1. Purpose
The purpose of this Disclosure Document is to provide essential information about the Research Analyst Services in a manner that enables prospective clients/investors to make an informed decision before availing the research services.
This document is prepared in accordance with the applicable provisions of the Securities and Exchange Board of India (SEBI) (Research Analysts) Regulations, 2014 and related circulars/guidelines issued from time to time.

2. History, Present Business & Background
Rahul Bhagat is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst bearing Registration No. INH000025948.
The Research Analyst registration was granted on April 10, 2026.
The Research Analyst is engaged in providing independent research and recommendation services related to securities markets, subject to applicable SEBI regulations.

3. Terms & Conditions of Research Services
The Research Services shall be limited to providing independent research recommendations and shall not include any advisory services, portfolio management services, or portfolio allocation services.
The Research Analyst does not guarantee any assured returns, profits, or accuracy of recommendations.
Investments and trading in securities markets, including stocks, indices, derivatives, and other securities, are subject to market risks. Past performance does not guarantee future results.
Clients/investors are advised to independently evaluate investment decisions based on their financial condition, risk appetite, and investment objectives.
The Research Analyst shall not be responsible for any losses incurred by investors arising from investment or trading decisions taken based on research recommendations.

4. Disciplinary History
There are no pending material litigations or legal proceedings against the Research Analyst.
As on date, no penalties or directions have been issued by SEBI under the SEBI Act, 1992 or the Regulations framed thereunder against the Research Analyst relating to Research Analyst services.

5. Details of Associates
The Research Analyst does not have any associates.

6. Disclosures with Respect to Research & Recommendation Services
✔ The Research Analyst or any of its officers/employees does not trade in securities that are the subject matter of recommendations.
✔ There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/securities recommended.
✔ The Research Analyst or its employees or associates have not received any compensation from the subject company covered in the research recommendation.
✔ The Research Analyst or its employees or associates have not managed or co-managed any public offering of securities for the subject company.
✔ The Research Analyst or its employees or associates have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company.
✔ The Research Analyst or its employees or associates have not received any compensation or other benefits from the subject company or any third party in connection with the research report or recommendation.
✔ The subject company was not a client of the Research Analyst or its associates during the twelve months preceding the date of recommendation.
✔ The Research Analyst or its employees or associates have not served as officers, directors, or employees of the subject company.
✔ The Research Analyst has not engaged in market making activities for the subject company.

7. Standard Warning
⚠ “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.”

8. Disclaimer
⚠ “Registration granted by SEBI and certification from NISM in no way guarantee the performance of the Research Analyst or provide any assurance of returns to investors.”

9. Registration Details
SEBI Registration Number: INH000025948
Date of Registration: 10 April 2026