Disclosures
Disclosure
Analyst certification, holdings, compensation and conflicts of interest — the disclosures that accompany every research report.
Effective date: 9 September 2026 · Governed by the SEBI (Research Analysts) Regulations, 2014 and the SEBI Master Circular for Research Analysts dated 6 February 2026, as amended on 25 March 2026.
Analyst certification
The Research Analyst certifies that the views expressed in each research report accurately reflect his personal views about the subject security and the subject company, and that no part of his compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in that report.
Disclosure of interest — stated in every report
Each research report carries, on its face, a disclosure of the following as at the date of publication:
- Whether the Research Analyst, his associates or his relatives hold any financial interest in the subject company, and the nature of it.
- Whether they hold any actual or beneficial ownership of one per cent or more in the securities of the subject company.
- Whether they have any other material conflict of interest at the time of publication.
- Whether the Research Analyst has served as an officer, director or employee of the subject company.
- Whether the Research Analyst has been engaged in market-making activity in the subject company.
The Research Analyst maintains a personal investment portfolio in Indian listed equities. A holding in a covered company is disclosed rather than avoided, and is accompanied by the personal-trading blackout described below and in the Internal Policy.
Personal trading restriction
The Research Analyst does not deal or trade in any security that is the subject of a recommendation for 30 days before and 5 days after the publication of that recommendation. This restriction applies to the Research Analyst, his associates and his relatives, and it is absolute — it is not waived because a price moves.
Compensation
The Research Analyst receives compensation solely in the form of subscription fees paid by clients for research services. He receives no compensation from any subject company, no brokerage or commission on any transaction executed by a client, no distribution or trail commission on any financial product, and no payment of any kind that is contingent on a client acting on a recommendation.
- No compensation has been received from any subject company in the past twelve months for investment banking, merchant banking, brokerage services, or products or services other than research.
- The Research Analyst has not managed or co-managed any public offering of securities for any subject company.
- The Research Analyst does not, and may not, distribute mutual funds or any other financial product to clients. He holds no distribution registration.
What a Research Analyst may not do
Set out so that you can hold us to it: a Research Analyst may not provide personalised investment advice, may not manage a client's portfolio, may not take custody of or handle client funds or securities, may not accept payment in cash, may not assure or guarantee any return, and may not use any past-performance figure as a marketing claim. If anyone offers you any of these in the name of Wisdom Investments, it is not us — report it to wisdominvestments@protonmail.com.