Asit Baran Pati

SEBI Registered Research Analyst · Registration No. INH000012795 · Individual Research Analyst · Gurugram, Haryana

Registration Disclaimer Services & fees Terms & MITC Disclosures Investor charter Grievances Complaints data Compliance audit Do's & Don'ts

1. Registration details

Regulation 19A of the SEBI (Research Analysts) Regulations, 2014 · SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 08 January 2025.

Name (as registered with SEBI)	Asit Baran Pati
Type of registration	Individual Research Analyst
SEBI registration number	INH000012795
Validity	31 August 2023 – perpetual (valid until suspended or cancelled by SEBI, subject to payment of the prescribed fees)
Registered address	Tower-7/3801, Tata Primanti, Sector-72, Near Vatika Chowk, Sohna Road, Gurugram, Haryana 122001 (registered and correspondence address)
Telephone · e-mail	· asit.pati@gmail.com
Principal Officer / Compliance Officer · contact person	Asit Baran Pati (individual RA) · contact person
Administration and supervisory body	RAASB — BSE Limited · enlistment
Corresponding SEBI office	SEBI Northern Regional Office, 5th Floor, Bank of Baroda Building, 16 Sansad Marg, New Delhi 110001 · Tel. +91-11-23724001-05 · sebinro@sebi.gov.in
Official channels
Verify this registration	sebi.gov.in → Intermediaries → Research Analysts

2. Standard disclaimer and statutory warnings

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

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

The Research Analyst cannot execute or carry out any trade on behalf of any client. Never share trading-account credentials, never permit anyone to trade on your behalf, and pay fees only to the registered account (). Solicitation of payment to any other account in this name is fraudulent.

Past performance is not indicative of future returns; no claim of returns or performance is made or implied. Any past-performance data communicated to clients is verified by the SEBI-recognised Past Risk and Return Verification Agency (PaRRVA) and presented in the SEBI-prescribed format only.
Derivatives carry a high degree of risk; losses can exceed the premium paid or margin deposited.
Research is prepared from publicly available information and the analyst's own analysis; it is not investor-specific.

3. About the analyst · other activities

Asit Baran Pati is a SEBI-registered Research Analyst specialising in Indian equity derivatives. biographical lines as approved by him

Training and educational programmes conducted by the analyst are not SEBI-regulated activities and are provided at arm's length from the research services; every training-related page, communication and invoice carries, in a font of at least 10 points, the notice: "This activity / invoice relates to services that are not under the purview of SEBI, and no complaint can be raised to SEBI for the services rendered therein."

4. Research services and fees

Service	Description	Fee
Research reports and recommendations — index and stock futures & options	Directional and positional recommendations with entry, stop-loss, target and rationale, each supported by a research report (Regulation 20(4))	as per the plan chosen

Fee ceiling: ₹1,51,000 per annum per family of client (excluding statutory charges); revised by RAASB once in three years on the Cost Inflation Index.
Advance, if agreed, for not more than one quarter; pro-rata refund on pre-mature termination; no breakage fee; pro-rata refund on suspension of the registration beyond 60 days or its cancellation.
Payment only to the registered account or through the optional Centralised Fee Collection Mechanism (CeFCoM).
No research service is rendered and no fee is charged until the client's consent to the terms and conditions is received.

5. Terms and conditions · Most Important Terms and Conditions (MITC)

Minimum mandatory terms per Annexure-B of the SEBI guidelines of 08 January 2025; consent is taken at onboarding by an OTP-verified digital signature and retained with a hash of the text.

TERMS AND CONDITIONS OF RESEARCH SERVICES · version 2026-09-13 Research Analyst: Asit Baran Pati · Individual Research Analyst · SEBI Registration No. INH000012795 (registration date 31 August 2023) · RAASB enlistment 1. Availing the research services: by accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the RA at his/her sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the SEBI (Research Analysts) Regulations, 2014. 2. Obligations on RA: RA and client shall be bound by the SEBI Act and all applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of the Government, as in force from time to time. 3. Client information and KYC: the client shall furnish all details required by the RA in its standard form with supporting details as mandated by RAASB/SEBI from time to time. The RA shall collect, store, upload and check KYC records of fee-paying clients with a KYC Registration Agency (KRA) as specified by SEBI. 4. Standard terms of service — client's declaration: I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure. I / We are subscribing to the research services for our own benefit and consumption, and any reliance placed on the research report provided by the research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report. I / We understand that (i) any investment made based on the recommendations in the research report is subject to market risk; (ii) recommendations in the research report do not provide any assurance of returns; (iii) there is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Declarations of the RA: (i) it is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014, registration number INH000012795, registration date 31 August 2023; (ii) it has the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting; (iii) research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject; (iv) the maximum fee that may be charged by the RA is ₹1,51,000 per annum per family of client (excluding statutory charges); (v) the recommendations provided by the RA do not provide any assurance of returns; (vi) being an individual, it is not engaged in any additional professional or business activity, on a whole-time basis or in an executive capacity, which interferes with/influences or has the potential to interfere with/influence the independence of the research report and/or recommendations contained therein. 5. Consideration and mode of payment: the client shall pay the RA the agreed fees for the services rendered and statutory charges as applicable, through the specified mode(s) — the registered bank account () or the optional Centralised Fee Collection Mechanism for IAs and RAs (CeFCoM). Fees in advance, if agreed, shall not exceed one quarter. Fees are subject to the ceiling of ₹1,51,000 per annum per family of client (excluding statutory charges). 6. Risk factors: investments in securities are subject to market, liquidity, volatility, event, leverage and settlement risks. Derivatives (futures and options) can lose more than the amount invested; stop-losses may be exceeded in fast markets or gaps; recommendations may not achieve their targets. Past performance is not indicative of future results. 7. Conflict of interest: the RA adheres to the SEBI regulations, circulars and directions on disclosure and mitigation of actual or potential conflicts of interest. The RA may hold positions in recommended securities; such positions are disclosed in the research report, and no trade is taken against a live recommendation. No compensation is received from any subject company. Research services are kept at arm's length from any other activity (including training, which is not a SEBI-regulated activity). 8. Use of artificial-intelligence tools: The RA is solely responsible for the security, confidentiality and integrity of client data, for the use of any information or data in the research services, for research services based on the output of such tools, and for compliance with applicable law. 9. Termination of service and refund of fees: the RA may suspend or terminate rendering of research services on account of suspension/cancellation of its registration by SEBI and shall refund the residual amount to the client. In case of suspension of the certificate of registration for more than 60 days or cancellation of the registration, the RA shall refund the fees on a pro-rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period. On pre-mature termination as per the agreed terms, proportionate fees for the unexpired period are refunded and no breakage fee is charged. 10. Grievance redressal and dispute resolution: any grievance related to (i) non-receipt of the research report, (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services shall be escalated promptly by the client to the designated person — Asit Baran Pati, asit.pati@gmail.com. The RA shall resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI, and in any case within 21 days. Unresolved grievances may be lodged with SEBI on SCORES (scores.sebi.gov.in) and disputes may be resolved through the SEBI Online Dispute Resolution portal (smartodr.in) or arbitration, or any other mode specified by SEBI. 11. Additional clauses: any voluntary clause added by the RA shall not contravene SEBI rules/regulations/circulars; changes to such clauses are preceded by a notice of 15 days. 12. Mandatory notice: the client is requested to go through the Do's and Don'ts while dealing with a Research Analyst as specified in SEBI master circular SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated 21 May 2024, or as specified by SEBI from time to time. 13. Most Important Terms and Conditions (MITC): The terms and conditions and the consent thereon are for the research services provided by the RA and RA cannot execute / carry out any trade (purchase / sell transaction) on behalf of the client. Thus, you are advised not to permit RA to execute any trade on your behalf. 14. Records: records of all interactions with the client are maintained for five years (longer if a dispute is pending or SEBI so directs).

6. Disclosures

Research reports

Every research report discloses, as applicable: the analyst's name and registration status; financial interest of the analyst or relatives in the subject company; actual/beneficial ownership of 1% or more of its securities at the end of the preceding month; other material conflicts; compensation received in the past twelve months; market-making; and the date and price of the recommendation.

Conflict of interest

The analyst may hold positions in recommended securities; such positions are disclosed and no trade is taken against a live recommendation. No compensation is received from any subject company. personal-trading policy as filed

Artificial-intelligence tools (Regulation 24(7))

The analyst remains solely responsible for the security, confidentiality and integrity of client data and for research based on the output of such tools.

Client-level segregation (Regulation 26C)

Research services only; no distribution activity. An annual certificate of compliance forms part of the compliance audit.

Model portfolios

No model portfolio is recommended / factsheets per Annexure-A

Deposit with RAASB

A deposit based on the maximum number of clients in the previous financial year is maintained with a scheduled bank, marked as lien in favour of RAASB.

All advertisements comply with the SEBI advertisement code for Research Analysts and carry the registration number and the standard disclaimer; no performance is referenced unless verified by PaRRVA.

7. Investor Charter in respect of Research Analysts

As issued by SEBI, circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 dated 02 June 2025, Annexure A — reproduced as issued. A copy is provided to every client during onboarding.

A. Vision and Mission Statements for investors

Vision — Invest with knowledge & safety.

Mission — Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Details of business transacted by the Research Analyst with respect to the investors

To publish research report based on the research activities of the RA
To provide an independent unbiased view on securities.
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
To provide research recommendation, based on analysis of publicly available information and known observations.
To conduct audit annually
To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Details of services provided to investors (No Indicative Timelines)

Onboarding of Clients
Sharing of terms and conditions of research services
Completing KYC of fee paying clients
Disclosure to Clients:
- To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
- To disclose the extent of use of Artificial Intelligence tools in providing research services
- To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures
- To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
To distribute research reports and recommendations to the clients without discrimination.
To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information
To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines
To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services
To treat all clients with honesty and integrity
To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Details of grievance redressal mechanism and how to access it

1. Investor can lodge complaint/grievance against Research Analyst in the following ways:

Mode of filing the complaint with research analyst — In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)

SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) (https://scores.sebi.gov.in). Two level review for complaint/grievance against Research Analyst: first review done by designated body (RAASB); second review done by SEBI.
Email to designated email ID of RAASB

2. If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.

With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051

E. Rights of investors

Right to Privacy and Confidentiality
Right to Transparent Practices
Right to fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure — Right to receive information about all the statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times — Right to be informed of the timelines for each service
Right to be Heard and Satisfactory Grievance Redressal — Right to have timely redressal
Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst
Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
Additional Rights to vulnerable consumers — Right to get access to services in a suitable manner even if differently abled
Right to provide feedback on the financial products and services used
Right against coercive, unfair, and one-sided clauses in financial agreements

F. Expectations from the investors (Responsibilities of investors)

Do's

Always deal with SEBI registered Research Analyst.
Ensure that the Research Analyst has a valid registration certificate.
Check for SEBI registration number. Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website in the following link: sebi.gov.in — Research Analysts
Always pay attention towards disclosures made in the research reports before investing.
Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.
Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
Inform SEBI about Research Analyst offering assured or guaranteed returns.

Don'ts

Do not provide funds for investment to the Research Analyst.
Don't fall prey to luring advertisements or market rumors.
Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.
Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.

8. Grievance redressal · lodge a complaint

Lodge a complaint with the Research Analyst SEBI SCORES 2.0 Smart ODR

Step 1 — Research Analyst	Designated person: Asit Baran Pati · asit.pati@gmail.com · · acknowledgement within 24 hours; service deficiencies resolved within 7 business days and every grievance within 21 days
Step 2 — RAASB (BSE Ltd)	Research Analyst Administration and Supervisory Body — bseindia.com
Step 3 — SEBI SCORES	scores.sebi.gov.in · SEBI toll-free 1800 22 7575 / 1800 266 7575
Step 4 — Online Dispute Resolution	smartodr.in — conciliation and arbitration through SEBI-recognised ODR institutions

9. Complaints data

Data for the 30-09-2026 · updated by the 7th of every month.

Sr. No.	Received from	Pending at the end of last month	Received	Resolved*	Total Pending#	Pending > 3 months	Average resolution time^ (days)
1	Directly from investors	0	0	0	0	0	0
2	SEBI (SCORES)	0	0	0	0	0	0
3	Other sources (if any)	0	0	0	0	0	0
	Grand total	0	0	0	0	0	0

Number of complaints received during the month against the RA due to impersonation by some other entity: 0. Note: in case of any complaints received against the RA due to impersonation of the RA by some other entity, the RA may adjust the number of such complaints from the total number of complaints received/resolved while preparing the above table; such impersonation complaints are closed after following the due process specified by SEBI/RAASB.

* 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.

Trend of monthly disposal of complaints

Sr. No.	Month	Carried forward	Received	Resolved*	Pending#
1	month	0	0	0	0

Trend of annual disposal of complaints

Sr. No.	Year	Carried forward	Received	Resolved*	Pending#
1	2025-26	0	0	0	0
2	2026-27 (to date)	0	0	0	0

10. Status of compliance audit (Regulation 25(3))

Financial year	Status	Adverse findings
2025-26		None

The compliance audit report is provided to clients on request.

11. Do's and Don'ts for investors (SEBI master circular of 21 May 2024)

Do's

Deal only with SEBI-registered Research Analysts; check the registration number on sebi.gov.in.
Read the terms and conditions and the research report before acting; understand the risks.
Pay fees only to the registered account (or via CeFCoM) and keep receipts.
Take investment decisions yourself; the responsibility rests with you.
Raise grievances with the analyst first, then SCORES / ODR.

Don'ts

Do not deal with unregistered persons or anyone promising assured returns.
Do not share login credentials or OTPs; do not let anyone trade on your behalf.
Do not pay to any account other than the registered one; no profit-sharing schemes.
Do not act on unsolicited tips from social media or calls.
Do not rely on screenshots of profits or testimonials.

Useful links: SEBI · SCORES · Smart ODR · BSE / RAASB · Page last updated: date