compensation from the subject company in past 12 months. Research analyst has not managed or co-managed the public offering of any Company in past 12 months. Research analyst has not received any compensation for investment banking or merchant banking of brokerage services from any company in past 12 months. Research analyst has not received any compensation for products or services from any company in the past twelve months. Research analyst has not received any compensation or other benefits from the any company or third party in connection with the research report or research recommendations. Research analyst has not received any compensation for products or services from any subject company in past 12 months.

The subject company is or was not a client of Research analyst during twelve months preceding the date of distribution of the research report and recommendation services provided.

Research Analyst has not served as an officer, director or employee of the subject company. Research Analyst has not been engaged in market making activity of the subject company. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. The securities quoted are for illustration only and are not recommendatory. Research Analyst categorically states that different types of investments involve varying degrees of risk, and there is no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by the Research Analyst), will be profitable or equal any historical performance level(s). Hence, No guaranteed returns.

The Analysts engaged in preparation of this Report or his/her relative:-

Do not have any financial interests in the subject company mentioned in this Report;

Do not own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month preceding the publication of the research report;

Do not have any material conflict of interest at the time of publication of the Report.

The Analysts engaged in preparation of this Report:-

Have not received any compensation from the subject company in the past twelve months;

Have not managed or co-managed public offering of securities for the subject company in the past twelve months;

Have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;

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;

Has not received any compensation or other benefits from the Subject Company or third party in connection with the Report;

Has not served as an officer, director or employee of the subject company;

Is not engaged in market making activity for the subject company.

Analyst Certification: The views expressed in this research report (“Report”) accurately reflect the personal views of the research analysts (“Analysts”) HARSH VARDHAN PROPRIETOR OF STOCK OCEAN about any and all of the subject issuer(s) or company (ies) or securities. This report has been prepared based upon information available to the public and sources, believed to be reliable.

I/We also certify that no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Research entity or Research Analyst or his associate or his relative may have financial interest or actual / beneficial ownership of one per cent or more in the securities recommended in its personal portfolio at the end of the month immediately preceding the date of publication of the research report or date of the public appearance. Details of the same may be referred through the disclosures made at the time of advice.

There are no actual or potential conflicts of interest arising from any connection of Research entity or Research Analyst or his associate or his relative to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.

Research analyst or research entity or its associates or relatives, may have actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation. Details of the same may be referred through the disclosures made at the time of advice.

Research entity or Research analyst or its associate or relatives has no connection or association of any sort with any issuer of products/ securities recommended herein.

Research analyst or his associate or his relative has no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of research and recommendations services.

Research entity or Research analyst or its associates has not received any kind of remuneration or consideration form the products/ securities recommended herein.

Research entity or Research analyst or its associates have not received any compensation from the subject company in past 12 months.

Research entity or Research analyst or its associates have not managed or co-managed the public offering of Subject Company in past 12 months.

Research entity or Research analyst or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company in past 12 months.

Research entity or Research analyst or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.

Research entity or Research analyst or its associates have not received any compensation or other benefits from the subject company or third party in connection with the research report or research recommendations.

Research entity or Research analyst or its associates have not received any compensation for products or services from the subject company in past 12 months.

The subject company is or was not a client of Research entity or Research analyst or its associates during twelve months preceding the date of distribution of the research report and recommendation services provided.

Research Analysts or its associates has not served as an officer, director or employee of the subject company.

Research Analysts has not been engaged in market making activity of the subject company.

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All comments and posts made by HARSH VARDHAN PROPRIETOR OF STOCK OCEAN and employees/owners are for information purposes only and under no circumstances should be used for actual trading. 

Under no circumstance s should any person make trading decisions based solely on the information discussed herein. It is informational in nature. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN, its management, and/or their employees take no responsibility for the veracity, validity and the correctness of the recommendations or other information or research. Although we attempt to research thoroughly on information provided herein, there are no guarantees in accuracy. The information presented on the site has been gathered from various sources believed to be providing correct information. 

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN, its management, and/or employees are not responsible for errors, inaccuracies if any in the content provided on the site. Any prediction made on the direction of the stock market or on the direction of individual stocks may prove to be incorrect. Users/visitors are expected to refer to other investment resources to verify the accuracy of the data posted on this site on their own. The content of the website cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed for any non-personal use without obtaining prior permission from HARSH VARDHAN PROPRIETOR OF STOCK OCEAN.

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In the event of necessary credit checks and collection of payments, HARSH VARDHAN PROPRIETOR OF STOCK OCEAN can disclose such information to other authorities in good faith. This website is for the exclusive purpose of transactions to be carried out within the territorial jurisdiction of India and all such transactions shall be governed by the laws in India. Notice I s hereby given that Non Resident Indians (NRI’s) and Foreign Nationals accessing this web site and opting to transact thereon shall do so after due verification at their end of their eligibility to do so. HARSH VARDHAN PROPRIETOR OF STOCK OCEAN undertakes no responsibility for such pre-eligibility of qualification on part of Non-Resident Indians (NRI’s) or Foreign Nationals to transact on this website.

GOVERNING LAW: Transactions between you and HARSH VARDHAN PROPRIETOR OF STOCK OCEAN shall be governed by and construed in accordance with the laws of India. Any litigation regarding this agreement or any transaction between customer and HARSH VARDHAN PROPRIETOR OF STOCK OCEAN or any action at law or in equity arising out of or relating to these agreement or transaction shall be filed only in the Competent Courts of Jodhpur, Raj 342001 and the customer hereby agrees, consents and submits to the jurisdiction of such courts for the purpose of litigating any such action. 

STANDARD DISCLOSURES AS PER RESEARCH ANALYSTS REGULATIONS, 2014 DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We, HARSH VARDHAN PROPRIETOR OF STOCK OCEAN (Head of Research) and Analysts, HARSH VARDHAN PROPRIETOR OF STOCK OCEAN hereby certify that the views expressed in this report are purely our views taken in an unbiased manner out of information available to the public and believing it to be reliable. No part of our compensation is or was or in future will be linked to specific view/s or recommendation(s) expressed by us in this research report. All the views expressed herewith are our personal views on all the aspects covered in this report.

HARSH VARDHAN PROPRIETOR OF STOCK OCEAN A-B 2ND FLOOR, NIRMAL TOWER, 1ST CHOPASNI ROAD, JODHPUR, RAJASTHAN, 342001

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

Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.