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Disclaimer & Privacy Policy

PHILLIPCAPITAL (INDIA) PVT.LTD.
SEBI Registration no – INZ000169632
NSE CLEARING NO - TM:14665; CM: M51102;
BSE Membership ID – 416
REGISTERED OFFICE:18TH FLOOR, URMI ESTATE, GANPATRAO KADAM MARG, LOWER PAREL (WEST), MUMBAI – 400013; Ph: 022 – 24831919; Toll Free no - 1800221331

Disclaimer - Risk of loss in trading/investment can be substantial and even more than the amount / margin given by you. You should carefully consider whether trading/investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. PhillipCapital and any of its employees, directors, associates, group entities, affiliates shall not be liable for losses, if any, incurred by you. You are further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek trading/investment advice before investing. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. PhillipCapital (India) Pvt.Ltd. and any of its employees, directors, associates, group entities, affiliates is not inducing you for trading/investing in the financial market(s). Trading/Investment decision is your sole responsibility. Clients must also read Risk Disclosure Document and Dos and Donts before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing.The securities quoted are exemplary and are not recommendatory. Brokerage will not exceed the SEBI prescribed limit.

Important Information:

By accessing and using this website (the "Website") and any web page hereof, you agree to be bound by the terms and conditions below. Reference to these general terms of use should be made each time you access and use the Website.

By becoming our client or availing any of our services or by using our website www.phillipcapital.in or group websites, you authorize us or any of our employees, agents, authorised persons to contact you via email or mobile or phone or SMS or whatsapp or any other permissible mode for transactional information, marketing information or any other of our services related information. This authorisation is despite your registration, if any under DND or DNC or any other similar service with any authority.

This Website, its services and contents are provided for your use by PhillipCapital (India) Pvt Ltd. and its group / associate / affiliates companies in India. (hereinafter referred to as “Phillip India ”) Phillip India group of companies together offer a full range of financial services to retail, corporate and institutional customers. Group / associate / affiliate companies of Phillip India include Phillip Commodities India Pvt Ltd., Phillip Centralised Services India Private Limited, Phillip Finance & Investment Services India Private Limited, Phillip (India) Private Limited and companies incorporated as a Group company / Associate / affiliate subsequently from time to time. Group / associate / affiliate companies can otherwise be identified by their authorised use of PhillipCapital brand name along with their own name in their documentation and literature.

Use of Information and Materials:

The contents of this website are provided to you for general information only and should not be used as a recommendation or basis for making any specific investment, business or commercial decision. These pages should not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the securities, and specifically funds or any investment products, mentioned herein, or, in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction. Accordingly, no warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of you acting based on this information...

Investments are subject to market risks including the possible loss of the principal amount invested. The value of the securities/commodities/currencies or any other financial instrument may fall as well as rise. If the investment is denominated in a foreign currency, factors including but not limited to changes in exchange rates may have an adverse effect on the value, price or income of an investment. Past performance figures as well as any projection or forecast used in these web pages, are not necessarily indicative of future or likely performance of any investment products.

The information contained in these pages is not intended to provide professional advice and should not be relied upon in that regard. It also does not have any regard to your specific investment objective, financial situation and any of your particular needs. You may wish to obtain advice from a qualified financial adviser, pursuant to a separate engagement, before making a commitment to purchase any of the investment products mentioned herein. In the event that you choose not to obtain advice from a qualified financial adviser, you should assess and consider whether the investment product is suitable for you before proceeding to invest and we do not offer any advice in this regard unless mandated to do so by way of a separate engagement.You are advised to read the Applicable Conditions governing each account and the relevant Risk Disclosure Document, if any, carefully before investing in any of the products. The contents of this website, including these terms and conditions, are subject to change and may be modified, deleted or replaced from time to time and at any time at the sole and absolute discretion of Phillip India.

Global Market Disclaimer:-

a). Involvement of PhillipCapital (India) Pvt. Ltd. is restricted to Referral Only. PhillipCapital (India) Pvt. Ltd. does not offer this product directly to customers.

b). Client's details will be shared with Phillip Ventures IFSC Pvt. Ltd. with expressed consent from clients

c). All dealings including KYC will be executed by Phillip Ventures IFSC Pvt. Ltd. directly with client and PhillipCapital (India) Pvt. Ltd. will not incur any personal financial liability.

d). Phillip Ventures IFSC Pvt. Ltd. is a subsidiary of PhillipCapital (India) Pvt. Ltd.

E). Other Terms and conditions will be clearly communicated to the client with respect to the product and the entity which is offering the product

Timeliness, accuracy and completeness of information:

In particular, we assume no responsibility for or make any representations, endorsements, or warranties whatsoever in relation to the timeliness, accuracy and completeness of any services, content, information and/or data contained in the Website, whether provided by us, any content providers or third parties.

Copyright:

PhillipCapital, Phillip India and / or its member/ group / associate / affiliate companies reserve all copyright and intellectual property rights to the services, content, information and data on the Website. The contents in the Website are protected by copyright and no part or parts hereof may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted, hyperlinked, used for creating derivative works or used in any other way for commercial or public purposes without the prior written consent of PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies.

No Warranties:

While every care has been taken in preparing the contents contained in the Website, such contents are provided to you “as is” and “as available” without warranty of any kind either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a particular purpose or freedom from computer virus is given in conjunction with such contents. ember/group/associate/affiliate companies of PhillipCapital and Phillip India, their directors, officers, associates, agents and affiliates make no representations, endorsements or warranties of any kind about the services, content, information and/or data contained in the Website.

Separate Contracts:

The provision of any service or products provided by PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies through the Website shall be expressly subject to the particular terms and conditions as contained in the contract for the supply of such service or product. Any warranties or representations made in relation to the provision of such service or product are as made in the contract only and PhillipCapital, Phillip India and/or its member / group / associate / affiliate companies make no separate warranty or representation through the Website or through these general terms of use.

Exclusion of Liability and Indemnity:

In no event shall PhillipCapital, Phillip India and/or its member/group/associate/affiliate companies be liable to you for any loss, damage, costs, charges and/or expenses of whatsoever nature and howsoever arising including legal fees on a full indemnity basis, cost of funding and loss or cost incurred by you as a result of or in connection with:

  • any access, use or the inability to access or use this website, use of or reliance on the contents of this website;
  • any transaction performed on any web page in the Website;
  • any loss or abuse or unauthorized disclosure of information, including customer information;
  • any system, server or connection failure, error, omission, interruption, interception, delay in operation or transmission, or computer virus;
  • any use of or access to any websites linked to the Website;
  • any service, product, information, data, software or other materials obtained from this Website or from any other websites linked to this Website;
  • breach or violation of any third party rights, including but not limited to the violation of any proprietary or intellectual property rights or the enforcement of any of these general terms of use.

Governing Law :

These general terms of use shall be governed by and construed in accordance with the laws of India and all parties hereby agree to submit to the exclusive jurisdiction of the courts of Mumbai.

Products and services referred to in this website are offered only in jurisdictions where and when they may be lawfully offered by PhillipCapital, Phillip India and/or its member group/associate/affiliate companies. The contents in the Website are not intended for use by persons located in or resident in jurisdictions that restrict the distribution of such materials by us. Persons accessing these pages are required to inform themselves about and observe any relevant restrictions. The terms and conditions governing the use of the Website of each member company of PhillipCapital, Phillip India may differ and you should consult and carefully read the applicable terms and conditions before using the website.

Privacy and Security :

Your privacy is important to us. We are committed to maintain the confidentiality of the personal information that you give us through our websites or our online services. To preserve the confidentiality of all information you provide to us, we maintain the following privacy principles:

  • We will only collect personal information that we believe to be relevant and required to assist us in providing better customer service and delivery of services and products that are of interest to you.
  • To serve you well, we may from time to time work with external organizations, including the member/ group/associate/affiliate companies of PhillipCapital, to offer other products and services to you. These companies will be required to conform to our privacy policy standards.
  • We may be required from time to time to disclose your personal information to governmental or judicial bodies or agencies or our regulators, but we will only do so under proper authority.
  • We aim to keep your personal information on our records accurate and up-to-date.
  • We maintain strict security systems designed to prevent unauthorized access to your personal information by anyone, including our staff. All member/ group/associate/affiliate companies of PhillipCapital and Phillip India, staff and third parties with permitted access to your information are specifically required to observe our confidentiality obligations.
  • Like most websites, we may use cookies to "remember" information about your preferences. You can set up your web browser to accept or reject cookies.
  • We may amend this Policy from time to time and will place any such amendments on this Website. This Policy is not intended to, nor does it, create any contractual rights between PhillipCapital, Phillip India and you.

Email :

Email messages sent to PhillipCapital, Phillip India or any of its member/ group/associate/affiliate companies over the Internet cannot be guaranteed to be completely secure. PhillipCapital, Phillip India will not be responsible for any damages incurred by users if they send a message to PhillipCapital, Phillip India or any of its member/ group/associate/affiliate companies, or if PhillipCapital, Phillip India or any of its member companies sends a message to them at their request, over the Internet. PhillipCapital, Phillip India or any of its member companies are not responsible in any manner for direct, indirect, special or consequential damages arising out of the use of this Website.

Transmission over the Internet :

Due to the nature of the Internet, transactions may be subject to interruption, interception, transmission blackout, delayed transmission and incorrect data transmission. Regardless of any security measures taken by us, PhillipCapital, Phillip India and/or its member/group/associate/affiliate companies shall assume no responsibility whatsoever for any loss or expense resulting from such delays, interruptions and/or interceptions.

Data Security :

Security is our top priority. PhillipCapital, Phillip India and/or its member/group/associate/affiliate companies will strive at all times to ensure that your personal data will be protected against unauthorized or accidental access, processing or erasure. We maintain this commitment to data security by implementing appropriate physical, electronic and managerial measures to safeguard and secure your personal data.

  • The secure area of our website supports the use of Secure Socket Layer (SSL) protocol and 128-encryption technology – an industry standard for encryption over the Internet to protect data. When you provide sensitive information, it will be automatically converted into codes before being securely dispatched over the Internet.
  • Our web servers are protected behind “firewalls” and our systems are monitored to prevent any unauthorized access. We will not send
  • personal information to you by ordinary email.
  • Only your valid User ID and Password, which identify you uniquely, will allow you to log in to our secure website(s). This ensures that messages from authorized users only are admitted into our secure site(s).
  • All practical steps will be taken to ensure that personal data will not be kept longer than necessary and that PhillipCapital, Phillip India will comply with all statutory and regulatory requirements in Singapore concerning the retention of personally identifiable information.

Security Assurance :

We endeavour to put in place high standards of security to protect your interests. You are responsible to ensure that your User ID and/or Password are not compromised by knowingly or accidentally share, provide or facilitate unauthorized use of it. Failure to do so exposes you to the risks of fraud and loss. PhillipCapital, Phillip India and/or its member companies will not be responsible for losses suffered by customers as a result of:

  • input errors or misuse of its internet services;
  • negligent handling or sharing of Password;
  • leaving a computer unattended during an online session;
  • failure to immediately report known accidents of unauthorized account access.

PhillipCapital or Phillip India will never ask you for your Password, in order to ensure that you are the only person who knows this information.

  • You should safeguard your unique User ID and Password by keeping it secret and confidential. Do not share your User ID and Password with anyone or write them down, as you are responsible for all transactions undertaken with your User ID and Password.
  • Ensure that no one can see your Password when you log in to our system.
  • When choosing your unique User ID and Password for the first time, do not create it using easily identifiable information such as your birthday, telephone number or a recognizable part of your name.
  • Change your Password regularly. Do not recycle your recently used Password.
  • The same Password should not be used for different websites, applications or services particularly when you relate to different entities.
  • Do not select the option on your browser for storing or retaining User ID and Password.
  • If you think your User ID and/or password has been disclosed to a third party, is lost or stolen and unauthorized transactions may have been conducted, you are responsible to inform us immediately.

It is advisable to take the necessary precautions to protect your personal computer against viruses and other malicious programs. Besides damaging and/or destroying data, viruses and malicious programs can capture your Password keystrokes and other personal information and send them to another person without your consent. Some precautions to take:

  • Ensure that you install an effective personal firewall, anti-virus, anti-spyware as well as anti-Trojan horse software. These should be updated regularly.
  • Do not download any software from a website that is of doubtful origin.
  • Do not open any email or attachment that is from a source unknown to you. When in doubt, delete such email without opening it.

Downloading :

We do not represent or warrant that the Website will be available and meet your requirements, that access will not be interrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system.

You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties. We make no representations or warranties regarding the accuracy, functionality or performance of any third part software that may be used in connection with the website.

Collection of Personal Information

Use of "cookies"

Your visit to the Website may be recorded for analysis on the number of visitors to the Website and general usage patterns. Some of this information will be gathered through the use of cookies”. Cookies are small bits of information that are automatically stored on a person’s web browser in their computer that can be retrieved by this site. Should you wish to disable these cookies you may do so by changing the setting on your browser.

Marketing Promotions

Occasionally, we may collect personal information from visitors to this site and those individuals that participate in a contest or promotion (online or over the telephone, or at one of our branches). Such information is only collected from individuals who voluntarily provide us with their personal information. We may use this information to advise them of products, services and other marketing materials, which we think, may be of interest to them. We may also invite visitors to this site to participate in market research and surveys and other similar activities.

Hyperlinks from PhillipCapital to Third Party Websites

PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies are not responsible for the contents available on or the set-up of any other websites linked to the Website. These hyperlinks lead to websites published or operated by third parties who are not affiliated with or in any way related to PhillipCapital, Phillip India and/or its member/group/associate/affiliate companies. Access to and use of such other websites is at the user’s own risk and subject to any terms and conditions applicable to such access/use. By providing hyperlinks to a third party website or webpage, PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or the services/ products they provide on their websites, or to have any form of cooperation with such third parties and websites unless otherwise stated by PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies.

We are not in any way responsible for the content of any third party website or webpage.

PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies is/are not a party/parties to any contractual arrangements entered into between you and the provider of the third party website unless otherwise expressly specified or agreed to by PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies.

Any links to websites that contain downloadable software are provided for your convenience only. We are not responsible for any difficulties you may encounter in downloading the software or for any consequences from your doing so. Please remember that the use of any software downloaded from the Internet may be governed by a licence agreement and your failure to bserve the terms of such licence agreement may result in an infringement of intellectual property rights of the relevant software provider, which we are not in any way responsible.

Hyperlinks from Third Party Websites to PhillipCapital

You must always obtain the prior written approval of PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies before creating a hyperlink in any form from a third party website to any PhillipCapital website or webpage. PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies may or may not give such approval at its absolute discretion.

PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies is/are not responsible for the setup of any hyperlink from a third party website to any PhillipCapital or Phillip India website or webpage. Any links so set up shall not constitute any form of co-operation with, or endorsement by, PhillipCapital, Phillip India and/or its member/ group/associate/affiliate companies of such third party website. Any link to our Website shall always be an active and direct link to our Website and no "framing" or "deep-linking" of our web page or content is allowed, unless prior approval by PhillipCapital and Phillip India.

PhillipCapital and its member/ group/associate/affiliate companies are not liable for any loss or damage incurred or suffered by you or any third party arising out of or in connection with such link. PhillipCapital and/or its member companies reserve the right to rescind any approval granted to link through a plain-text link or any other type of link, and to require the removal of any such link to any PhillipCapital websites, at its discretion at any time.

IMPORTANT: By accessing this website and any of its pages you are agreeing to the terms set out above.

Disclaimer on Marketing Material / Documents / Advertisements:

The marketing material / document / advertisement is prepared and printed by PhillipCapital (India) Pvt. Ltd. / Phillip Commodities India Pvt. Ltd. for information purpose only.

PhillipCapital (India) Pvt. Ltd./ Phillip Commodities India Pvt. Ltd. and any of its employees, directors, associates, group entities, affiliates hereinafter jointly referred to as PCIPL does not warrant about the completeness of any of the information mentioned. The information may have been taken from trade and statistical services and other sources. This should neither be construed as solicitation nor offering advice for the purpose of the purchase or sale of any equity, currency, equity derivatives, spot commodity, commodity derivatives or any other financial instrument.

The recipient of this information should before dealing and/or transacting in any manner in respect of the products referred herein, make his / her own judgement and seek independent advice. The recipient alone shall be fully responsible / are liable for any decision taken on the basis of this material. The recipient should carefully consider whether trading/investment is appropriate for the recipient in light of recipient’s experience, objectives, financial resources and other relevant circumstances.

PCIPL (including its affiliates) and any of its directors, employees shall not be liable for any loss or damage of any nature whatsoever caused or suffered owing to inaccurate or incomplete information mentioned herein.

Risk of loss in trading/investment can be substantial and even more than the amount / margin given by you. The recipient should carefully consider whether trading/investment is appropriate for the recipient in light of recipient’s experience, objectives, financial resources and other relevant circumstances. PCIPL and any of its employees, directors, associates, group entities, affiliates shall not be liable for losses, if any, incurred by the recipient. The recipient is further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek trading/investment advice before investing. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. PCIPL and any of its employees, directors, associates, group entities, affiliates is not inducing the recipient for trading/investing in the financial market(s). Trading/Investment decision is the sole responsibility of the recipient.

This information is to be kept confidential by the recipient and no part of this information may be duplicated in whole or in part in any form and or redistributed without the prior written consent of PCIPL.

Disclosures and Disclaimers For Commodity :

This report has been prepared by Commodity Research team of PhillipCapital (India) Pvt. Ltd. The views and opinions expressed in this document may, may not match, or may be contrary at times with the views, estimates, rating, and target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.

This report is issued by PhillipCapital (India) Pvt. Ltd., which is regulated by SEBI. PhillipCapital (India) Pvt. Ltd. is a subsidiary of Phillip (Mauritius) Pvt. Ltd. References to "PCIPL" in this report shall mean PhillipCapital (India) Pvt. Ltd unless otherwise stated. This report is prepared and distributed by PCIPL for information purposes only, and neither the information contained herein, nor any opinion expressed should be construed or deemed to be construed as solicitation or as offering advice for the purposes of the purchase or sale of any security, investment, or derivatives. The information and opinions contained in the report were considered by PCIPL to be valid when published. The report also contains information provided to PCIPL by third parties. The source of such information will usually be disclosed in the report. Whilst PCIPL has taken all reasonable steps to ensure that this information is correct, PCIPL does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report to undertake trading does so entirely at his/her/its own risk and PCIPL does not accept any liability as a result. Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily an indication of future performance.

This report does not regard the specific investment objectives, financial situation, and the particular needs of any specific person who may receive this report. Investors must undertake independent analysis with their own legal, tax, and financial advisors and reach their own conclusions regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realised. Under no circumstances can it be used or considered as an offer to sell or as a solicitation of any offer to buy or sell the securities mentioned within it. The information contained in the research reports may have been taken from trade and statistical services and other sources, which PCIPL believe is reliable. PhillipCapital (India) Pvt. Ltd. or any of its group/associate/affiliate companies do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice.

IMPORTANT: These disclosures and disclaimers must be read in conjunction with the research report of which it forms part. Receipt and use of the research report is subject to all aspects of these disclosures and disclaimers. Additional information about the issuers and securities discussed in this research report is available on request.

Certifications:The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the research analyst’s personal views about all of the subject issuers and/or securities, that the analyst(s) have no known conflict of interest and no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the specific views or recommendations contained in this research report.

Additional Disclosures of Interest:

Unless specifically mentioned in Point No. 9 below:

  • 1. The Research Analyst(s), PCIPL, or its associates or relatives of the Research Analyst does not have any financial interest in the company(ies)/ securitiy(ies) covered in this report.
  • 2. The Research Analyst, PCIPL or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the company (ies)/ security(ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
  • 3. The Research Analyst, his/her/its associate, his/her/its relative, and PCIPL, do not have any other material conflict of interest at the time of publication of this research report.
  • 4. The Research Analyst, PCIPL, and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies)/ securitiy(ies) covered in this report, in the past twelve months.
  • 5. The Research Analyst, PCIPL or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the company (ies)/ /securitiy(ies) covered in this report.
  • 6. PCIPL or its associates have not received compensation or other benefits from the company(ies)/ securitiy(ies) covered in this report or from any third party, in connection with the research report.
  • 7. The Research Analyst has not served as an Officer, Director, or employee of the company (ies)/ securitiy(ies) covered in the Research report.
  • 8. The Research Analyst and PCIPL has not been engaged in market making activity for the company(ies)/ securitiy(ies) covered in the Research report.
  • 9. Details of PCIPL, Research Analyst and its associates pertaining to the companies covered in the Research report:
Sr.No. Particulars Yes/No
1 Whether compensation has been received from the company(ies)/ securitiy(ies) covered in the Research report in the past 12 months for investment banking transaction by PCIPL No
2 Whether Research Analyst, PCIPL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the company(ies)/ securitiy(ies) covered in the Research report No
3 Whether compensation has been received by PCIPL or its associates from the company(ies)/ securitiy(ies) covered in the Research report No
4 PCIPL or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the company(ies)/ securitiy(ies) covered in the Research report No
5 Research Analyst, his associate, PCIPL or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies)/ securitiy(ies) covered in the Research report, in the last twelve months No

Suitability and Risks:This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic, or political factors. Past performance is not necessarily indicative of future performance or results.

Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material, and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the information current.Without limiting any of the foregoing, in no event shall PCIPL, any of its affiliates/employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this document.

Copyright: The copyright in this research report belongs exclusively to PCIPL. All rights are reserved. Any unauthorised use or disclosure is prohibited. No reprinting or reproduction, in whole or in part, is permitted without the PCIPL’s prior consent, except that a recipient may reprint it for internal circulation only and only if it is reprinted in its entirety.

Caution: Risk of loss in trading/investment can be substantial and even more than the amount / margin given by you. Investment in securities market are subject to market risks, you are requested to read all the related documents carefully before investing. You should carefully consider whether trading/investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. PhillipCapital and any of its employees, directors, associates, group entities, or affiliates shall not be liable for losses, if any, incurred by you. You are further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek independent third party trading/investment advice outside PhillipCapital / group / associates / affiliates / directors /employees before and during your trading/investment. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. PhillipCapital and any of its employees, directors, associates, and/or employees, directors, associates of PhillipCapital’s group entities or affiliates is not inducing you for trading/investing in the financial market(s). Trading/Investment decision is your sole responsibility. You must also read the Risk Disclosure Document and Do’s and Don’ts before investing.

Kindly note that past performance is not necessarily a guide to future performance.
For Detailed Disclaimer: Please visit our website www.phillipcapital.in

IMPORTANT DISCLOSURES FOR U.S. PERSONS :

This research report is a product of PhillipCapital (India) Pvt. Ltd. which is the employer of the research analyst(s) who has prepared the research report. PhillipCapital (India) Pvt Ltd. is authorized to engage in securities activities in India. PHILLIPCAP is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not a Major Institutional Investor.

Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Rosenblatt Securities Inc, 40 Wall Street 59th Floor, New York NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through PHILLIPCAP. Rosenblatt Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor.

The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.

Ownership and Material Conflicts of Interest :

Rosenblatt Securities Inc. or its affiliates does not ‘beneficially own,’ as determined in accordance with Section 13(d) of the Exchange Act, 1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this publication.

Compensation and Investment Banking Activities :

Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past 12 months, nor received compensation for investment banking services from the subject company in the past 12 months, neither does it or any affiliate expect to receive, or intends to seek compensation for investment banking services from the subject company in the next 3 months.

Additional Disclosures :

This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. Neither PHILLIPCAP nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report’s preparation or publication, or any losses or damages which may arise from the use of this research report.

PHILLIPCAP may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups, or affiliates of PHILLIPCAP.

Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States.

The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments.

Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by PHILLIPCAP with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein.

No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior written consent of PHILLIPCAP and PHILLIPCAP accepts no liability whatsoever for the actions of third parties in this respect.

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