SEBI-mandated · Research Analyst (RA)

Investor Charter — Research Analyst

Invest with knowledge & safety — your rights, our conduct and services, Do's & Don'ts, and the grievance-redressal mechanism for research-analyst clients.

Vision

Invest with knowledge & safety.

Mission

Every investor should be able to invest in the right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

Our conduct

Business transacted by the RA

01

Enter into an agreement with the client — including fee details, conflict-of-interest disclosure and confidentiality of information.

02

Do a proper and unbiased risk-profiling and suitability assessment of the client.

03

Obtain registration with a KYC Registration Agency (KRA) and CKYC.

04

Conduct audit annually.

05

Disclose the status of complaints on its website.

06

Disclose name, proprietor, type & number of registration, validity, address, phone and associated SEBI office on its website.

07

Employ only qualified and certified employees.

08

Deal with clients only from the official number.

09

Maintain records of interactions with all clients (including prospective) where advice was discussed.

What we do

Services provided to investors

No indicative timelines — research services are ongoing.

Onboarding of clients

  • Sharing the terms & conditions of research services
  • Completing KYC of fee-paying clients

Disclosure to clients

  • Material information — business activity, disciplinary history, T&C, associates, risks & conflicts
  • Extent of use of Artificial Intelligence tools
  • Third-party research report conflicts (or a web address to the disclosures)
  • Any conflict of interest with the RA's other activities

Conduct & confidentiality

  • Distribute research reports & recommendations without discrimination
  • Maintain confidentiality until the report is in the public domain
  • Respect data-privacy rights of clients
  • Disclose service timelines and adhere to them
  • Clear guidance & caution for complex, high-risk products
  • Treat all clients with honesty and integrity

Empowered investors

Rights of investors

Right to Privacy and Confidentiality

Right to Transparent Practices

Right to Fair & Equitable Treatment

Right to Adequate Information

Right to Initial & Continuing Disclosure

Right to All statutory & regulatory disclosures

Right to Fair & True Advertisement

Right to Awareness of service parameters & turnaround times

Right to Be informed of timelines for each service

Right to Be Heard & Satisfactory Grievance Redressal

Right to Timely redressal

Right to Exit from a product/service per agreed terms with the Research Analyst

Right to Clear guidance & caution for complex, high-risk products

Right to Additional rights for vulnerable consumers

Right to Access to services even if differently abled

Right to Provide feedback on products & services

Right to Against coercive, unfair, one-sided clauses

Stay safe

Do's & Don'ts for investors

Do's

  • 01Always deal with a SEBI-registered Research Analyst.
  • 02Ensure the RA has a valid registration certificate; check the SEBI registration number.
  • 03Refer to SEBI's list of registered Research Analysts on the SEBI website.
  • 04Always pay attention to the disclosures made in research reports before investing.
  • 05Pay your RA through banking channels only; keep signed receipts (use CeFCoM of RAASB if opted — fee-paying clients).
  • 06Check the research recommendation before buying / selling securities or applying in a public offer.
  • 07Ask all relevant questions and clear your doubts before acting on a recommendation.
  • 08Seek clarifications & guidance, especially for complex, high-risk products & services.
  • 09Know you can stop availing an RA's service per the agreed terms.
  • 10Know you can provide feedback to your Research Analyst on services received.
  • 11Know you are not bound by any clause contravening regulatory provisions.
  • 12Inform SEBI about Research Analysts offering assured or guaranteed returns.

Don'ts

  • 01Do not provide funds for investment to the Research Analyst.
  • 02Don't fall prey to luring advertisements or market rumors.
  • 03Do not get attracted to limited-period discounts, incentives or gifts.
  • 04Do not share login credentials & passwords of your trading, demat or bank accounts.

Never share OTPs, passwords or login credentials with anyone — including your Research Analyst.

If something goes wrong

Grievance redressal mechanism

How to escalate

Investor lodges a complaint

1

Research Analyst

  • Approach the concerned Research Analyst
  • Grievance redressed within 21 days

Not satisfied with the resolution

2

SCORES 2.0 — RAASB

  • Lodge on SCORES 2.0 (SEBI's centralized system)
  • First review by the designated body (RAASB)

Not satisfied with the first review

3

SCORES 2.0 — SEBI

  • Second review carried out by SEBI

Not satisfied with the resolution

4

SMARTODR

  • Online conciliation or arbitration

Two-level review on SCORES 2.0 — first by RAASB, then by SEBI. If still unsatisfied, opt for online conciliation / arbitration via SMARTODR.

Physical complaints

Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, 'G' Block,
Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Transparency

Investor complaints data

Disposal of investor complaints, published as required by SEBI.

Complaints Data — RA (June 2026)

Research Analyst — SEBI Reg. No. INH000019503 · BSE Enlistment No. 6486. For any grievance, reach Estee Advisors Pvt. Ltd at investorsgrievances@esteeadvisors.com.