Terms and Conditions of Research Services

Earlier versions of these terms are available on request.

This is the Client Agreement of Investology Quant Data Services Private Limited (“Investology”, the RA). Investology discloses to the client the terms and conditions of the research services offered including rights and obligations. Neither any research service is rendered nor any fee is charged until consent is received from the client on these terms and conditions.

You give this consent on our onboarding portal (ra.investology.in) through Aadhaar-based eSign via Digio before payment.

1. Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service of the RA at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.

Investology is a SEBI-registered Research Analyst. It does not manage portfolios, execute trades or provide personalised investment advice, and is not registered as an Investment Adviser.

2. Obligations on RA

RA and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. Eligibility, client information and KYC

The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time.

RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

• Our research services are available only to individuals aged 18 years or over.
• You need a valid PAN linked to Aadhaar.
• KYC through a KYC Registration Agency (KRA) on our onboarding portal (ra.investology.in) must be completed before research access is given.
• If you have paid and your KYC is later rejected or put on hold and cannot be completed, you can request a refund. See Refund Policy: KYC could not be completed.
• Eligibility of non-resident Indians (NRIs): To be confirmed by Compliance Officer.

Providing false or misleading KYC information may lead to termination of services under clause 8, with refund as per our Refund Policy.

4. Standard terms of service

The consent of client shall be taken on the following understanding. This is the statement you sign on our onboarding portal.

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure. I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report. I/We understand that – i. Any investment made based on the recommendations in the research report are subject to market risk. ii. Recommendations in the research report do not provide any assurance of returns. iii. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

Declaration of the RA that:

1. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: (registration number: INH000029528, registration date: 10 August 2026);
2. It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
3. Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
4. The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.
5. The recommendations provided by RA do not provide any assurance of returns.

The additional declaration for an individual RA does not apply: the RA, Investology Quant Data Services Private Limited, is a private limited company.

5. Consideration and mode of payment

The client shall duly pay to RA, the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

Investology’s plans and fees

• 3 Months: ₹4,499 + GST 18% (₹809.82) = ₹5,308.82 total, paid in advance for 3 months.
• 6 Months: ₹6,999 + GST 18% (₹1,259.82) = ₹8,258.82 total, paid in advance for 6 months.
• 12 Months: ₹11,999 + GST 18% (₹2,159.82) = ₹14,158.82 total, paid in advance for 12 months.

• Fees are paid in advance only with your agreement. We never charge more than 12 months of fees in advance, including renewals and stacking of plans (SEBI Master Circular for RAs, para 1.9(f)).
• Fee cap: ₹1,51,000 per annum per family for individual and HUF clients, excluding statutory charges. The cap does not apply to non-individual clients or accredited investors (para 1.9(b)-(e)).
• Payment is accepted only through banking channels: UPI, net banking or card through our official checkout on ra.investology.in. No cash is accepted. Never pay to any personal bank account or personal UPI ID.
• Renewal: your plan renews only if you pay again.
• A GST tax invoice is downloadable from your onboarding-portal account, under Purchases.

5A. Optional Centralised Fee Collection Mechanism (CeFCoM)

RA Shall provide the guidance to their clients on an optional ‘Centralised Fee Collection Mechanism for IA and RA’ (CeFCoM) available to them for payment of fees to RA.

CeFCoM is an optional mechanism run by BSE Limited (the currently recognised RAASB) for paying fees to SEBI-registered Research Analysts. Investology’s CeFCoM enrolment status: To be confirmed by Compliance Officer.

SEBI requires registered RAs to encourage their clients to use CeFCoM, and we encourage you to consider it (SEBI Master Circular for RAs, para 12.5).

6. Risk factors

• Investments in securities are subject to market risk, including the possible loss of the amount invested.
• There is no assurance or guarantee of returns from acting on any research recommendation.
• Futures and options (F&O) and commodity derivatives are high-risk and leveraged; losses can exceed the margin deposited.
• Past performance is not indicative of future results.
• Our research is not personalised investment advice and is not an assessment of suitability for you. Consider your own financial position and risk appetite before acting on it.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

7. Conflict of interest

The RA shall adhere to the applicable regulations/ circulars/ directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.

• Compensation received from any company covered in our research: To be confirmed by Compliance Officer.
• Financial interest or holdings of the RA and its associates in a subject company are disclosed in each research report, as required by Regulation 19.
• Associates of the RA: To be confirmed by Compliance Officer.
• Distribution services offered by the RA or its associates: To be confirmed by Compliance Officer.

See our Disclosures.

7A. Use of artificial intelligence tools

The extent of use of AI tools in providing research services (Reg 19(vii), Reg 24(7)): To be confirmed by Compliance Officer.

Investology remains solely responsible for the security and confidentiality of client data and for any use of AI output.

8. Termination of service and refund of fees

The RA may suspend or terminate rendering of research services to client on account of suspension/ cancellation of registration of RA by SEBI and shall refund the residual amount to the client.

In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.

Either you or Investology may terminate the services prematurely. You will be refunded proportionate fees for the unexpired period. No breakage fee is charged.

Investology may terminate the services for breach of these terms, unauthorised redistribution of research, false KYC information or illegal activity. In every such case, refunds still follow the pro-rata rule above.

See our Refund Policy or request a cancellation.

9. Grievance redressal and dispute resolution

Any grievance related to (i) non-receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA, in this behalf: Grievance Officer, To be confirmed by Compliance Officer, pillai@investology.in.

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations. In any case, not later than 21 days of receipt (SEBI Investor Charter).

RA shall redress grievances of the client in a timely and transparent manner.

Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

If you are not satisfied:

• SEBI SCORES 2.0: scores.sebi.gov.in (opens in new tab). Complaints get a two-level review, first by the RAASB and then by SEBI.
• SMART ODR (online conciliation and arbitration): smartodr.in (opens in new tab).
• SEBI toll-free helpline: 1800 22 7575 / 1800 266 7575.
• Our full Grievance Redressal / Escalation Matrix.

10. Additional clauses and changes to these terms

All additional voluntary clauses added by the RA should not be in contravention with rules/ regulations/ circulars of SEBI. Any changes in such voluntary clauses/document(s) shall be preceded by a notice of 15 days.

We will give you at least 15 days’ notice by email before any change to these terms takes effect. Continued use does not amount to consent; where SEBI requires, we will take your fresh consent on or before your next renewal or fee payment.

10.1 Permitted use

Research content is for your personal use only. You may not:

• Redistribute, resell, or sub-license research content
• Share access to the subscriber Telegram channel with non-subscribers
• Publicly post or broadcast research content (including screenshots)
• Use research content for commercial purposes without written permission

10.2 Limitation of liability

Research is provided without any warranty of accuracy, completeness, or fitness for a particular purpose. Investology is not liable for investment losses based on research, technical failures or delivery delays, or any indirect, incidental, or consequential damages. Investology’s liability is limited to the subscription fees paid for the current subscription period. Nothing in this clause limits your entitlement to refunds under clause 8 or any right under SEBI regulations.

10.3 Governing law and jurisdiction

These terms are governed by the laws of India. Disputes are subject to the jurisdiction of courts in Mumbai, India, without prejudice to SCORES, SMART ODR and arbitration under clause 9. SEBI regulations take precedence where applicable.

11. Mandatory notice

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

Read the Do’s and Don’ts in our Investor Charter.

12. Most Important Terms and Conditions (MITC)

RA shall also disclose MITC as specified below to their clients. (MITC have been standardized by Industry Standards Forum (ISF) in consultation with SEBI and RAASB).

The MITC form part of these Terms. Read the full MITC: Most Important Terms and Conditions (MITC).

13. Contact