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• Reports based on technical and derivative analysis center on studying charts of a stock’s price movement, outstanding positions and trading volume, as opposed to focusing on a company’s fundamentals and, as such, may not match with a report on a company’s fundamentals.
• The research analyst or research entity or his associate or his relative do not have financial interest in the subject company.
• The research analyst or its associates or relatives, do not 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.
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• The research analyst or its associates have not received any compensation from the subject company in the past twelve months.
• The research analyst or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months.
• The research analyst or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
• The research analyst or its associates 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.
• The 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.
• The research analyst has not been engaged in market making activity for the subject company.
• The research analyst has not served as an officer, director or employee of the subject company.
• The research analyst did not receive any compensation or other benefits from the companies mentioned in the documents or third party in connection with preparation of the research documents. Accordingly, research Analyst does not have any material conflict of interest at the time of publication of the research documents.
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