Important documents

Registration details

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

Disclosure & disclaimer

Nirav Desai, SEBI Registered Research Analyst, Reg. No. INH000004440

1. Please review these disclaimers and disclosures carefully. These are to be read along with Terms and Conditions as well as general and individual contracts entered into with clients.
2. Nirav Desai is a SEBI registered Research Analyst (SEBI Registration Number INH000004440), duly qualified and having long practical experience. Recommendations are given on the basis of bonafide analysis and judgment using a judicious mix of technical and fundamental analysis and long experience of having followed and analysed markets and scrips over a considerable period. Software, experience and skills are used in arriving at decisions.
3. Recommendations given herein are not personalised to individual clients or group of clients. Each client shall carefully assess their goals and objectives in context of their stage in life and capacity to take investment and/or trading decisions and their capacity and inclination to take risks and handle uncertainty in the stock market, preferably with the help of a duly registered investment adviser.
4. Stock markets generally and options/futures markets in particular are prone to higher than normal earnings or losses or even stagnation for long periods of time. Markets are known to be subject to sharp volatility which often cannot necessarily be explained with rational analysis. That apart, unexpected developments in the local, national or international markets, including political and other developments, may significantly affect the markets. The investor is well advised to self-assess his capacity to take risks balancing with expected rewards and placing them in context with the state of life and financial status they belong to. Under no circumstances whatsoever shall we be responsible for any loss suffered by any person.
5. Recommendations have a short shelf life and are generally expected to be valid at the time they are made. In particular, recommendations on options/futures have even shorter validity and market changes may affect the recommendations further. Unless reaffirmed by a fresh recommendation, the recommendation should not be considered valid beyond the time when it has been made, irrespective of whether the price or markets have moved in a particular direction or not.
6. Individual shares, bonds, futures, options, etc. may have differing volumes and depths and this may affect their movements and spreads. Further, large amount of orders may also affect, at least in the short term, the movement of prices which may be divorced from their fundamentals. Investors and traders shall have, and apply, at least basic knowledge and skills to track fundamental parameters.
7. Clients should carefully and diligently undergo the training offered by us before beginning trades. It is also strongly advised that, for a sufficient period of time, they may carry out shadow trading/investments to help develop application skills. In any case, initially, they may invest amounts that are small relative to their risk taking capacity.
8. Many categories of shares and bonds and in particular all options and futures require close monitoring and hence clients may need to devote sufficient time and focus in monitoring the movements in markets.
9. While recommendations in equity shares, bonds, etc. which are made for long term may have coverage of a broader spectrum of relevant factors, recommendations in futures and options may be made more on basis of narrower technical analysis based on short term factors.
10. Clients shall take into account income-tax, stamp duty, security transaction tax and other levies and factors in respect of their trading and investment decisions by taking advice from a competent tax/legal advisor. Tax and other implications may vary from person to person.
11. These disclaimers and disclosures are subject to periodic revisions with or without notice and clients are requested to regularly review them, particularly if an indication is given of their having been updated. Changes are deemed to have been read by the clients the moment they are made/published herein.
12. Subject to the SEBI (Research Analysts) Regulations, 2014 (as amended from time to time) and other applicable law, the Research Analysts may engage in such activity of consultancy, trading, or otherwise as they may deem appropriate.
13. We do not carry out any analysis of individual circumstances of specific clients. Background information taken of clients (prospective or actual) may be for data analysis and related purposes only and no conclusion is possible to be drawn that recommendations are tailored generally for any category of clients or to any individual client. Clients are advised to take their own decisions, taking such external advice as may be deemed appropriate in such circumstances.
14. While the recommendations made by us are generic and not specific to the circumstances of individual clients or group of clients, it is also made clear that the recommendations may be considered or used by no other person other than the client to whom they are provided.

Analyst certification

I, Nirav Dilip Desai, SEBI registered research analyst, author hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer(s) or securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.

Disclosures of interest

• The Research Analyst or relatives of the Research Analyst do not have any financial interest in the company(ies) covered in the research.
• The Research Analyst or relatives of the Research Analyst collectively do not hold more than 1% of the securities of the company(ies) covered as of the end of the month immediately preceding the distribution of the research report.
• The Research Analyst and his relatives do not have any other material conflict of interest at the time of publication of the research report.
• The Research Analyst has not received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered, in the past twelve months.
• The Research Analyst has not managed or co-managed, in the previous twelve months, a private or public offering of securities for the company(ies) covered.
• The Research Analyst has not received compensation or other benefits from the company(ies) covered or from any third party, in connection with the research report.
• The Research Analyst has not been engaged in market making activity for the company(ies) covered in the research report.

Standard warnings

Investor Charter in respect of Research Analyst (RA)

As specified in Annexure A to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/81 dated 2 June 2025, now Annexure-D of the SEBI Master Circular for Research Analysts dated 6 February 2026

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)

1. Onboarding of Clients
   • Sharing of terms and conditions of research services
   • Completing KYC of fee paying clients
2. 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 client to the relevant disclosures
   • To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
3. To distribute research reports and recommendations to the clients without discrimination.
4. To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
5. To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
6. To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
7. To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
8. To treat all clients with honesty and integrity.
9. 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)

   1. 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 (opens in new tab))

      Two level review for complaint/grievance against Research Analyst:

      • First review done by designated body (RAASB)
      • Second review done by SEBI
   2. 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 (https://smartodr.in (opens in new tab)).

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

1. Always deal with SEBI registered Research Analyst.
2. Ensure that the Research Analyst has a valid registration certificate.
3. Check for SEBI registration number. Please refer to the SEBI website for the list of all SEBI registered Research Analysts: SEBI list of registered Research Analysts (opens in new tab).
4. Always pay attention towards disclosures made in the research reports before investing.
5. 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)
6. Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
7. Ask all relevant questions and clear your doubts with your Research Analyst before acting on recommendation.
8. Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
9. 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.
10. Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
11. Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
12. Inform SEBI about Research Analyst offering assured or guaranteed returns.

Don'ts

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

Grievance redressal & escalation matrix

Raise a grievance with us first. We aim to resolve it immediately, and in any case within the timelines specified by SEBI (7 business working days for service-related grievances under our terms of service, and not later than 21 days under the Investor Charter).

If your grievance is not resolved

1. Lodge a complaint on SEBI SCORES 2.0 (opens in new tab). It is first reviewed by the RAASB (BSE Limited) and then by SEBI. You can also email the designated email ID of the RAASB.
2. If you are still not satisfied, file on SMART ODR (opens in new tab) for online conciliation or arbitration.
3. Physical complaints: 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 – 400051.

Complaint data

Format as per Annexure B to SEBI Circular dated 2 June 2025 (Annexure-E of the SEBI Master Circular for Research Analysts dated 6 February 2026). Updated by the 7th of every month.

Terms & conditions

These terms apply to all research services of Nirav Dilip Desai, SEBI Registered Research Analyst. They are shared with every client before onboarding, and the client's consent is recorded at checkout.

Disclosure of minimum mandatory terms and conditions to clients

As specified in Annexure B to SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated 8 January 2025, as consolidated in the SEBI Master Circular for Research Analysts dated 6 February 2026

1. Availing the research services. By accepting delivery of the research service, the client confirms that he/she has elected to subscribe the research service of the RA at his/her sole discretion. RA confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2. Obligations on RA. RA and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.
3. Client information and KYC. The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made applicable by RA from time to time. RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Standard terms of service. The consent of client shall be taken on the following understanding:

   "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 benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

   I/We understand that —

   1. Any investment made based on the recommendations in the research report are subject to market risk.
   2. Recommendations in the research report do not provide any assurance of returns.
   3. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report."

   Declaration of the RA that:

   1. It is duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and its registration details are: Registration No. INH000004440; date of registration 3 November 2016 (renewed 28 October 2021).
   2. It has registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting.
   3. Research analyst services provided by it do not conflict with or violate any provision of law, rule or regulation or contractual or other obligations.
   4. The maximum fee that may be charged by RA is ₹1.51 lakhs per annum per family of client.
   5. The recommendations provided by RA do not provide any assurance of returns.
   6. Being an individual RA, he is not engaged in any additional professional or business activities, on a whole-time basis or in an executive capacity, which interfere with/influence or have the potential to interfere with/influence the independence of research report and/or recommendations.
5. Consideration and mode of payment. The client shall duly pay to RA, the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s). Fees are accepted only through banking channels — Razorpay (card, UPI, net banking), bank transfer, UPI to niravdesai.ra@validhdfc, cheque, or the optional CeFCoM. Cash is not accepted.
6. Risk factors. Investment in securities is subject to market risks, including the risk of loss of capital. Prices of securities, and particularly of futures and options, can be highly volatile and may move sharply against a position. Derivatives are leveraged instruments and losses can exceed the amount invested. Liquidity, gaps in prices, unexpected domestic or global events and changes in law or taxation can affect outcomes. Past performance of any security or of the market is not indicative of future results. Research recommendations are generic and are not tailored to any client's financial situation or risk profile.
7. Conflict of interest. The RA shall adhere to the applicable regulations/ circulars/ directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA's disclosures of interest are set out in the Disclosure & disclaimer above, and any actual or potential conflict will be disclosed to clients promptly.
8. Termination of service and refund of fees. The RA may suspend or terminate rendering of research services to client on account of suspension/ cancellation of registration of RA by SEBI and shall refund the residual amount to the client. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the subscription period.
9. Grievance redressal and dispute resolution. Any grievance related to (i) non-receipt of research report or (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by RA, shall be escalated promptly by the client to the person/employee designated by RA, for this purpose. The designated person is Nirav Dilip Desai, email ndstockstimulator@gmail.com. The RA shall ensure that the grievance is resolved within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations or circulars. The RA shall redress the grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.
10. Additional clauses. Any additional voluntary clauses/ document added by the RA should not be in contravention with rules/ regulations/ circulars of SEBI. Any changes in such voluntary clauses/ document(s) shall be preceded by a notice of 15 days.
11. Mandatory notice. Clients shall be requested to go through Do's and Don'ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time. These are reproduced in the Investor Charter, section F.
12. Most Important Terms and Conditions (MITC). The RA shall disclose the MITC as standardised by the Industry Standards Forum in consultation with SEBI and RAASB, which are set out below. The RA cannot execute/ carry out any trade (purchase/ sell transaction) on behalf of the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.
13. Optional Centralised Fee Collection Mechanism. Clients may pay fees through the optional 'Centralised Fee Collection Mechanism for IA and RA' (CeFCoM) operated by BSE Limited, the recognised RAASB. Details are available on the RAASB's website and from the RA on request.

Most Important Terms and Conditions (MITC)

1. These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

   Note:

   1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
   2. The fee limit does not include statutory charges.
   3. The fee limits do not apply to a non-individual client / accredited investor.
3. RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one quarter. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.
4. Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
5. The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA's research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client's own judgement and assessment of the conclusions contained in the research report.
9. The SEBI registration, enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances,

    Step 1: the client should first contact the RA using the details on its website or following contact details: Nirav Dilip Desai, +91 98206 27454, ndstockstimulator@gmail.com.

    Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI's SCORES platform at www.scores.sebi.gov.in (opens in new tab).

    Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in (opens in new tab).

11. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
12. The RA shall never ask for the client's login credentials and OTPs for the client's Trading Account, Demat Account and Bank Account. Never share such information with anyone including RA.

Disclosure on use of Artificial Intelligence (AI) tools

Clause 2(vii) of SEBI Circular dated 8 January 2025; clause 1.7 of the SEBI Master Circular for Research Analysts dated 6 February 2026

Nirav Dilip Desai uses Artificial Intelligence (AI) tools only for drafting and routine administrative work, such as preparing the text of messages and documents. AI tools are not used to analyse securities or to generate research reports or recommendations. All research and recommendations are prepared by the Research Analyst himself, who is solely responsible for them.

Irrespective of the extent of use of any tools, the Research Analyst remains solely responsible for the security, confidentiality and integrity of client data, for the research services provided, and for compliance with all applicable laws.

Client-level segregation of research and distribution

Regulation 26C of the RA Regulations and clause 2(x) of SEBI Circular dated 8 January 2025

Nirav Dilip Desai does not provide distribution services for any securities or financial products to his research clients, either himself or through any family member or group entity. Client-level segregation between research and distribution services is therefore maintained at the family level, and an annual certificate to this effect is obtained from an auditor as part of the annual compliance audit.

The auditor's certificate for FY 2025–26 is published under Annual compliance.

Annual compliance

The annual compliance audit is conducted as required under Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014, by a member of the Institute of Chartered Accountants of India. Its status, and any adverse findings with the action taken, are published here.

Documents, FY 2025–26

• Annual Compliance Audit Report
  Signed by the auditor, 1 pageView PDF: Annual Compliance Audit Report, on Google Drive (opens in new tab)
• Annual Compliance Report — Annexure (provision-wise status)
  Signed by the RA and the auditor, 24 pagesView PDF: Annual Compliance Report Annexure, on Google Drive (opens in new tab)
• Client-level Segregation Certificate
  Signed by the auditor, 1 pageView PDF: Client-level Segregation Certificate, on Google Drive (opens in new tab)

If you need any of these documents in another format, write to ndstockstimulator@gmail.com.

Accessibility statement

Last reviewed: October 2026

Nirav Dilip Desai is committed to making this website usable by everyone, including people with disabilities, in line with the Rights of Persons with Disabilities Act, 2016 and SEBI's circular on digital accessibility for regulated entities (31 July 2025, as revised on 29 August 2025).

Standard

This website is designed to conform to the Web Content Accessibility Guidelines (WCAG) 2.2 at Level AA, and to IS 17802 and GIGW 3.0 where applicable.

What we have done

• Text and interface colours meet WCAG AA contrast ratios, and all content reflows on small screens without horizontal scrolling.
• Every page works with a keyboard alone, shows a visible focus indicator, and offers a "skip to main content" link.
• Pages use proper headings, landmarks, labelled form fields and table headers for screen-reader users.
• Images have text alternatives; decorative graphics are hidden from assistive technology.
• Animations are minimal, stop when your device asks for reduced motion, and can be switched off.
• The accessibility menu (the round button at the bottom right) lets you enlarge text, switch to high contrast or greyscale, add text spacing, underline links, enlarge the cursor and read the page in Hindi.
• The body typeface, Atkinson Hyperlegible Next, was designed by the Braille Institute for readers with low vision.

Known limitations

• The payment window is provided by Razorpay, a third party; its accessibility is outside our control. If you cannot complete payment, call us and we will help.
• The embedded Google Map is supplementary; the full address is always given in text.

Feedback and assistance

If you find a barrier on this website or need any information in an accessible format, contact Nirav Dilip Desai at ndstockstimulator@gmail.com or +91 98206 27454. We aim to respond within 7 business working days. If you are not satisfied with our response, you may escalate through the grievance channels in the escalation matrix.