Disclaimer

I / Referrer hereby declare/s, agree/s, understand/s, acknowledge/s and confirm/s that,

1. The participation in the product shall be deemed as my acceptance to the terms and conditions set out herein. The Offer is valid for accounts opened from 12th July, 2022 onwards and shall be valid till the same is withdrawn by KSL.
2. The Referrer shall get a one-time credit of 250 Referral Points for every successful account opening of Referee i.e., demat and trading account is opened after complete documentation and application verification in line with the SEBI/ Exchange regulations and internal policies and procedure of KSL. The Referrer shall not be eligible to get a credit for more than 3 referrals in a month (i.e. 750 Referral Points) on the basis of successful account opened.
3. The rewards for such Referrals will be credited as Referral Points to the Referrer's ledger on (T+3) basis, meaning T + 3 working days:
   a. Say for instance, the Referrer had a successful account opened on 1st of the month (which was a Monday); in this case 250 Referral Points shall be credited to the Referrer's ledger on 4th of the month (Thursday).
   b. Weekly and market holidays are excluded from (T+3) days.
   c. In case, the Referrer does 3 successful Referrals in a month, then the Referrer may continue referring but will not get the one-time incentive of 250 Referral Points on further successful Referrals during that month.
   • For e.g. Anubhav referred 10 clients in the month of March, of which 5 successfully opened an account with KSL.
   • Anubhav gets one-time credit of (250 * 3) 750 Referral Points for the first three successful accounts opened in March
   • At the same time, Anubhav would continue to earn 10% share from brokerage of all accounts opened for 2 years

   d. Referral scheme eligibility will be for the period when the referred account is opened irrespective of when the Referral was done

4. Earnings on the basis of Referrals turnover in the first 30 days shall be calculated as follows:
   a. The Referee needs to complete trade turnover (buy & sell transactions) totaling more than or equal to Rs. 5,000 in the first 30 days of account opening.
   b. Eligibility of such transactions will be calculated on a monthly basis, and the credits shall be transferred on/after the 25th of the following month
   c. The maximum credit is capped at 750 Referral Points per month
• Continuing with above e.g. in case, amongst the 5 accounts opened through Anubhav's reference 2 fulfill Rs. 5,000 turnover condition in March and other 3 fulfil the Rs. 5,000 turnovers in April.
• Anubhav gets credit of 500 Referral Points for the first two on/after 25th April, and credit of 500 Referral Points for the third Referral fulfilling the criteria of Rs. 5,000 turnovers on/after 25th May. (Thus: total credit received for fulfilment of the turnover condition by accounts opened in March totals 750 Referral Points)
• Incase if 2 account out of the 5 accounts referred fulfill Rs. 5,000 turnover condition in March itself yet Anubhav will get the credit of 500 Referral points on/after 25th April and 250 points for the third Referee on/after 25th May
• It is not necessary, the first 3 accounts opened have to fulfil the turnover condition, it can be any 3 accounts opened in a particular month.
5. The credit of Referral Points on the basis of 10% of brokerage generated by each of the Referee shall be as follows:
   a. Actual of 10% of brokerage, shall be transferred into equivalent Referral Points. For e.g. if the Referee has generated a brokerage of Rs. 10,000 in a particular month. The Referrer stands to gain 10% of 10,000 i.e. 1,000 Referral Points.
   b. There is no upper cap on the brokerage commission earned on a monthly basis
   c. The Referrer stands to earn brokerage commission for the first 2 years on each Referral.
   d. Earnings from 10% brokerage commission will be calculated at the end of the month, and credited to the Referrer's Ledger on 25th of the following
   e. Brokerage commission will be transferred only after it reaches Rs.100.
6. The Referral Points earned through Refer & Earn referral product shall be exclusively credited to the Referrer's Ledger and redeemed Referral Points can be adjusted only against Equity or to net off future brokerage.
7. If Referee has been referred by two Referrers, then the person who has referred 1st will be considered.
8. The Referrer shall not be eligible to earn any Referral Points if the Referee fails to mention referral code at required places.
9. In the event of the details of the Referee already exists in the database of KSL as an existing client or prospective client, then it will not be considered under this scheme/product for the Referral Point and KSL reserves the right to exclude such accounts for calculation of any Referral Point.
10. KSL's decision on the computation of Referral Points, redemption of Referral points and validity of Referral Points shall be final, conclusive and binding on me. All the computations will be after netting off any incentives, freebies etc. of the Referee. Further, I shall not recover any type of incentive / commission / fees from the referred client/s and there should be no financial transaction between me and the referred client/s.
11. I will have no access to any accounts of Referee including trade book, brokerage details of the Referee, books of KSL etc. The Referral Points credited by KSL to Referral Ledger shall be final, binding on me and shall not be challenged.
12. At the time of closure of trading account by Referrer, adjustments of Referral Points will be made against the outstanding, if any irrespective of ways of transfer, in my trading account with KSL before releasing the final fund payout and balance redeemed amount if any will be automatically forfeited.
13. Referral Points lying in Referral Ledger / Points redeemed for brokerage netting off shall not be considered towards the margin for my trading account with KSL.
14. I shall not claim any expenditure incurred by me while referring clients to KSL.
15. KSL has absolute rights to modify / revise/ amend /alter the percentage, redemption rates, categories of client or any terms and conditions of this product at its sole discretion, which amendment shall be effective without KSL giving any advance notice to me at my registered email id or my registered mobile number or by displaying the same on KSL's website.
16. KSL shall have exclusive power to close / withdraw this product without giving any prior notice to me at my registered email id or my registered mobile number or through social media platform / SMS or my last communication address registered with KSL, without assigning any reason.
17. In the event, the product is voluntarily closed / withdrawn by KSL, the Referral Points accumulated till the date of such closure / withdrawal will be transferred to net off of future brokerage by me. In the event of cancellation of the product being regulatory or for any other non-avoidable reason, all the future Referral Points shall stand forfeited forthwith.
18. Post closure / withdrawal by KSL or closure of trading account by me or upon death, KSL shall retain all the clients referred by me and those clients shall continue to remain the clients of KSL or continue to do transactions through KSL and all Referral Points shall be forfeited. Further upon my death, my legal heirs / successor / administrator, shall not be eligible to claim for Referral Points.
19. The acts, actions taken by KSL are in good faith in response to any oral or electronic instruction or enquiry by me in respect of any matter in relation to this product and fulfilment of any benefits thereon. I shall not be entitled to claim or allege any loss, damage, liability, expense etc. attributable directly or indirectly, to any such good faith action of KSL.
20. I shall not be eligible for any interest on the accumulated Referral/redeemed Points.
21. The redemption amount shall be subjected to deduction of all applicable taxes/charges, if any.
22. I indemnify and hold harmless KSL, its Affiliates, group companies/ associates and their respective directors and employees from and against any damage, loss, cost or liability (including all expenses and costs of enforcing rights under this terms and conditions) arising out of or resulting from (i) any use or disclosure (ii) any leakage of the Confidential Information and (iii) breach or violation of any of the covenants or terms of this product.
23. All or any disputes arising out of or in connection with this product, shall be Referred to arbitration under the provisions of the Arbitration and Conciliation Act, 1996 or as may be amended from time to time. The arbitration proceedings shall be presided by a sole arbitrator appointed by KSL. The venue of arbitration shall be at Mumbai and language of the Arbitration shall be English. The Court in Mumbai shall alone shall have exclusive jurisdiction over any dispute.
24. This product cannot be clubbed with any other offer /promotional product offered by KSL.
25. Under no circumstances, I will print any visiting cards, pamphlets, brochures, rubber stamps, stationery items or any material using the name and logo of KSL or conveying any direct or indirect association with KSL.
26. KSL shall not be held liable/responsible for any actions, claims, demands, losses, damages, costs, charges and expenses, which I may suffer, sustain or incur by participating in this product. Once Referral Points are redeemed as per my choice to transfer in Equity or netting off towards future brokerage, I have no option to change my choice later.
27. My relationship with KSL shall be on a principal to principal basis and nothing contained in this document shall be construed to create any relationship of agency, partnership, joint venture and/or employment. KSL at its sole discretion shall have the absolute right to accept or reject the clients being referred without assigning any reason to me. The decision of KSL in this regard shall be final, binding on me and not questionable.
28. Under no circumstances, I will represent as an agent of KSL to those clients who are interested in accessing the secondary market through KSL and induce or lure and / or undertake any form of selling and / or advisory in secondary markets with respect to securities and should not manage the portfolio of any person who is being referred and / or place orders in the securities market. It is clearly understood that my role is very limited to the extent of referring clients to KSL to get them registered as clients of KSL and that I shall not offer any facility for the said clients for trading in secondary markets through KSL. Further, I shall be liable for all consequences that arise as a result of any activity carried out by me outside my role defined herein as a Referrer.
29. I shall not represent or act on behalf of KSL and induce or advise the Referee for placing orders in the Securities Market.
30. I shall not issue any contract notes, daily margin statements, statement of accounts, annual global transaction statements etc. to the referred clients directly in violation of the terms and conditions of this agreement.
31. I shall not carry out IPV (In Person Verification) and OSV (Original Seen and Verified) of the clients referred by me.
32. Referrer agreeing to the terms and conditions is prohibited to engage into any fraudulent account opening. Referrer agrees that, KSL reserves the right to withhold any such credit of Referral Points or incentives without any notice to any such Referrer who is involved in fraudulent account opening/ or unusually low activities in opened accounts of Referees
33. In order to curb fraudulent referring/account opening, KSL reserves the right to introduce upper limits on daily credit and change the existing limits of monthly credit of the Referral Points without giving any prior notice.
34. The fixed payout for Account opening & activation will be restricted to maximum payout of Rs.14999 per financial year.

Note: The above terms and conditions of aforesaid Referral program shall differ for the Referral Partners or Social Media Influencers. In case, if a Referral Partner or Social Media Influencer requires any information about respective Referral Program, the individual may reach out to us on 18002099191

To check previous T&C from 1st March, 2022 to 11th July, 2022,click here

Trade Free

Terms & Conditions:

1. Minimum brokerage of Rs. 20 per executed order will be charged for Equity Delivery transactions.
2. Expiry/ exercise or assignment trades will be charged Rs. 20 per executed order.
3. Additional brokerage of maximum Rs.90 per executed order will be charged for orders placed through dealers/customer service executives and trades squared off by Kotak Securities.
4. Processing fee for Securities Lending & Borrowing Mechanism (SLBM) will be 15% of lending & borrowing fee, subject to minimum of 10 paise per share.
5. For all free intraday trades, a nominal charge of 1paisa per scrip/underlying will apply.
6. Brokerage will not exceed the rates specified by SEBI and the Exchanges.
7. STT,CTT,GST and all other applicable exchange/regulatory/statutory charges/taxes will be levied as per applicable rates.

Trade Free Max

Terms & Conditions:

1. Plan fees: Rs.2,499+GST p.a. will be debited on successful execution of 1st MTF order.
2. Minimum brokerage of Rs. 20 per executed order will be charged for Equity Delivery transactions.
3. Expiry/ exercise or assignment trades will be charged Rs. 20 per executed order.
4. Additional brokerage of maximum Rs.89 per executed order will be charged for orders placed through dealers/customer service executives and trades squared off by Kotak Securities.
5. Processing fee for Securities Lending & Borrowing Mechanism (SLBM) will be 15% of lending & borrowing fee, subject to minimum of 10 paise per share.
6. For all free intraday trades, a nominal charge of 1 paisa per scrip/underlying will apply.
7. Brokerage will not exceed the rates specified by SEBI and the Exchanges.
8. STT,CTT,GST and all other applicable Exchange/Regulatory/Statutory Charges/Taxes will be levied as per applicable rates
9. This Plan is not applicable to the following:
   1. Non-Resident Indian (NRI) clients
   2. Franchisee clients
   3. Clients who belong to 'Offline' customer type
   4. Kotak Securities employees
   5. Clients who are currently part of any one of the following brokerage plans:
      • Advanced Brokerage Plan
      • Differential Brokerage Plan
10. KSL reserves the right without previous notice to add/change/ withdraw/ modify/alter or vary any or all of these terms and conditions or to replace, wholly or in part, this Plan by another Plan, whether similar to this Plan or not, or to extend or withdraw it altogether at its sole discretion, at any time without prior intimation and without assigning any reason whatsoever. Under such circumstance I / We understand that I / We shall not be eligible for the Brokerage cashback and I/We shall not hold KSL responsible for such action or for any loss suffered by me/us and I/We shall have no claim against KSL.
11. In case of any dispute, the decision of the management of the KSL will be final and shall be binding on me/us.
12. All disputes arising out of or in connection with this Plan shall be subject to the exclusive jurisdiction of courts in the city of Mumbai only.
13. Any person availing this Plan shall be deemed to have read, understood and accepted these terms and conditions.

Direct Mutual Fund

T&C Details:

In line with SEBI Circular for Mutual Funds (MF) dated August 22, 2011, the Client who places the order for purchasing MF with Kotak Securities Limited (KS) under 'Execution Only' category agrees and confirms as under;

1. For all Lumpsum investments made under direct schemes KS shall charge an annual maintenance charge (AMC) of Rs. 999/- (excluding taxes) which shall be debited from the Mutual Fund ledger on a yearly basis.
2. That I/we has read and understood the terms, conditions, details, rules and regulations governing the scheme and the content of the Scheme Information Document (SID) / Statement of Additional information (SAI), Key Information Memorandum (KIM) etc. of the MF scheme.
3. That the Order for the purchase /sale of units of MF scheme(s) shall be on the basis of his/its own analysis and under the category "execution only".
4. That KS is a distributor of mutual funds of various Asset Management Companies (AMC's) including Kotak Asset Management Company Ltd which is a group company.
5. That KS is entitled to receive Commission for the Schemes of various Mutual Funds as distributor from various Asset Management Companies.
6. That (For NRIs only) he/she/it is a Non Resident Indian or origin and that has remitted the funds from abroad through approved banking channels or from funds in his/her/its Non Resident External / Non Resident Ordinary / FCNR account.
7. That he/she/it shall abide by the terms and conditions, circulars / notices issued thereunder by the Exchanges/AMC and shall ensure compliance with the requirements as may be specified from time to time by Securities and Exchange Board of India and Association of Mutual Funds of India (AMFI) and any other laws in force.
8. For all orders placed under the regular mutual fund schemes category, the above annual charges of Rs. 999/- shall not be applicable. Kindly refer to AMC charges.
9. That he/she/it has read and understood the risks involved in investing in Mutual Fund Schemes.
10. That he/she/it shall be wholly responsible for all his/her/its investment decisions and instruction.
11. That the details of AMC's for whom KS is a distributor are given below
12. I/We confirm that details provided by me/us are true and correct. I/We has/have invested or desirous to invest in the Scheme (s) Mutual Fund under Direct plan and agree to comply with the terms and conditions of the Scheme related documents.
13. I/We hereby give you my/our consent to share/provide the transactions data feed/portfolio holdings/NAV etc. in respect of my/our investments under Direct Plan of all Schemes managed by you, to the above mentioned R/A.

Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Bnp Paribas Mutual Fund, Canara Robeco Mutual Fund, Dhfl Pramerica Mutual Fund, Dsp Blackrock Mutual Fund, Franklin Templeton Mutual Fund, Hdfc Mutual Fund Hsbc Mutual Fund, Icici Prudential Mutual Fund, Idfc Mutual Fund, Jm Financial Mutual Fund, Kotak Mahindra Mutual Fund, L&T Investment Mutual Fund, Lic Mutual Fund, Principal Mutual Fund, Reliance Mutual Fund, Religare Invesco Mutual Fund, Sbi Mutual Fund, Sundaram Mutual Fund, Tata Mutual Fund, Uti Mutual Fund, Mirae Asset Global Investments (India) Pvt. Ltd.

Note - The above details are also available on Kotak Securities Ltd website - http://www.kotaksecurities.com/ksweb/Our-Offerings/Asset-Classes/Easy-Mutual-Funds

Sector disclaimer

By referring to any particular sector, Kotak Securities Limited does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.

Third party products

Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), and Metropolitan Stock Exchange of India Limited (MSE) National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.

Apart from KSL’s own products / services, KSL is also acting as a distributor of third party products or Mutual Funds, PMS services, Long Short Strategies, IPO/ESOP financing, Loan against shares, Loan against property, Debt Mutual Funds, Bonds / NCD’s, Fixed Maturity Plans, Hybrid Funds, Insurance plans, Nifty Link Debenture, Equity /debt structure, Alternative Investment Funds, AMCs, structured Product / Services etc. The products, services and benefits referred to herein are subjected to the terms and conditions governing them as specified by KSL / third party from time to time. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to sell/purchase of any products/services of KSL / third parties and is not intended to create any rights and obligations. KSL does not accept any responsibility for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out herein is subject to modification and may change materially. Any investment in such third party products / services shall constitute a binding contract between you and the third party company. KSL shall not be liable or responsible for any loss, claim or shortfall resulting from third party’s products/services. Whether to accept the third party products / services offered by KSL shall be at your sole discretion, independent analysis and at your own evaluation of the risk involved. However, KSL does not guarantee or warrant the accuracy, adequacy or completeness of any third party services offered by KSL. KSL holds no responsibility as regard to the fees, any discrepancies, errors or omissions, losses, damages or any other transaction between you and third party. Please note that any dispute, claim, difference or any type of complaint pertaining to the services provided by third parties, shall not be entertained by KSL and you will not have recourse to dispute redressal mechanism/arbitration mechanism/investor protection schemes of the Stock Exchanges/SEBI. Any Dispute, claim, difference or any complaint shall be subjected to the respective agreements / transaction entered by you with such third party/parties. KSL specifically states that KSL or any of its directors, employees, authorized person etc shall not hold any financial liability or contingent liability towards you/any third party in respect of transactions between you and third party. KSL has no direct or indirect business relationship with the above mentioned third-party research service provider for providing the said Research recommendation.

Kotak Securities Limited act as a referral for the third party products and does not own any liability for the said products. Since these are not Exchange traded product and Kotak Securities Limited is acting as distributor/referrer, all disputes with respect to the distribution/referral activity, would not have access to Exchange investor redressal forum or Arbitration mechanism.

Global investing: The aforesaid content is for information purpose only and may have been sourced from publicly available sources or otherwise. KSL does not guarantee the authenticity and veracity of the material shared. KSL through this material does not in any way solicit any offer to transact in any financial instrument referred in this material, whether explicitly mentioned or otherwise. KSL does not provide any research or advise on any financial instruments available in international markets for the clients who have opted for investing in any such markets. The paths shared herein are for the ease of reference of the client, which is only to guide the client on how to redirect to the partner’s platform wherein client may review any content at their own discretion. The client understands and agrees that KSL is not aware nor liable for any content shared by the partner on its platform. The clients are required to carry out their own investigation, analysis, seek professional advice, gain complete knowledge and educate themselves on all the possible risks involved before entering into any investment. The clients also agree to keep themselves aware of the various rules and regulations of the Exchanges, Regulators and all applicable Authorities of the markets in which they opt to transact through the partner’s platform.
Involvement of Kotak Securities Limited is restricted to Referral Only. Kotak Securities Limited does not offer this product directly to customers. Client’s details will be shared with third party stockbroker (Interactive Brokers LLC.) with expressed consent from clients. All dealings including KYC will be executed by third party stockbroker (Interactive Brokers LLC.) directly with client and Kotak securities Ltd. will not incur any personal financial liability. The securities quoted are exemplary and are not recommendatory. Involvement of Kotak Securities Limited is restricted to Referral Only.

smallcase Disclaimer

KSL established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. KSL is one of India's largest brokerage and distribution house. KSL is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. KSL is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). KSL having composite license no.CA0268 is a Corporate Agent of Kotak Mahindra Life Insurance Company Limited and Kotak Mahindra General Insurance Company Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/deficiency letters/ or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We offer our research services to clients as well as our prospects.

Smallcase/baskets are not an exchange approved product and disputes related to the same will not be dealt on the Exchange platform.

The recommendations that will be recommended herein are general recommendations , for information and must not be reproduced or redistributed to any other person. Persons into whose possession this may come are required to observe these restrictions. This is for the personal information of the recipient, and we are not soliciting any action based upon it. This is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Neither KSL, nor any person connected with it, accepts any liability arising from the use of such recommendations. The recipients should rely on their own investigations and take their own professional advice. Price and value of the investments referred may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals.

Opinions expressed are the current opinions as of the date appearing on the relevant material only. While we endeavor to update on a reasonable basis the information discussed, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

The paid/fee based smallcases have an access-fee to it that the client is required to pay in order to view the constituents of the basket and invest in them. The fees charged by Kotak Securities Limited is towards the service fee and same does not guarantee any returns or assurances on any investment/product availed by the client. KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages. In all cases, KSL will not be held liable for expense, loss or damage that is not reasonably foreseeable.

Auto renewal feature of your fee based smallcase subscription is an option that can be chosen if you want your subscription to be automatically renewed post completion of the tenure of your existing subscription plan. During the time of auto renewal, the subscription fee for renewal will be charged via the same payment mechanism which was originally selected for subscribing to your fee based smallcase.

KSL does not make any promises, commitments, guarantees about paid/fee based smallcases or related offerings, when permitted by law, KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages. To the extent permitted by law, KSL exclude all warranties, guarantees, conditions, representations, and undertakings.

Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Private Client Group or Institutional Equities Research Group of Kotak Securities Limited.

We and our affiliates/associates, officers, directors, and employees, Research Analyst(including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein 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 subject company/company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of Research Report or at the time of public appearance. KSL may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views being provided are general in nature and does not consider risk appetite or investment objective of particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with KSL. KSL is also a Portfolio Manager. Portfolio Management Team (PMS) takes its investment decisions independent of the recommendation that will be provided/PCG/Institutional Equities research and accordingly PMS may have positions contrary to such recommendations including PCG/Institutional Equities research recommendation. KSL does not provide any promise or assurance of favorable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.

No part of this may be duplicated in any form and/or redistributed without KSL's prior written consent.

Details of Associates are available on our website ie www.kotak.com

Note that the research analysts contributing to the research report may not be registered/qualified as research analysts with FINRA; and Such research analysts may not be associated persons of Kotak Mahindra Inc and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Any U.S. recipients of the research who wish to effect transactions in any securities covered by the report should do so with or through Kotak Mahindra Inc. (Member FINRA/SIPC) and (ii) any transactions in the securities covered by the research by U.S. recipients must be effected only through Kotak Mahindra Inc. (Member FINRA/SIPC) at 369 Lexington Avenue 28th Floor NY NY 10017 USA (Tel:+1 212-600-8850).

KSL and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following its publication. This should not be construed as an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such an offer or solicitation would be illegal. This research and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services. Accordingly, any brokerage and investment services including the products and services described are not available to or intended for Canadian persons or US persons.

Kotak Securities Limited. Registered Office:27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. Telephone No.: 022 43360000, Fax No.: 022 67132430.Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. Telephone No: 42856825. Website: www.kotak.com / www.kotaksecurities.com. CIN: U99999MH1994PLC134051. SEBI Registration No. INZ000200137(Member of NSE, BSE, MSE, MCX & NCDEX), Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262.AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Sandeep Gupta. Call: 022 - 42858484, or Email:ks.compliance@kotak.com.Investments in securities market are subject to market risks, read all the related documents carefully before investing. The information is only for consumption by the client and such material should not be redistributed. Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return turn profile and the like and take professional advice before investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Terms and Conditions:

Grievance Redressal mechanism:

Level 1-For Trading related queries, contact our customer service at service.securities@kotak.com or call us on Toll free numbers 1800 209 9191 (weekdays 8:00am to 6:00 pm & Saturday 9:00 am to 2:00 pm)

Level 2- You may write to us at ks.escalation@kotak.com

Level 3- You may write to us at ks.servicehead@kotak.com or call us on 022-42858208

Level 4 - You may contact our Compliance Officer (Name: Mr. Sandeep Gupta) at ks.compliance@kotak.com or call on 91- (022)42858484.

Level 5 - You may also approach Managing Director / CEO (Mr. Jaideep Hansraj) at ceo.ks@kotak.com or call on 91-(022) 4285

Disclosure/Disclaimer of smallcase/WCPL as declared by it:

smallcase is receiving consideration from KSL for providing technology solutions and related backend infrastructure for facilitating transactions in investment products.

Whether smallcase or WCPL or their associate company/ies or their research analysts including their relatives have any financial interest in the Subject Company** and nature of such financial interest - No

Whether smallcase or WCPL or their associate company/ies or their research analysts including their relatives have actual/beneficial ownership of 1% or more in the securities of Subject Company at the end of the month immediately preceding the date of publication of the document- No

Whether the smallcase or WCPL or their associate company/ies or their research analysts including their relatives has received any compensation or any other benefits from the Subject Company or third party in connection with the research report or any other activity- No

Whether Directors of smallcase or WCPL or their associate company/ies and their Research Analysts has served as an officer, director or employee of the subject company: No

Whether the smallcase or WCPL or their associate company/ies or their research analysts has been engaged in market making activity of the subject company. No

Whether the smallcase or WCPL or their associate company/ies or their research analysts including relatives have any other material conflict of interest at the time of publication of the research report or at the time of public appearance: No

Whether smallcase or WCPL or their associate company/ies have managed or co-managed public offering of securities for the subject company in the past twelve months: No

Whether smallcase or WCPL or their associate company/ies company have received any compensation for investment banking or merchant banking or brokerage services from the subject company. No

Whether smallcase or WCPL or their associate company/ies have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company - No

**Subject Company means companies recommended by smallcase/WCPL

smallcase/WCPL Ratings and Other Definitions

A graph of daily closing prices of securities is available at https://www.nseindia.com/ChartApp/install/charts/mainpage.jsp and http://economictimes.indiatimes.com/markets/stocks/stock-quotes. (Choose a company from the list on the browser and select the "three years" icon in the price chart).

SIP instalment disclaimer

KSL shall execute the SIP orders as per SIP instruction on the SIP execution date and all such orders shall be deemed to be considered as the order placed by the Client.

Auto debit disclaimer

1. Please note that if the balance available in the bank account is less than the order value, and there is no sufficient margin available with Kotak Securities ledger / security margin, all the orders of that particular smallcase SIP instalment might get rejected.
2. Even if an auto debit is successful, smallcase SIP instalment will be processed only if the margin is available in the system after clearing all pending debits.
3. Please note that in case of accounts that had positive margin when the bank account was auto debited and have negative margin at the time of placing the smallcase SIP instalment orders, the orders shall not go through, even though the amount was debited from the bank.
4. Please note that the smallcase SIP instalment order might fail, if a funds confirmation is not received due to technical issues till the time the order is processed. The bank account has to be funded by 7am (cut-off time) on the date the smallcase SIP instalment order is to be triggered.
5. Please note that in case the bank does not have sufficient balance, but there is sufficient ledger balance available, the smallcase SIP instalment orders shall go through for Trinity accounts. The bank account will be debited for Trinity accounts, even if the client has credit balance in the ledger.
6. Kotak securities Ltd. does not warrant that the facility / service will be uninterrupted or error free. The Client agrees that Kotak securities Ltd. shall not be responsible for any delays or failure in the process of an smallcase SIP instalment order or an auto-debit due to breakdown or failure of the system due to technical fault/error or otherwise any other delay or failure beyond the reasonable control of Kotak Securities Ltd.
7. An auto debit will not get processed on a bank holiday or a day on which the markets are closed.
8. Kotak Securities Ltd reserves at any time, without previous notice to add/change/ withdraw/modify/alter or vary any or all of these terms and conditions or to replace, wholly or in part, this facility at its sole discretion, at any time without prior intimation and without assigning any reason whatsoever. Under such circumstance I / we understand that I / we shall not be eligible for this facility and I/We shall not hold KSL responsible for such action or for any loss suffered by me/us and I/We shall have no claim against Kotak Securities Ltd.
9. In case of any dispute, the decision of the management of the Kotak Securities Ltd will be final and shall binding on me/us.
10. All disputes arising out of or in connection with this facility are subject to the exclusive jurisdiction of courts in the city of Mumbai only and all decisions by Kotak Securities Ltd will be final and based on discretion wherever applicable.
11. Any person availing this facility shall be deemed to have read, understood and accepted these terms and conditions.

Intelligence - Kotak Securities

This information is from a third party—Business Standard—offered through a tie-up to Kotak Securities customers. This information is provided "AS IS" and "AS AVAILABLE" basis and Kotak Securities Ltd make no representation or warranty of any kind , express or implied regarding the accuracy, adequacy, validity , reliability , availability or any completeness of the information provided herein. The third party content is not created or endorsed by any business offering products or services through it. The provision of this third party content is for general informational purposes only and does not constitute a research call, recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Also, the views and opinions stated in the content belong to Business Standard. Kotak Securities does not uphold nor promote any of the views. These reports do not, in any way, qualify as a Kotak Securities research report.




KSL holds no responsibility of any kind as regard to any discrepancies, errors, omissions, losses or damages. For data reference to any third party in this material no such party will assume any liability for the same. Kotak Securities Ltd and/or any affiliate of Kotak Securities Ltd does not in any way through this material solicit any offer for purchase, sale or any financial transaction/commodities/products of any financial instrument dealt in this material. Kotak Securities Ltd (including its affiliates) and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.




All recipients of this material should before dealing and or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this material. No part of this material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of Kotak Securities Ltd. This material is strictly confidential to the recipient and should not be reproduced or disseminated to anyone else.




StockEdge & Elearnmarkets offer

What you get - Elearnmarkets course (ELM) which offers comprehensive online stock market courses by leading experts with decades of collective experience and Stockedge premium’s quarterly membership.

• Elearnmarkets (ELM) Course worth Rs.999/-
• StockEdge Premium Quarterly membership worth Rs.999/-



Terms and Conditions



• Eligible customers will be communicated via email/SMS on their registered email id/mobile number with KSL.
• Subscription details will be shared with the eligible in line with the SEBI/ Exchange regulations and internal policies and procedures of KSL.
• KSL reserves the right to disqualify any customer from the benefits offered if any fraudulent activity is identified as being carried out for the purpose of availing of the subscription codes.
• The decision of the KSL in all matters in connection with and incidental to this product shall be final and binding on all persons.
• KSL shall not be responsible or liable in any manner whatsoever for any deficiency or inadequacy in the services rendered by Elearnmarkets and/ or StockEdge and the customer hereby agrees not to hold KSL responsible or liable for, any losses, damages, costs, charges, expenses, claims (whether direct or indirect), actions or demands suffered by the customer in relation to availing the benefits of the product.
• The product is non-negotiable, non-transferable and non-encashable under any circumstances.
• Participation in this product is voluntary.
• Any customer availing the product shall be deemed to have read, understood and accepted these terms and conditions, the general terms and conditions of the KSL and the terms and conditions of Elearnmarkets and StockEdge. KSL merely facilitates its customers to avail of the facility and it is in no way concerned or connected with the terms and conditions of Elearnmarkets and StockEdge. Acceptance of the ‘subscription codes’ constitutes acceptance of all of these terms and conditions, changes to which may be effected and published at any time. KSL holds out no warranty and makes no representation with respect to the service offered by Elearnmarkets and StockEdge. In case of any disputes or complaints regarding the same, the customer is required to resolve the same directly with Elearnmarkets and/or StockEdge by writing to the Contact Us section support@elearnmarkets.com / support@stockedge.com without any reference to the KSL whatsoever.
• The KSL reserve the right, at any time, without previous notice to add, alter, modify, change or vary all or any of these terms and conditions, or to replace, wholly or in part, this product with another product/ proposal, whether similar to this proposal or not, or to extend or withdraw it altogether without assigning any reason whatsoever.
• All disputes arising out of or in connection with this product shall be referred to arbitration under the provisions of the Arbitration and Conciliation Act, 1996 or as may be amended from time to time. The arbitration proceedings shall be presided over by a sole arbitrator appointed by KSL. The venue of arbitration shall be Mumbai and the language of the Arbitration shall be English. The courts in Mumbai shall alone have exclusive jurisdiction over any dispute.
• Any complaints/disputes pertaining to this product shall not be entertained on the Exchange platform.

Trade Free Youth

1. Validity of this plan is of 2 years where all brokerage charges are free of cost. After 2 years charges will revert to Trade Free plan charges.
2. For the second year subscription fee of 499 (incl. of gst) will be levied.
3. Applicable only to anyone below the age group of 30 years.
4. Brokerage of Rs.49/- per executed order will be charged for orders placed through dealers/ customer service executives and trades squared off by Kotak Securities.
5. Processing fee for Securities Lending & Borrowing Mechanism (SLBM) will be 15% of lending & borrowing fee, subject to minimum of 10 paise per share.
6. For all Intraday trades, a nominal charge of 1 paise per scrip will apply.
7. For all Delivery trades, a nominal charge of 1 paise per order will apply.
8. Margin Trading Facility Interest rate is subject to change with notice.
9. For Intraday, delivery and carry forward transactions, no brokerage shall be levied.
10. Brokerage will not exceed the rates specified by SEBI and the Exchanges.
11. STT, CTT, GST and all other applicable exchange/ regulatory/ statutory charges/ taxes will be levied as per applicable rates.
12. Dispute related to the offer will not be dealt on the Exchange platform.
13. For more details, please check FAQ’s.

Trade API Disclaimer

I / We understand that “TradeAPI” is a suite of Application Programming Interface (APIs). The TradeAPIs provides programmatic access including, but not limited to: placing and managing orders; Stream live market data / Market Depth, various reports on orders, positions, portfolio, margins etc, Market status, Order/Trade confirmation, Historic & Intraday price feed etc among the other access. I / We understand that the APIs are meant to be used for building innovative investment and Internet Based Trading (IBT) platforms with the greater goal of increasing capital market participation in India. This may be for personal use, where the Client develops a customized private software / program/API (Private software) exclusively for customizing personal trading and investment experience. Development of trading platforms are bound by various norms and regulations stipulated by SEBI and exchanges. I / We understand that the “Terms” described hereunder, and any additional terms prescribed under policies and guidelines, Rights and obligations, Voluntary Terms and conditions, Risk Disclosure Documents etc among the other agreements / documents executed / acknowledged at the time of account opening concerning the use of the APIs / internet & wireless technology based trading facility provided by Kotak Securities Ltd (KSL) to client are collectively referred to as the "Terms".
In consideration to KSL agreeing to provide TradeAPIs, which connects my / our private software with IBT platforms of KSL, I/we hereby undertake, understand, authorize, confirm, bound and agree to/that:



1. Approvals - I/ We have taken necessary approvals for developing such private software and shall adhere to this platform and related circulars, guidelines, regulations issued by them from time to time and seek appropriate Regulatory / Exchanges approvals, if necessary.
2. I/ We shall be solely responsible for the private software program used by me/us.
3. I / We shall only access (or attempt to access) TradeAPI by the means described in the documentation of that TradeAPI. Any circumvention of the methods described in the documentation may result in the termination of my/our access to TradeAPI.
4. KSL may set limits on my / our use of TradeAPI (for instance, limiting the number of requests sent to a particular API) manually or via automated checks to ensure the stability of TradeAPI.
5. If I/we need to use TradeAPI beyond the limits imposed by KSL, I/We shall obtain express consent from KSL in writing and at additional cost. Such consent shall be at exclusive discretion of KSL and not questionable under any circumstances.
6. KSL has complete controls over TradeAPI and shall reject any order at its discretion without assigning any reason and without giving any advance notice.
7. Exclusivity - TradeAPI Terms are non-exclusive and KSL may develop products or services that may be similar and may be in direct or indirect competition with any platform that is built using TradeAPI.
8. Tracking and monitoring - By using TradeAPI, I/We agree that KSL may monitor, track, and record all interactions / Instructions and requests happening via TradeAPI, for the purpose of ensuring stability, security, and reliability of TradeAPI.
9. Automated trades - The TradeAPI is not meant for placing fully automated trades (without manual intervention). If you wish to use the TradeAPI for full automation, you should seek necessary approvals from the Regulator / Exchanges. KSL can provide the necessary assistance in obtaining approvals.
10. Prohibitions - When using TradeAPI, I / We cannot:
    1. Sublicense TradeAPI to third party.
    2. Perform an action with the intent of introducing to KSL’s products and services, any viruses, worms, defects, Trojan horses, malware, or any items of destructive nature
    3. Defame abuse, harass, stalk, or threaten others.
    4. Interfere with or disrupt APIs or the servers or networks
    5. Promote or facilitate unlawful online gambling or disruptive commercial messages or advertisements
    6. Reverse engineer or attempt to extract the source code from any API or any related software, except to the extent that this restriction is expressly prohibited by applicable law
    7. Remove, obscure, or alter any KSL terms of service or any links to or notices of those terms
11. Confidentiality - credentials (such as User id, passwords, APIs keys and secrets, Trading codes and Client IDs etc) are intended to be used only by me/us and I / We agree to keep the said credentials strictly confidential.
12. KSL's communications to me/ us may contain confidential information, which include any materials, communications, and information that are marked confidential or that would normally be considered confidential under the circumstances. If I/we receive any such information, then I / we shall not disclose it to third party without KSL’s prior written consent.
13. Prohibitions - Unless expressly permitted by KSL or by the applicable laws, I/ we shall not, do the following; Scrape, build databases, or otherwise create permanent copies of such content, or keep cached copies with the intent of redistributing.
    1. Copy, translate, modify, create a derivative work of, sell, lease, lend, convey, distribute, publicly display, or sublicense to any third party
    2. Misrepresent the source or ownership; or
    3. Remove, obscure, or alter any intellectual property, or other proprietary rights notices; or falsify or delete any author attributions, legal notices, or other labels of the origin or source of material.
14. Costs - KSL may charge me/ us for using KSL TradeAPI, or parts of it selectively. These charges may be fixed or variable, and are at the sole discretion of KSL. KSL may also propose additional charges to me/us, (based on usage of KSL TradeAPI and on a case-by-case basis) for the continued use of KSL TradeAPI.
15. Non-refundable charges - KSL may charge me/ us for using KSL TradeAPI, or parts of it selectively. These charges may be fixed or variable, and are at the sole discretion of KSL. KSL may also propose additional charges to me/us, (based on usage of KSL TradeAPI and on a case-by-case basis) for the continued use of KSL TradeAPI.
16. Liability- Uptime-KSL TradeAPI response and account access times may vary due to a variety of factors, including, but not limited to, trading volumes, market conditions, system performance, technical and other factors. Market volatility, volume and system availability may delay account access and trade executions. The uptime and availability of KSL TradeAPI may be affected by technical or other factors within or outside of KSL's control, or unforeseen circumstances including natural disasters, force measure events etc.
17. No guarantees or warranties- KSL does not make any promises, commitments, guarantees about KSL TradeAPI or related offerings, when permitted by law, KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages. To the extent permitted by law, KSL exclude all warranties, guarantees, conditions, representations, and undertakings.
18. Limitation of Liability- KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages. In all cases, KSL will not be held liable for expense, loss or damage that is not reasonably foreseeable.
19. Termination- This agreement is effective until terminated. My/our rights under this agreement shall terminate automatically or forthwith without notice from KSL, if I /we fail to comply with any terms and conditions under this agreement. KSL may terminate this agreement without reason by giving ten (10) days written notice, without assigning any reason. Upon termination, KSL does not hold any liability or other obligation to me/us.
    If I/ we want to terminate the terms, I/ we must provide KSL with prior written notice and upon termination, cease your use of the applicable TradeAPI, use of KSL brand and delete any cached or stored content that was permitted by the cache header.
20. Surviving provisions - When the terms come to an end, those terms that by their nature are intended to continue indefinitely will continue to apply.
21. I/ We shall indemnify KSL and hold KSL and their parent companies, members, subsidiaries, affiliates, Authorized Parsons, service providers, syndicators, distributors, licensors and its respective officers, directors and employees indemnified against all liabilities, damages, losses, costs, fees, charges (including legal fees) and expenses relating to any allegation or third party legal proceeding to the extent arising from:
    .Technical faults or the limitations of KSL TradeAPI.
    1. Misuse or end user's misuse of KSL TradeAPI.
    2. Violation or end user's violation of the Terms; or
    3. Any content or data routed into or used with the TradeAPI, those acting on my/our behalf, or end users
    4. Any breach of applicable Laws and Regulations by the end users
    5. Any Claim by end user against KSL arising from the usage of KSL TradeAPI.
    6. Any breach, damages and/or third party claims to KSL’s Intellectual Proprietary rights due to the usage of TradeAPI.
    7. Remove, obscure, or alter any KSL terms of service or any links to or notices of those terms
22. Trading through IBT Platform using internet involves many uncertain factors and complex third party hardware, software, systems, communication lines, peripherals, etc. are susceptible to interruptions / delay in transmission of data / non receipt of instructions / dislocations. KSL do not make any representation or warranty about the same.
23. Transmission of information through internet / electronic media is not a secure means of sending information and may be subject to tampering and un-authorised access, fraudulently or mistakenly written, altered or sent, not be received in whole or in part by the intended recipient, may reach KSL in a jumbled state or in a manner or shape that it may be misunderstood or the recipient's system may be unattended at the time of dispatch of the Instructions.
24. I/ we shall not hold KSL liable for any inaccuracy, error or delay in, or omission of, the receipt of any Instruction or arising out of "force majeure" or any loss or damage arising from or occasioned by any such inaccuracy, error, delay or omission. KSL shall also not be liable for any losses or damages suffered or incurred by KSL due to an act or omission of KSL's attributable to tampered and/or unauthorized Instructions, Instructions that are fraudulently or mistakenly written, altered or sent, or as a result of Instructions that may not be received in whole or in part by KSL
25. I / we shall not claim against KSL on account of any suspension, interruption, non-availability or malfunctioning of APIs or non-execution of orders due to any link/system failure at KSL end for any reason beyond the control of KSL
26. I/ we accept full responsibility for the monitoring and safeguarding of my/our accounts and shall bear entire risk, responsibility and liability for any and all unauthorized use and misuse of Private software. I/We shall be solely responsible for the Services used by any person whosoever using my/our private software, whether or not such person was authorized to do so.
27. Governing law/forum Except for the claims/ disputes which are subject to the Rules and Regulations of the respective Exchanges, any and all claims / dispute relating to or arising out of this understanding shall be resolved/adjudicated by sole arbitrator appointed by KSL. The place of arbitration shall be at Mumbai and conduct in English. Courts in Mumbai shall have exclusive jurisdiction.
THIS AGREEMENT REQUIRES ACCEPTANCE TO PROCEED TO UTILISATION OF TradeAPI. THE ACCEPTANCE SO GIVEN CONCLUDES THE AGREEMENT AND THIS AGREEMENT DOES NOT REQUIRE A PHYSICAL/DIGITAL SIGNATURE. THIS AGREEMENT SHALL NOT BE INVALIDATED SOLELY ON THE GROUND THAT IT IS NOT PHSYICALLY SIGNED.

Business Partners

As a matter of policy, we do not sell or rent any Personal Information about you to any third party. However, your Personal Information may be disclosed in the manner set out below:

Business Partners- We may use certain trusted third-party companies and individuals to help provide, analyze, and improve our services including but not limited to data storage, maintenance services, database management services, credit bureau services, services of rating agencies, web analytics , payment processing, and any other service for the improvement of the Platform’s features. These third parties may have access to your Personal Information only for purposes of performing these tasks on our behalf and under confidentiality and data protection obligations similar to ours. We may disclose your Personal Information to partners who perform business functions or hosting services on our behalf and may be located outside of India.

You hereby acknowledge and consent to such use and sharing of data.