📜 RESEARCH ANALYST DISCLOSURES

🏢 Entity Name: HC JAIN EQUITY ADVISORY

SEBI Research Analyst Registration No.: INH000024189

History, Present Business and Background:

HC JAIN EQUITY ADVISORY is a SEBI Registered Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 with SEBI Research Analyst Registration No: INH000024189. The registration was granted on 12th December 2025.

HC JAIN EQUITY ADVISORY is engaged in the business of providing independent equity research services based on technical and fundamental analysis. The firm offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary.

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.

Our research services cover a wide spectrum of securities, industries, and market trends, without providing personalized research analysis or engaging in client-specific risk profiling.

Any additional activities do not pose a conflict of interest with the responsibilities of a Research Analyst.

This disclosure is in compliance with SEBI’s guidelines requiring transparency about the nature of the research entity and its registration credentials.

📝 Disciplinary History Statement:

HC JAIN EQUITY ADVISORY (SEBI Registration No.: INH000024189) and its partners, employees, and its associates (if any) have a clear and unblemished record.

There have been no instances of disciplinary action, penalties, or sanctions levied or passed by any regulatory or administrative authorities against HC JAIN EQUITY ADVISORY, its partners, and its employees, or associates from SEBI or any other authority.

This statement is made in accordance with disclosure requirements for transparency and regulatory compliance as per SEBI (Research Analyst) Regulations, 2014.

Details of Associates of HC JAIN EQUITY ADVISORY:

No Associates

In accordance with SEBI (Research Analyst) Regulations, 2014, the following disclosures are made related to Research Reports and Recommendations issued by HC JAIN EQUITY ADVISORY:

🔍 Material Conflict of Interest & Ownership Disclosure:

The FIRM – HC JAIN EQUITY ADVISORY, its RESEARCH ANALYSTS, their RELATIVES or its ASSOCIATES:

(a) MAY have financial interest in the subject company/companies at the time of publication.

(b) Do NOT own 1% or more of the subject company’s equity securities or companies mentioned in the research reports, at the end of the month immediately preceding the date of publication of the research report.

(c) Do NOT have any material conflict of interest whether pecuniary or otherwise, with the subject company at the time of publication.

✅ Receipt of Compensation:

The FIRM – HC JAIN EQUITY ADVISORY, its RESEARCH ANALYSTS, or its ASSOCIATES:

(a) Have NOT received any compensation from the subject company during the past twelve months.

(b) Have NOT managed or co-managed any public offering of securities for the subject company in the past twelve months.

(c) Have NOT received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.

(d) Have NOT 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.

(e) Have NOT received any other benefits or incentives from the subject company or any third party in connection with this research report.

✅ Employment & Operational Involvement:

The FIRM – HC JAIN EQUITY ADVISORY and its RESEARCH ANALYSTS:

(a) Have NOT served as an officer, director, or employee of the subject company at any point.

(b) Are NOT engaged in any market-making activity for the subject company.

✅ Client Relationship & Service Status:

The subject company has not been a client of HC JAIN EQUITY ADVISORY during the twelve months prior to the publication of this report, and no services have been rendered to the subject company during this period.

📋TERMS & CONDITIONS OF ISSUANCE OF RESEARCH REPORT / RECOMMENDATION BY HC JAIN EQUITY ADVISORY (INH000024189)

Research Analyst Certification:

The Firm, HC JAIN EQUITY ADVISORY, as a SEBI-Registered Research Analyst, certifies that:

(a) The views expressed in this report represent the honest and independent opinions of the analyst(s) on the subject securities.

(b) The analyst’s compensation is not influenced by the views or recommendations expressed herein.

1. Purpose and Audience:

(a) The Research Report is exclusively issued to registered clients of HC JAIN EQUITY ADVISORY.

(b) Reports and recommendations serve informational purposes only and are delivered as part of the firm’s professional Research Analyst Services.

2. Basis and Reliability of Information:

(a) All research content is prepared using facts, figures, and information deemed to be true, correct, and reliable at the time of publication.

(b) Information sources include publicly available data and other trusted channels believed to be accurate.

(c) HC JAIN EQUITY ADVISORY assumed and has relied upon, without independent verification, the accuracy and completeness of all information that was publicly available to it. While reasonable care has been taken in the preparation of this research report and the information is given in good faith, it does not purport to be a complete description of the securities, markets or developments referred to herein, and HC JAIN EQUITY ADVISORY does not represent or warrant its accuracy or completeness. HC JAIN EQUITY ADVISORY cannot be in any way held responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this research report. The information given in this research report is as of the date of this research report and there can be no assurance that future results or events will be consistent with this information.

3. Nature of Recommendations:

(a) This research report has been prepared by HC JAIN EQUITY ADVISORY to provide information about the company(ies) and sector(s), if any, covered in the research report and may be distributed by it solely for the purpose of information and meant for the select recipient of this report.

(b) This research report or recommendation should not be construed as an offer or solicitation to buy, sell, hold, or subscribe to any securities or financial instruments and/or not an official confirmation of any transaction.

(c) A daily closing chart of securities is available at NSE: https://charting.nseindia.com/ and BSE: https://charting.bseindia.com/

(d) The view on securities may based on both technical and fundamental analysis.

4. No Investment/Trading Advice:

(a) The information provided in the Research Report or Recommendation does not create any obligation for clients to act on the information contained within.

(b) It does not represent any proposal, invitation, or inducement relating to the trading or investment in securities. All research reports and recommendations are provided solely for the personal information of the recipient or user.

(c) Any Research Report or Recommendation issued by HC JAIN EQUITY ADVISORY should not be considered as an investment advice and must not be singularly used as the basis of any investment decision. The investment discussed or views expressed or recommendations/opinions given herein may not be suitable for all investors.

5. Client Responsibility:

(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.

(b) The research reports and recommendations of HC JAIN EQUITY ADVISORY are not tailored to individual investment objectives, financial situations, or specific needs. Hence, the report, analysis, or recommendations do not replace independent professional advice suited to individual circumstances.

(c) The client must make his/her/its own independent judgment based on his/her/its specific investment objectives and financial position and also consult its own qualified financial advisors, with respect to any matter contained herein and also to determine the merits and risks of investing in securities market; prior to making investment decisions.

(d) Clients must act in accordance with their financial capacity and risk appetite, fully appreciating the risks involved in securities markets and must know that, it is generally not an appropriate avenue for someone with limited resources / limited investment and / or trading experience and low risk tolerance.

6. Understanding the Risks:

Investments in securities are subject to market risks, economic risks, interest rate risks, credit risks, political and geopolitical risks, currency risks, country risks and risks arising from changing business dynamics.

The performance of company(ies) covered herein may be adversely affected by numerous factors including, for example, (i) business, economic, and political conditions; (ii) the supply of and demand for the goods and services produced, provided, or sold by such companies; (iii) changes and advances in technology that may, among other things, render goods and services sold by the such companies obsolete; and (iv) actual and potential competition from other companies, whether in India or abroad. (v) adverse news about the company/sector, (vi) poor results of the company (vii) unforeseen force majeure events like war, hostilities, revolution, riots, civil commotion, strikes, lockouts, epidemic, fire, explosion, flood, earthquake, act of God, any act of Government or any such other cause.

Hence, there is no assurance, insurance, commitment, confirmation or guarantee that the forecast, recommendation, opinion, targets, etc. given about the securities/companies in this research report will be achieved. Forward looking statements are not predictions and may be subject to change without notice.

7. Limitation of Liability:

HC JAIN EQUITY ADVISORY 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. Copyright and Confidentiality:

(a) Research Reports are issued for personal use of registered clients only.

(b) The contents, information, or data contained herein is strictly confidential and must not be reproduced, redistributed, or passed on, directly or indirectly, to any third party without prior written consent from HC JAIN EQUITY ADVISORY.

9. Regulatory Compliance:

(a) HC JAIN EQUITY ADVISORY is registered under SEBI (Research Analyst) Regulations, 2014 and operates under SEBI Registration No. INH000024189.

(b) All recommendations adhere to compliance and disclosure standards set by regulatory authorities.

10. Right to Modification:

The information contained herein may be changed without notice and HC JAIN EQUITY ADVISORY reserves the right to make modifications and alterations to this statement as they may deem fit from time to time. We are under no obligation to inform anyone of such changes. We do not accept any liability arising from the use of such Report.

This Research Report is relevant as on the date of its issuance or the period specified, if any, in the Report and the same may not be relevant thereafter.

⚠️ DISCLAIMER

HC JAIN EQUITY ADVISORY (SEBI Registration: INH000024189), 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.

HC JAIN EQUITY ADVISORY expressly disclaims any liability and responsibility for any losses arising from any uses to which this communication is out and for any errors or omissions in this communication.

All decisions based on HC JAIN EQUITY ADVISORY’s research services are made solely by the user or client or investor or recipient, and HC JAIN EQUITY ADVISORY assumes no responsibility for the outcomes of such decisions. There is absolutely no scope for compensating or refunding of any losses or damages that might be incurred from acting on any Research Report or Recommendation or Commentary.

All investments carry risk, and past performance or expert opinion does not guarantee future outcomes.

🔍 For further details on:

Investor Charter, Most Important Terms & Conditions, Disclosures, Terms and Conditions, SEBI Registration Details, Refund Policies, Grievance Redressal, Compliance Officer Contact, Disclaimers, Complaint Table

Please Visit our Official Website: www.hcjainadvisory.com