Disclaimer & Disclosures

Last Updated: April 2025

1. Nature of Research Services

Manish Mishra (SEBI RA Reg. No. INH000024620), trading as Arthashastra Insights, is a SEBI Registered Research Analyst (Individual, Part-Time) registered under SEBI (Research Analyst) Regulations, 2014. Our services comprise the publication of equity research reports, sector analysis, technical analysis notes, and market commentary.

All content published by Arthashastra Insights — whether on this website, in research reports, newsletters, webinars, or any other medium — is intended solely for informational and educational purposes. Nothing published by Arthashastra Insights should be construed as:

• A personalised investment recommendation tailored to any individual investor's financial situation, risk profile, or objectives;
• Investment advice as defined under SEBI (Investment Advisers) Regulations, 2013;
• A solicitation or offer to buy, sell, or hold any security;
• A guarantee of any investment outcome, profit, or return;
• Portfolio management services of any kind.

2. Market Risk Disclosure

Investments in securities markets are subject to market risks. The value of investments may go up or down. Investors may lose a part or the full amount of their investment. Factors including but not limited to business performance, economic conditions, regulatory changes, global events, and market sentiment can adversely affect investment values.

Arthashastra Insights does not represent that any securities covered in its research are safe, risk-free, or suitable for any particular investor. All investment decisions must be made by the investor independently, taking into account their personal financial circumstances, risk tolerance, and investment horizon.

3. No Guarantee of Returns

Arthashastra Insights expressly disclaims any representation that its research, fair value estimates, or views will result in profits or positive returns. No guarantee, express or implied, is made regarding the accuracy, completeness, or profitability of any research published. Fair value estimates are based on financial models and assumptions that involve inherent uncertainty and may prove to be incorrect. Research views are point-in-time opinions and may change without notice.

4. Past Performance Disclaimer

Past performance of any stock, sector, or research recommendation is not indicative of, and does not guarantee, future results. Any historical data, charts, or performance records referenced in research materials are provided for illustrative and informational purposes only. Historical returns, if any, referenced in educational content are not a reliable guide to future performance.

5. Analyst Disclosures & Conflicts of Interest

Arthashastra Insights and/or its analyst(s) may have a financial interest in securities covered in research reports at the time of publication. Such interests are disclosed within each individual research report as required under Regulation 19(1) of SEBI (Research Analyst) Regulations, 2014.

Specific disclosures made in each research report include:

• Whether the analyst or Arthashastra Insights holds the security covered in the report;
• Whether the analyst has served as an officer, director, or employee of the subject company;
• Any material conflict of interest known at the time of publication;
• Basis of the research view and key assumptions.

Research views are formed independently and are not influenced by the subject company or any third party. Arthashastra Insights maintains Chinese walls and conflict management procedures as required by SEBI regulations.

6. Accuracy of Information

While Arthashastra Insights endeavours to ensure that information in its research reports is accurate and sourced from reliable sources, it does not guarantee the accuracy, completeness, adequacy, or timeliness of such information. All information is provided "as is" without warranty of any kind. Investors are advised to verify information independently.

Arthashastra Insights shall not be liable for any loss, damage, or expense arising from errors in, or omissions from, research reports or any content on this website.

7. Third-Party Information

Research reports may refer to or rely upon information from third-party sources, including stock exchanges, company filings, industry reports, and data providers. Arthashastra Insights does not guarantee the accuracy of such third-party information. References to third-party sources are not an endorsement of such sources.

8. Investment Suitability

Research published by Arthashastra Insights is not tailored to the investment objectives, financial situation, or specific needs of any individual investor. Investors must evaluate independently whether any investment is suitable for them. If in doubt, investors should seek advice from a SEBI Registered Investment Adviser (RIA) who can provide personalised investment advice.

9. Regulatory Status

Arthashastra Insights operates as a Research Analyst registered under SEBI (Research Analyst) Regulations, 2014. It is not registered as:

• An Investment Adviser under SEBI (Investment Advisers) Regulations, 2013;
• A Portfolio Manager under SEBI (Portfolio Managers) Regulations, 2020;
• A Stockbroker or Sub-broker;
• A Mutual Fund or Alternative Investment Fund.

Any activity that constitutes investment advisory, portfolio management, or broking under SEBI regulations is outside the scope of Arthashastra Insights' services.

10. Website Disclaimer

This website (arthashastrainsights.com) and all its content are provided for informational purposes. Arthashastra Insights makes no warranties about the suitability, reliability, availability, timeliness, or accuracy of the website or its content. The website may contain links to third-party websites — these are provided for convenience only and Arthashastra Insights does not endorse or take responsibility for such sites.

Use of this website is at the user's sole risk. Arthashastra Insights shall not be liable for any indirect, incidental, consequential, or punitive damages arising from use of this website or reliance on its content.

11. Intellectual Property

All content on this website and in research reports — including text, charts, data compilations, and the Arthashastra Insights brand — is the intellectual property of Arthashastra Insights. Reproduction, distribution, or commercial use of any content without prior written permission is prohibited.

12. Privacy Policy

Arthashastra Insights collects personal information (name, email, phone number) from users who subscribe to services or contact us. This information is used solely for delivering research services and communicating with subscribers. We do not sell, rent, or share personal information with third parties for commercial purposes.

Personal data is stored securely and handled in accordance with applicable Indian data protection laws including the Information Technology Act, 2000 and the Digital Personal Data Protection Act, 2023. Users may request deletion of their personal data by contacting us at [email protected].

Cookies may be used on this website to improve user experience. By using this website, you consent to our use of cookies.

13. Governing Law & Jurisdiction

This disclaimer and all matters related to the services of Arthashastra Insights are governed by the laws of India. Any disputes arising shall be subject to the exclusive jurisdiction of the courts at Bangalore, Karnataka, India.

14. Changes to this Disclaimer

Arthashastra Insights reserves the right to amend this disclaimer at any time without prior notice. The most current version will always be available on this webpage. Continued use of this website or services after changes constitutes acceptance of the revised disclaimer.

15. Contact for Queries

For questions about this disclaimer or our compliance obligations, contact:

• Email: [email protected]
• Grievance Email: [email protected]
• SEBI SCORES: scores.sebi.gov.in
• ODR Platform: smartodr.in