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Kotak Securities Limited (KSL) will, at its discretion, provide its company research reports/news, results, and event updates/sector report/monthly commentary/regular compendium, trading call, technical and derivatives reports (together "the reports") as also market news to investors either in the form of a written market commentary or research report sent in e-mail, fax form, SMS or through postal or courier service. A brief extract of the reports may also be sent, on enrolment, in SMS, e-mail or fax form.

To avail the reports, investors are required to understand and confirm/accept the following:

	1.		Investors have read and understood in full the terms and conditions contained herein and risk disclosure documents. Investors are also to read and understand the important disclosures and disclaimers forming part of each report.

	2.		The reports are for the general information. They do not constitute a personal recommendation.

	3.		No information published in the reports constitute a solicitation or offer to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever and the risk of loss on the basis of information published in the reports can be substantial. The reports may not be intended for any investor in particular and unless specifically stated, the reports would be general in nature and not specifically aimed at any particular investor. Investors should, therefore, carefully consider whether such trading is suitable for them in light of their circumstances and financial resources.

	4.		The information published and opinions expressed are provided by KSL for personal use and for informational purposes only and are subject to change without notice. KSL makes no representation (either express or implied) that the information and opinions expressed in the reports will be accurate, complete or up to date. Investors should obtain advice from a qualified expert before making any trading decision. The stated price of any securities mentioned in the reports will be as of the date indicated and is not a representation that any transaction can be effected at this price. Neither KSL nor other persons shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in the reports.

	5.		KSL will exercise due diligence in checking the correctness and authenticity of the information contained in the reports but KSL or any of its affiliates or directors or officers or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in the reports or any action taken on basis of the reports. Price and value of the securities forming part of TTD Reports may go up or down. Past performance is not a guide for future performance.

	6.		KSL may use brand names for all or any of the reports. Such names would represent the brand and not the nature or feature of the reports.

	7.		The TTD reports will include commentary on derivatives trading, technical analysis and limited review of stocks and may not be based on comprehensive or fundamental of the stocks.

	8.		KSL has two independent equity research groups: Institutional Equities Research Group and Private Client Group. The designated Private Client Group teams are responsible for the preparation of reports based on fundamental evaluation of companies and also reports based on technical analysis, short term indicators and indicators on the derivatives market. The views and opinions expressed in these Reports i.e Fundamental or TTD may or may not match or may be contrary with the views, estimates, rating, target price, of reports of the Institutional Equities Research Group and Private Client Group dealing in TTD Research and Fundamental Research respectively. Further, there may be a contrary view within the TTD Reports with regard to estimates, rating, target price as evaluation are based on different criteria.

	9.		The contents of the reports cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed for any non-personal use without obtaining prior permission from KSL.

	10.		The proprietary trading and investment businesses of the Kotak Group may make investment decisions that are inconsistent with the views expressed in the reports.

	11.		KSL and its affiliates, officers, directors, and employees worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned in the reports or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) mentioned in the reports or act as advisor or lender borrower to such company (ies) or have other potential conflict of interest with respect to any view and related information and opinions mentioned in the reports.

	12.		KSL reserves the option to provide all or any of the reports and the right to suspend or vary the whole or any part of the same for any reason, at any time at its sole discretion.

	13.		Investors who enroll for SMS/ e-mail/ fax delivery of brief extract of the reports are required to read the full reports.

	14.		KSL does not guarantee completeness, error, delay, interruption or timeliness or delivery in whole or in part of any of the reports or their extracts. The same is provided on an “as-is” and “as-available” basis.

	15.		Users should check with their service providers/ operator for charges, if any.