Purpose
The particulars present in this document has been prepared in accordance with SEBI (Research Analyst) Regulations, 2014.
The purpose of the document is to provide essential information regarding the research and recommendation services in a manner to assist and enable a client/prospective client in making an informed decision with respect to engaging in research and recommendation services.
For the purpose of the disclosure document, Research Analyst is Abishek Kondagunta Venkatesh (hereinafter referred to as "Research Analyst" or "RA")
History, Present business and Background
Manas Budhiraja is a SEBI registered Research Analyst with registration no. INH000025027 valid from February 16, 2026 – Perpetual.
The research analyst is engaged in offering research and recommendation services based on technical and fundamental analyses to clients.
The research analyst does not offer any execution or distribution services.
Terms and Conditions of research services
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Research services will be limited to providing independent research reports and recommendations and will not involve any portfolio allocation, execution or distribution services.
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Research reports and recommendations are intended solely for your information and is not for public distribution. It may not be reproduced, transmitted, or distributed to any other person. Any individual who receives this document is required to adhere to these restrictions.
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This material is intended solely for the personal information of the authorized recipient and does not constitute a solicitation or invitation to engage in any transaction based on its contents. This report should not be interpreted as an offer to sell, or a solicitation to buy, any security in any jurisdiction where such offer or solicitation is unlawful. It is provided for the general information of clients of Interest and does not constitute a personal recommendation or take into consideration the specific investment objectives, financial circumstances, or needs of any individual client.
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The research analyst has exercised due diligence in verifying the accuracy and authenticity of the information contained herein, insofar as it pertains to current and historical data; however, no representation or warranty, express or implied, is made as to the accuracy or completeness of such information.
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The research analyst does not accept any liability whatsoever for any direct, indirect, or consequential loss arising from the use of this document or the information contained herein.
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The research analyst never guarantees returns on the recommendations provided. Past performance is never a guarantee or indication of same or similar future performance.
Disciplinary History
No penalties/directions have been issued by SEBI under the SEBI ACT or regulations made there under against the research analyst relating to research analyst services.
There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the research analyst.
Details of Associates
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There are no associates employed by the research analyst currently.
Mr. Manas Budhiraja
Place: Delhi
Date: March 03, 2026
Disciplinary History
No penalties/directions have been issued by SEBI under the SEBI ACT or regulations made there under against the research analyst relating to research analyst services.
There are no pending material litigations or legal proceedings, findings of inspections or investigations for which action has been taken or initiated by any regulatory authority against the research analyst.
Disclosures with respect to research and recommendations services
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The research analyst or associates do not trade in securities which is the subject matter of recommendation.
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The research analyst or associates do not have any financial interest in the subject company.
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The research analyst or associates do not have actual/beneficial ownership or 1% or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report.
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There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of Research Analyst services. Such conflict of interest shall be disclosed to the client as and when they arise.
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The research analyst or associates have not received any compensation from the subject company in the past twelve months.
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The research analyst or associates have not managed or co-managed public offering of securities for the subject company in the past twelve months.
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The research analyst or associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
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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.
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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.
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The subject company was not a client during the twelve months preceding the date of distribution of the research report.
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The research analyst or associates have not served as an officer, director or employee of the subject company.
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The research analyst or associates have not been engaged in market making activity for the subject company.
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The research analyst shall provide all other disclosures in research report as specified by the board under any other regulations.
Standard warning
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Disclaimer
Registration granted by SEBI, enlistment with BSE, certification granted by NISM in no way guarantees the performance of the research analyst or provides any assurance of returns to the investors.