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Terms and Conditions & Research Services Agreement

Last Updated: 07 - 05 - 2026

Welcome to Equisigma Research. This document governs your access to and use of the website https://equisigmaresearch.com/  and serves as the official Subscription Agreement for the research services provided. By accessing our Website or subscribing to the premium services, you agree to be bound by these Terms.

Details of the Research Analyst :

Name: Arka Dutta Gupta
SEBI Registration Number: INH000025063 (Registered on 20/02/2026)
Registered Office: 115,A/1 Surya Residency N.S.C Bose Road Kolkata - 700040
Contact Number: +91 9831052284
General Emails: info@equisigmaresearch.com  |  arkadg7@gmail.com​

Consent of client

By accepting the delivery of the research service, you confirm that you have elected to subscribe at your sole discretion. The RA provides independent equity research and standard stock reports. The RA does not provide personalized investment advice, financial planning, or portfolio management services.

  • I / We have read and understood the terms and conditions applicable to a research analystas defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014,including the fee structure.

    Regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014: “Research Analyst”means a person who, for consideration, is engaged in the business of providing researchservices and includes a part-time research analyst.

  • I/We are subscribing to the research services for our own benefits and consumption, andany reliance placed on the research report provided by research analyst shall be as perour own judgement and assessment of the conclusions contained in the research report.

  • I/We shall be bound by the SEBI Act, 1992 and all applicable rules and regulations of SEBI,including the SEBI (Research Analyst) Regulations, 2014, as amended from time to time.

  • I/We understand that -

     

     


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  • Any investment made based on the recommendations in the research report are subject to market risk.

  • Recommendations in the research report 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.

  •  I/We have read and understood the terms and conditions of Research Analyst services along with the fee structure and        mechanism for charging and payment of fees.

  • I/We have been informed for the availability of an optional mechanism for making payment of fees to SEBI Registered Research Analyst/ Investment Adviser called “Centralized Fee Collection Mechanism (CeFCoM)” for Investment Adviser and Research Analyst.[CeFCoM has been operationalized from 1stOctober 2024 and is managed by BSE Ltd in association with MF Utilities India Pvt.Ltd. In CeFCoM, investors can make payment of fees To be published over website for client onboarding through multiple payment modes such as Net Banking, Debit Card, UPI/UPI Autopay, IMPS/NEFT/RTGS, eNACH and even through Cheque and Credit Cards].

  • I/We have been informed that the Research Analyst has adopted a standardized, validated and exclusive UPI ID for collection of payments from investors/clients, in accordance with the circular issued by the Securities and Exchange Board of India bearing Circular No. SEBI/HO/DEPA-II/DEPA-II_SRG/P/CIR/2025/86 dated June 11, 2025.Further, I/We understand that payments made through such validated UPI ID ensure that the payment is being made to a verified SEBI-registered intermediary, and that the authenticity of the UPI ID can be verified through the “SEBI Check” functionality and the format of that UPI ID can be recognized easily where in the username reflects the name of the intermediary followed by the category suffix (e.g., “ra” for Research Analyst) and the handle “@valid” followed by the bank name . That the validated UPI ID of Research Analyst is arkadg.ra@validicici.(to check UPI ID, click on the link https://siportal.sebi.gov.in/intermediary/sebi-check). Further, I/We have also been informed that the fees payable to the Research Analyst services shall not be accepted in cash and shall be paid only through recognized banking channels or other permitted electronic modes.

  • Based on my/our request, an opportunity will be provided to interact with person(s) associated with the Research Services / Strategy / Products.

  • I/ We hereby confirm that data available in all major sources including, PAN, Digilocker, Aadhaar etc is true, correct and updated. If there will be any modification in data, the same will be intimated.

  • I/We hereby agree to be bound by such provisions as outlined in these documents.

  • I/We hereby declare that the details furnished above are true and correct to the best of my/our knowledge and belief and I/we undertake to inform you of any changes therein, immediately. In case any of the above information is found to be false or untrue or misleading or misrepresenting, I am/we are aware that I/we may be held liable for it.

  • I/We declare that the particulars given by me/us above are true and to the best of my/our knowledge as on the date of making this application.

  • I/We further agree that any false / misleading information given by me / us or suppression of any material information will render my account liable for termination and suitable action.

  • I / We agree to clear or pay all the dues for the services availed within 7 days upon completion of the above opted service period.

  • I / We agree that Mr. Arka Dutta Gupta in the capacity of RA may access all the personal and financial information from the open and available sources for better decision making and authentication or cross verification of the data supplied by me / us.

Declaration by Research Analyst

I, Arka Dutta Gupta a Registered “Research Analyst” hereby declare and confirm the following:​

  1. I am duly registered as a Research Analyst with the Securities and Exchange Board of India under the SEBI (Research Analysts) Regulations, 2014, and my registration details are as follows:
    (a) Registration Number: INH000025063
    (b) Registered Office: 115,A/1 Surya Residency N.S.C Bose Road Kolkata - 700040
    (c) Registration date: 20/02/2026

  2. “RA” hereby confirms that the services provided do not conflict with or violate any applicable law, rule, regulation, or contractual obligation, or any other instrument binding upon the Research Analyst or its assets and shall be bound by the SEBI Act, 1992 and all applicable rules and regulations of SEBI, including the SEBI (Research Analyst) Regulations, and relevant notifications of the Government, as may be in force from time to time.

  3. “RA” acknowledge that the maximum fee that may be charged for research services is ₹1,51,000 per annum per client family, in accordance with the limits prescribed by the Securities and Exchange Board of India or the Research Analyst Administration and Supervisory Body (RAASB), as applicable. Regulation 2 (1) (fc):- “family of client” shall include individual client, dependent spouse, dependent children and dependent parents”

  4. RA” hereby declare that the recommendations, opinions, or research reports provided, do not assure or guarantee any returns or profits to the client.

  5. “RA” further declare that I am not engaged in any additional professional or business activity, on a whole-time or executive basis, that may interfere with, influence, or compromise the independence and objectivity of the research reports or recommendations provided to clients.

Do’s and Don’ts for Investors while dealing with RA

Do’s :

  1. Always deal with SEBI registered Research Analyst.

  2. Ensure that the Research Analyst has a valid registration certificate.

  3. Check for SEBI registration number.

  4. 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)

  5. Always pay attention towards disclosures made in the research reports before investing.

  6. 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 or UPI Handle. (Applicable for fee paying clients only)

  7. Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.

  8. Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.

  9. Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high-risk financial products and services.

  10. 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.

  11. Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.

  12. Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.

  13. Inform SEBI about Research Analyst offering assured or guaranteed returns.

Don’ts :

  1. Do not provide funds for investment to the Research Analyst.

  2. Don’t fall prey to luring advertisements or market rumors.

  3. Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.

  4. Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.

Client Information and 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.

Risk Factors

Investments in securities are subject to market risks and there is no assurance or guarantee that the objective of the investments will be achieved; Past performance of the investment advisor does not indicate its future performance. The performance of the investments/products may be affected by changes in Government policies, general levels of interest rates and risks associated with trading volumes, liquidity and settlement systems in equity and debt markets. Investments in the products which the Clients have opted are subject to wide range of risks which inter alia also include but not limited to economic slowdown, volatility & illiquidity of the stocks, poor corporate performance, economic policies, changes of Government and its policies, acts of God, acts of war, civil disturbance, sovereign action and /or such other acts/ circumstance beyond the control of Research Analyst or any of its Associates. The names of the products/nature of investments do not in any manner indicate their prospects or returns. The performance in equity may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors. Investments in debt instruments and other fixed income securities are subject to default risk, liquidity risk and interest rate risk. Interest rate risk results from changes in demand and supply for money and other macroeconomic factors and creates price changes in the value of the debt instruments. Under NO Conditions the Research Analyst OR any member associated with the Firm can be held personally or cumulatively responsible for any financial loss directly or indirectly incurred in the stock market. The Research Analyst has the responsibility to give the best research and recommendations with the intention of generating returns to the client subject to inherent risk of the stock market. There is no assurance or guarantee of returns or capital safety of the client due to unavoidable market volatility or unpredictable high irrational moves. The client accepts the nature of business risk and capital risk involved in the stock market & cannot held responsible to RA OR it’s Employees of the firm for any unprecedent loss of returns or capital involved in trading & Investment Activities.

Force Majeure

The Research Analyst shall not be held liable for any delay, interruption, or failure in the performance of its obligations arising due to circumstances beyond its reasonable control, including but not limited to acts of government or civil authority, national emergencies, strikes, fire, flood, natural disasters, acts of God, war, riots, civil disturbances, or failures of communication systems, internet services, or power supply. In the event of any such circumstances, the Research Analyst shall make reasonable efforts to minimize the disruption of services; however, the Research Analyst shall not be responsible for any losses, delays, or errors arising from such events.

Most Important Terms and Conditions (MITC):

  • That the Research Analyst cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, it has been advised to the client not to permit the Research Analyst to execute any trade on the behalf of the client

  • That the fee charged by the Research Analyst 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 (it is applicable only for Individual and HUF Clients).

  • The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the Research Analyst and the fee limit does not include statutory charges (The fee limits do not apply to a non-individual client / accredited investor).

  • That the Research Analyst may charge fee in advance if agreed by the client, however this advance shall not exceed the period stipulated by SEBI and presently it is one quarter. In case of pre-mature termination of the services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.

  • That the 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).

  • The RA is abided 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.

  • That any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are strictly prohibited by law and RA shall not offer or provide any scheme of this nature further the RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the 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.

  • That 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.

  • That the SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

Grievance Redressal

Grievance related to

  • non-receipt of research report or

  • missing pages or inability to download the entire report, or

  • 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 (RA to provide name and e-mail ID of the designated person/employee).


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.

Steps to be followed for grievance redressal of investors/ clients

Step-1:
The client should first contact the RA using the details on its website or following contact details:
Mobile:+91 9831052284
E-mail:arkadg7@gmail.com
(Please click on the link to lodge your complaint https://www.equisigmaresearch.com/investor-complaints)
Step 2:
If the resolution is unsatisfactory, the client can also 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

Termination of services and refund

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. 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.

Disclosure regarding the extent of use of Artificial Intelligence tools in providing research services
Use of artificial intelligence “AI”/ Technological tools.

If We use AI tools (in whole or part) to generate or support research outputs, we remain solely responsible for the quality, accuracy, security, and confidentiality of data.

We shall disclose the extent of AI usage to the Client when providing Services (or whenever material changes occur)

Miscellaneous
That the research services being provided by research analyst or research entity to any of its clients availing its other services as registered intermediary in another capacity shall be considered as research services provided ‘for consideration’ even though no fee is charged by such research analyst or research entity directly from the client.

Illustration: Research services provided by the research entity, who is also registered with SEBI as stockbroker, to clients availing its “stock broking services” are considered as research services ‘for consideration’.

That the RA never asks for the client’s login credentials and OTPs for the client’s Trading Account Demat Account and Bank Account, client is requested to never share such information with anyone including RA and any changes in voluntary clauses/document(s) shall be preceded by a notice of 15 days.

That the NRI Clients must ensure that stocks recommended by Research Analyst are not in RBI ban list before investing or executing the order with their trading member.

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