Markets, held up to the magnifying glass.

1. About the Research Analyst

Mr. Priyadharshan R is a SEBI registered Research Analyst, proprietor of Equitify, having his registered office at Coimbatore, Tamil Nadu, India. He was registered with SEBI as an Individual vide Registration number INH000030241 on 17 September 2026, pursuant to which he provides Research Analyst services to his clients.

2. Qualifications and experience

He holds the NISM-Series-XV: Research Analyst certification, which is a pre-requisite for registration as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014. He analyses the Indian equity and derivatives markets and provides research across cash equity, futures, options and model portfolios.

3. Details of business activities

He provides recommendations based on both fundamental and technical analysis.

4. Disciplinary history

There are no outstanding litigations and no disciplinary history against him.

5. Terms and conditions on which the research report is issued

He has exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness. The opinions expressed are based on his current research as of the date appearing in the material and may be subject to change from time to time without notice.

He does not accept any liability arising from the use of this document or the information contained herein. The recipients of this material should rely on their own judgement and take their own professional advice before acting on this information.

He shall not be in any way responsible for any loss or damage that may arise to any person or persons from any inadvertent error in the information contained, or in the views and opinions expressed in this publication.

6. Financial interest

He or his associates, including relatives — (a) do not hold any financial interest in the Company; (b) do not have any actual or beneficial ownership of more than 1% in the Company; (c) do not have any other material conflict of interest.

7 – 10. Associates, compensation and market making

• He or his associates are not affiliated with any other intermediaries, and have not received any brokerage or commission from any third party.
• He or his associates have not received any compensation from the Company covered by the Research Analyst during the past twelve months.
• He or his associates have not managed or co-managed a public offering of securities of the Company during the past twelve months.
• He or his associates have not served as an officer, director or employee of the Company, and have not been engaged in market making activity for the Company.

11. Reliability of facts

He has ensured that the facts mentioned in the research report are taken from a reliable source and information. However, investors are advised to independently evaluate the market conditions and risks involved before making an investment decision.

12. Use of Artificial Intelligence

He may use Artificial Intelligence tools for providing research services.

Equitify (Priyadharshan R) is registered with SEBI as an Individual Research Analyst vide Registration number INH000030241 on 17 September 2026, pursuant to which he provides Research Analyst services to his clients.

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

Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

• I am not affiliated with any other intermediaries, nor do I receive any brokerage or commission from any third party.
• SEBI has issued no penalties or directions under the SEBI Act, and no other regulatory body has done so.
• I do not recommend any stock broker or other intermediary to a client, nor do I receive any consideration by way of remuneration, compensation or in any other form whatsoever from a stock broker or another intermediary.
• Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and on sources that I consider reliable. I, however, do not vouch for the consistency or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred due to it, and take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.
• I do not provide any promise or assurance of a favourable view for a particular industry, sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition and suitability to risk-return profile before investing.
• I or any other person related to me might be holding positions in the stocks recommended.
• Research recommendations are provided to all my clients who are entitled to receive research reports. Any client (paid or unpaid), any third party or anyone else has no right to forward or share my calls, SMS, reports or any information provided by me to or with anyone, through any medium, whether received directly or indirectly. If found so, serious legal action can be taken.
• I ensure that employees performing sales, dealing or any other activity that may affect the independence of my research reports or research recommendations are functionally separate from the research function. Such employees may receive feedback on the impact of research reports or recommendations, provided that such feedback does not influence or compromise the independence, objectivity or content of the research.
• If a client wants an opinion on a specific position, such suggestion or view shall under any circumstances be considered an opinion and not advice. I am not liable for any losses whatsoever the client may incur in accepting this opinion.
• I do not have any association in any manner with any issuer of products or securities; this ensures that there are no actual or potential conflicts of interest, and that objectivity and independence in carrying on research services is not compromised.
• Stock trading is inherently risky, and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make.
• Unlike an actual performance record, simulated results do not represent actual trading. No representation is being made that any account will, or is likely to, achieve profits or losses similar to those shown.
• You, and not I, assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. If you choose to engage in transactions with or without seeking advice from a licensed and qualified financial advisor or entity, then such decision and any consequences flowing therefrom are your sole responsibility. I and any employees are in no way liable for the use of the information by others in investing or trading in investment vehicles.
• I encourage all investors to use the services as a resource to further their own research on all featured companies, stocks, sectors, markets and information presented on the site.
• Everything posted on social media (Instagram / Twitter / Facebook / Telegram / YouTube channel) is for education and illustration purposes and should not be counted as a recommendation or investment advice.

The Research Analyst is committed to providing prompt, fair and transparent grievance redressal to all clients. Clients may follow the mechanism below for resolution of any grievance or feedback relating to the research services.

1. Contact the Research Analyst

If you are not satisfied with our services and wish to lodge a complaint, you may communicate your grievance by telephone or email. Every effort shall be made to acknowledge and resolve your grievance promptly.

Phone: +91 90252 71907  ·  Email: Priyadharshan0723@gmail.com

The Research Analyst shall endeavour to resolve the grievance within 7 business working days from the date of receipt, or within such timeline as may be prescribed by SEBI from time to time.

2. Escalation to the Research Analyst

If the grievance remains unresolved within the above timeline, escalate directly to:

Name: Priyadharshan R  ·  Designation: Research Analyst, Principal Officer & Compliance Officer
Address: Coimbatore, Tamil Nadu, India
Email: Priyadharshan0723@gmail.com  ·  Phone: +91 90252 71907

The Research Analyst shall personally review the grievance and make every effort to resolve it in a fair, transparent and timely manner in accordance with the SEBI (Research Analysts) Regulations, 2014 and the applicable SEBI Master Circular. In any case, all grievances shall be resolved within 21 calendar days from the date of receipt, as required under Regulation 26B.

3. Complaint through SCORES

If your grievance remains unresolved, lodge your complaint through the SEBI Complaints Redress System (SCORES 2.0) at scores.sebi.gov.in. Two-level review mechanism — first level: Research Analyst Administration and Supervisory Body (RAASB); second level: Securities and Exchange Board of India (SEBI).

4. Online Dispute Resolution (SMART ODR)

If you are not satisfied with the resolution provided through the above mechanism, you may initiate dispute resolution through the SMART Online Dispute Resolution platform at smartodr.in, for online conciliation and/or arbitration in accordance with the applicable SEBI framework.

5. Physical complaint to SEBI

Office of Investor Assistance and Education, Securities and Exchange Board of India (SEBI), SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051.

If you have a grievance, you can reach out for assistance using the contacts below. These details are provided to facilitate complainants approaching the Research Analyst before filing a complaint with SEBI.

Grievances are aimed to be resolved within 21 working days from the date of receipt. If your grievance is not resolved within this timeframe, escalate it to SEBI’s SCORES platform (scores.sebi.gov.in). If you remain unsatisfied with the resolution provided through our support or through SCORES, you may access the Online Dispute Resolution portal (smartodr.in).

Complaint register for Research Analyst INH000030241, disclosed in the format prescribed under the SEBI Master Circular (Investor Charter — Annexure B). All complaints, including SCORES complaints, are disclosed and updated on this website by the 7th of the succeeding month.

Last updated: 06-10-2026

A. Data for the month ending 30 September 2026

Registration was granted on 17 September 2026. The figures below are the position as at the end of the reporting month. No complaint has been received from any source since registration.

Number of complaints received during the month against the Research Analyst due to impersonation by some other entity: 0.
* Inclusive of complaints of previous months resolved in the current month. # Inclusive of complaints pending as on the last day of the month. ^ Average resolution time is the sum total of time taken to resolve each complaint in days in the current month, divided by the total number of complaints resolved in the current month.

B. Trend of monthly disposal of complaints

* Inclusive of complaints of previous months resolved in the current month. # Inclusive of complaints pending as on the last day of the month. Maintained from the month of registration (September 2026).

C. Trend of annual disposal of complaints

** Inclusive of complaints of previous years resolved in the current year. ## Inclusive of complaints pending as on the last day of the year. Maintained from the year of registration (FY 2026-27).

Head Office

SEBI Bhavan BKC, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra.

Regional office for this Research Analyst

The registered office of the Research Analyst is at Coimbatore, Tamil Nadu, which falls under the jurisdiction of SEBI’s Southern Regional Office at Chennai. Current address and contact details of SEBI’s Southern Regional Office are published on the SEBI website.

Office of Investor Assistance and Education

Physical complaints may be sent to the Office of Investor Assistance and Education, Securities and Exchange Board of India (SEBI), SEBI Bhavan, Plot No. C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051.

Toll-free investor helpline: 1800 266 7575 / 1800 22 7575. SEBI website: sebi.gov.in. A complete, current list of SEBI’s regional and local offices is published on the SEBI website.

Disclosure with respect to the annual compliance audit requirement under Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014. Annual audits are completed within the prescribed timeline and submitted as required.

Audit reports are published here once each annual compliance audit is completed.