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Note : 'Investment in securities market are subject to market risks, read all the related documents carefully before investing.” We are a distributor of Mutual Fund, LAS, NCDs, Bonds, IPO’s & Corporate FDs  Investments are subject to market risks, read all scheme related documents carefully before investing. For SIP -“Equity SIP is not an approved product of Exchange and any dispute related to this will not be dealt at Exchange platform”. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. The information is only for consumption by the client and such material should not be redistributed.

For Home loan and Car loan

SBICAP Securities Ltd (SSL) is a financial services intermediary and is engaged as a distributor of financial products & services like Loan , Corporate FDs & Bonds, Insurance, MF, NPS, Real Estate services, NCDs, IPOs, in strategic distribution partnerships. Customers need to check products & features before investing since the contours of the product rates may change from time to time. SSL is not liable for any loss or damage of any kind arising out of investments in these products.

SSL may during the course of its business receive client KYC information for distribution/ marketing of particular product which it may use for marketing / distribution of other products also which are distributed by it at various point of time.

The non-broking products / services like Mutual Funds, Insurance, FD/ Bonds, loans, PMS, Tax, Elocker, NPS, IPO, Research, Financial Learning etc. are not exchange traded products / services and SSL. is just acting as a distributor/ referral Agent of such products / services and all disputes with respect to the distribution activity would not have access to Stock Exchange investor redressal or Arbitration mechanism.

This information / document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. SSL or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information. We and our affiliates, group companies, officers, directors, and employees may have long or short positions in the securities of company (ies) mentioned herein or have other potential conflict of interest with respect to any recommendation and related information and opinions. The views expressed in this document / article / interview reflect the personal views of the author and not that of SSL. Past performance is not necessarily a guide to future performance.

This information is subject to change without any prior notice. SSL reserves the right to make modifications and alterations to this statement as may be required from time to time. However, SSL is under no obligation to update or keep the information current.

Investors should note that investment in securities involves a high degree of risk and for details relating to the same, see section titled Risk Factors of the Red Herring Prospectus. Before opening any attachments please check them for viruses and defects.

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The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. SSL or its associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the SSL and its associated companies to provide the data. In no event shall the SSL be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the SSL or its associated companies.

This website is for the exclusive purpose of transactions to be carried out within the territorial jurisdiction of India and all such transactions shall be governed by the laws in India and the courts in Mumbai alone shall have exclusive jurisdiction. Notice is hereby given that Non Resident Indians (NRI's) and Foreign Nationals accessing this website and opting to transact thereon shall do so after due verification at their end of their eligibility to do so. SBICAP Securities Ltd undertakes no responsibility for such pre-eligibility or qualification on part of Non-Resident Indians (NRI's) or Foreign Nationals to transact on this website.

KYC Disclaimer (Home Loan & Car loan)

I/We declare that all the particulars and information given/provided by me/us are true, correct, accurate and complete and I/We understand that they shall form the basis of any loan or any other financial products may decide to grant me/us. I/We also understand that SBICAP Securities Limited (SSL) is acting as a distributor of financial products or loan and for which the documents is required to be shared with the manufacturer for processing.

I/We hereby authorise SSL or its relevant group companies, subsidiaries and affiliates as the case may be to contact me through any mode including making calls/sending SMS alerts , Whatsapp on my registered mobile phone number or sending e-mails to my registered e-mail id for marketing related information. I/We hereby confirm that this declaration/consent shall supersede, substitute and replace any other consent/confirmation issued by me in this regard previously and shall apply whether or not my registered mobile number has been registered on “Do not Call” registry.

NRI customers Disclaimer (Home Loan & Car loan)

“ I/We by availing the products offered by SSL, grant my/our consent to SSL,  to use or process or store my/our personal or proprietary data for various purpose including – to offer the products , to contact from time to time by post or phone or email , to keep informed about any news or activities or services , to comply any local regulations  and to provide to any regulatory authorities or government agencies under intimation to me/us , unless expressly revoked by me/us “ Further, I/we hereby confirm that I/we are aware of the existing laws of local and overseas jurisdiction w.r.t the sharing of personal or proprietary data to the service provider and understand that I/we are subject to the law of local jurisdiction in India “

 

Disclosure:
Analyst Certification: The views expressed in this research report ("Report") accurately reflect the personal views of the research analysts ("Analysts") employed by SBICAP Securities Limited (SSL) about any and all of the subject issuer(s) or company(ies) or securities. This report has been prepared based upon information available to the public and sources, believed to be reliable. I/We also certify that no part of my/our compensation was, is, orwill be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

The Analysts engaged in preparation of this Report or his/her relative:-(a) do not have any financial interests in the subject company mentioned in this Report; (b) do not own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month preceding the publication of the research report; (c) do not have any material conflict of interest at the time of publication of the Report.

The Analysts engaged in preparation of this Report:-(a) have not received any compensation from the subject company in the past twelve months; (b) have not managed or co-managed public offering of securities for the subject company in the past twelve months; (c)have not received any compensation for investment banking or 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 or merchant banking or brokerage services from the subject company in the past twelve months; (e) has not received any compensation or other benefits from the subject company or third party in connection with the Report; (f) has not served as an officer, director or employee of the subject company; (g) is not engaged in market making activity for the subject company.

Other Disclosures :
SBICAP Securities Limited ("SSL") a is a company engaged in diversified financial services business including securities broking, DP services,, distribution of Mutual Fund, insurance products and other financial products. SSL is a member of Stock Exchange(s). SSL is also a Depository Participant registered with NSDL & CDSL. SSL is a large broking house catering to retail, HNI and institutional clients. It operates through its branches and authorized persons spread across the country and the clients are provided online trading through internet and offline trading through branches and call & trade facility. SSL is a wholly owned subsidiary of SBI Capital Markets Limited ("SBICAP"), which is engaged into investment banking, project advisory and financial services activities and is registered with the Securities and

Exchange Board of India as a "Category I" Merchant Banker. SBICAP is a wholly owned subsidiary of State Bank of India. Hence, State Bank of India and all its subsidiaries, including, SBICAP and banking subsidiaries are treated and referred to as Associates of SSL.
We hereby declare that our activities were neither suspended nor we have materially defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advice letters or levied minor penalty for certain procedural lapses. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

SSL or its Associates, may: (a) from time to time, have long or short position in, and buy or sell the securities of the company mentioned in the Report or (b) be engaged in any other in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company discussed herein or act as an advisor or lender/borrower to such company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions (c) have any financial interests in the subject company mentioned in this Report (d) be engaged in market making activity for the subject company.

SSL does not have actual / beneficial ownership of one percent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the Report. However, since Associates of SSL are engaged in the financial services business, they might have in their normal course of business financial interests or actual / beneficial ownership of one percent or more in various companies including the subject company mentioned herein this Report.

SSL or its Associates might have managed or co-managed public offering of securities for the subject company in the past twelvemonths and might have received compensation from the companies mentioned in the Report during the period preceding twelve months from the dateof this Report for services in respect of managing or co-managing public offerings/corporate finance, investment banking or merchant banking, brokerage services or other advisory services in a merger or specific transaction.

Compensation paid to Analysts of SSL is not based on any specific merchant banking, investment banking or brokerage service transaction. SSL or its Associate did not receive any compensation or any benefit from the subject company or third party in connection with preparation of this Report.

This Report is for the personal information of the authorized recipient(s) and is not for public distribution and should not be reproduced, transmitted or redistributed to any other person or in any form without SSL's prior permission. The information provided in the Report is from publicly available data, which we believe, are reliable. While reasonable endeavors have been made to present reliable data in the Report so far as it relates to current and historical information, but SSL does not guarantee the accuracy or completeness of the data in the Report. Accordingly, SSL or any of its Associates including directors and employees thereof shall not be in any way responsible or liable for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this Report or in connection with the use of this Report.

Please ensure that you have read "Risk Disclosure Document for Capital Market and Derivatives Segments" as prescribed by Securities and Exchange Board of India before investing in Indian securities market.

The projections and forecasts described in this Report should be carefully evaluated as these :

1. Are based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies.

2. Can be expected that some of the estimates on which these were based, will not materialize or will vary significantly from actual results, and such variances may increase over time.

3. Are not prepared with a view towards compliance with published guidelines or generally accepted accounting principles. No independent accountants have expressed an opinion or any other form of                assurance on these.

4. Should not be regarded, by mere inclusion in this report, as a representation or warranty by or on behalf of SSL the authors of this report, or any other person, that these or their underlying assumptions will      be achieved.

This Report is for information purposes only and SSL or its Associates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Though disseminated to recipients simultaneously, not all recipients may receive this report at the same time. SSL will not treat recipients as clients by virtue of their receiving this report. It should not be construed as an offer to sell or solicitation of an offer to buy, purchase or subscribe to any securities this report shall not form the basis of or be relied upon in connection with any contract or commitment, whatsoever. This report does not solicit any action based on the material contained herein.

It does not constitute a personal recommendation and does not take into account the specific investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this document. The securities discussed in this Report may not be suitable for all the investors. SSL does not provide legal, accounting or tax advice to its clients and you should independently evaluate the suitability of this Report and all investors are strongly advised to seek professional consultation regarding any potential investment.

Certain transactions including those involving futures, options, and other derivatives as well as non-investment grade securities give rise to substantial risk and are not suitable for all investors. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or income derived from the investment.

The price, value and income of the investments referred to in this Report may fluctuate and investors may realize losses on any investments. Past performance is not a guide for future performance. Actual results may differ materially from those set forth in projections. SSL has reviewed the Report and, the current or historical information included here is believed to be reliable, the accuracy and completeness of which is not guaranteed. SSL does not have any obligation to update the information discussed in this Report.

The opinions expressed in this report are subject to change without notice and SSL or its Associates have no obligation to tell the clients when opinions or information in this report change. This Report has not been approved and will not or may not be reviewed or approved by any statutory or regulatory authority

in India, United Kingdom or Singapore or by any Stock Exchange in India, United Kingdom or Singapore. This report may not be all inclusive and may not contain all the information that the recipient may consider material.

The securities described herein may not be eligible for sale in all jurisdictions or to all categories of investors. The countries in which the companies mentioned in this Report are organized may have restrictions on investments, voting rights or dealings in securities by nationals of other countries. Distributing /taking/ sending/dispatching/transmitting this document in certain foreign jurisdictions may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Failure to comply with this restriction may constitute a violation of laws in that jurisdiction.