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Disclaimer: Religare Broking Limited

Equity, Currency and Commodity – RBL

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Religare Broking Limited (CIN: U65999DL2016PLC314319) Registered Office: Religare Broking Limited, 2nd Floor, P-14, 45/90, P-Block, Connaught Place, New Delhi 110001. Board line number: 011-46272400, Fax No. 011-46272447. Member Religare Broking Limited (RBL) : SEBI Regn. No. INZ000174330 NSE CM, F&O, CD TM Code: 06537 Clearing Member (F&O) No. M50235; BSE CM, F&O, CD, CO Code: 3004 Clearing No: 3004; MSE CM, F&O, CD, TM Code: 1051| MCX Membership No. 56560 | NCDEX Membership No. 01276 | AMFI ARN No.139809. Depository Participant : Religare Broking Limited (RBL) – NSDL: DP ID: IN 301774 | SEBI Regn. No: IN-DP-385-2018 | CDSL DP ID: 30200 | SEBI Regn. No: IN-DP-385-2018. Research Analyst: Religare Broking Limited (RBL) – SEBI Regn. No: INH100006977 Brokerage will not exceed the SEBI prescribed limit.

Disclaimer for Non-Broking Products / Services

Religare Broking Limited (“RBL”) is acting as distributor of Mutual Funds / IPOs / Insurance / Bonds & NCDs / Corporate FDs etc. and providing services of Depository Participant, Research Analyst as a SEBI registered intermediary, NPS Services as a registered Point of Presence (POP) with PFRDA, Insurance as a registered Composite Corporate Agent with IRDA and TIN-FC Services as an empaneled service provider with NSDL e-Governance Infrastructure Limited. RBL is also a referrer, referring clients to other entities for PMS services, Insurance Products etc. These are not exchange traded products/services. All disputes with respect to the distribution/service/referral activity of RBL other than Broking, would not have access to Exchange investor redressal forum or Arbitration mechanism.

Disclaimer for Corporate Insurance Agent Services

Religare Broking Limited (“RBL”) (Registration No: CA0581), having its registered office at 2nd Floor, P-14, 45/90, P-Block, Connaught Place, New Delhi 110001, is acting in the Capacity of Corporate Agent for ICICI Lombard General Insurance Company Limited, Future Generali Life Insurance Company Limited, ICICI Prudential Life Insurance Company Limited, HDFC Life Insurance Company Limited, Care Health Insurance Limited (Formerly Religare Health Insurance Company Limited) and HDFC ERGO General Insurance Company Limited under the Composite Registration Number as mentioned above. The contract of insurance is with the above mentioned Insurance Companies, who are liable for all valid claims on the policy. All Insurance Products are obligations only of the Insurance Companies. Religare Broking Limited customer’s participation in the policy is entirely voluntary. All claims under the policy will be solely decided upon by the Insurance Companies. RBL holds no warranty and does not make any representation about the quality of claims processing and shall not be responsible for claims, recovery of claims, or for processing of or clearing of claims, in any manner whatsoever. Tax benefits are as per the prevailing tax laws. Tax laws are subject to changes. Please consult your tax advisors for details. Please read the policy terms and conditions as per policy document for further details.

Research Disclaimer

Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014

  • RELIGARE BROKING LIMITED (“RBL”) (“Research Entity”) is a SEBI Registered Research Analyst having registration no. INH100006977. RBL is into the business of Stock Broking, Depository Participant, Mutual Fund Distributor, Corporate Agent for insurance distribution and Sub-Syndicate for public issue of securities. RBL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange of India Limited (MSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL), National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.



  • Disclaimer: This report/analysis/call/scorecard (by whatever name called) (hereinafter collectively “Research”) has been prepared/ made pursuant to Research made by the Research Analysts is neither a solicitation nor a recommendation to buy/sell any security (as defined under section 2(h) of Securities Contracts (Regulation) Act, 1956). The views provided herein are general in nature and do not take into account the particular investment objectives, financial situations, risk appetite or needs of individual recipients and other issues (prohibitions to investments due to law/jurisdiction issues etc.) which may exist for certain persons. We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. RBL does not provide any promise or assurance of favorable view for a particular stock/commodity in any manner. The recipients are requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile, rely on their own investigations and take their own professional advice before investment. RBL and its associates, subsidiaries and associated companies, their directors and employees and/or its associates (hereinafter referred as Religare) will not treat recipients as customers/ clients by virtue of their receiving this report. This Research may have been prepared/ made based on the analysis of data available publicly and/or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Religare, does not, accepts any liability arising from the use of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. RBL may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

    The price and value of the securities referred to in this Research call may go up or down. Past performance is not a guide for future performance. Certain transactions-including those involving futures, options and other derivatives involve substantial risk and are not suitable for every investor. Research based on technical analysis centers on studying charts of price movement and trading volume, as opposed to focusing on fundamentals and as such, may not match with Research based on fundamentals.

    Opinions expressed are our current opinions as of the date appearing on this Research only. We do not undertake to advise you as to any change of our views expressed in this Research. Research reports / recommendations may differ between RBL’s RAs and/or RBL’s associate companies on account of differences in research methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold RBL, its employees and associates responsible for any losses, damages of any type what so ever.

    RBL and its associates or its officers, directors and employees, research analyst (including relatives) may: (a) from time to time, have long or short positions in, and buy or sell the investments in / securities of company (ies) mentioned herein or (b) be engaged in any other transaction involving such investments / securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) these and other activities of RBL and its associates or employees may be construed as potential conflict of interest with respect to any recommendation and related information and opinions. Without limiting any of the foregoing, in no event shall RBL and its associates or employees or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind.


    Disclosure: We submit that no material disciplinary action has been taken on RBL by any Regulatory Authority impacting Equity Research Analysis activities in the last three years. We further declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last three 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 RBL 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.

    Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject RBL and associates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.


    Statements on ownership and material conflicts of interest, compensation – RBL and Associates:
  • RBL or its associates may have financial interest in the subject company; however the same shall have no impact whatsoever on the specific recommendations made by the analyst(s) in the research report.
  • RBL does not have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report. Associates of RBL may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report; however the same shall have no impact whatsoever on the specific recommendations made by the analyst(s) in the research report.
  • RBL does not have any other material conflict of interest at the time of publication of the research report or at the time of public appearance. Associates of RBL may have 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; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of RBL.
  • RBL or its associates may have received any compensation from the subject company in the past twelve months for services provided in the normal course of business; however the same shall have no impact whatsoever on the specific recommendations made by the analyst(s) in the research report.
  • RBL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months.
  • RBL or any of its associates may have received any compensation for brokerage services from the subject company in the past 12 months; however the same shall have no impact whatsoever on the specific recommendations made by the analyst(s) in the research report.
  • RBL or its associates may have received any compensation for products or services other than brokerage services from the subject company in the past twelve months; however the same shall have no impact whatsoever on the specific recommendations made by the analyst(s) in the research report.
  • RBL or any of its associates have not received any compensation or other benefits from the subject company(ies) or third party in connection with the research report. Accordingly, neither RBL nor Research Analysts have any material conflict of interest at the time of publication of this report.
  • RBL has not engaged in market making activity for the subject company(ies).


    The analyst(s) for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.


    For statements on ownership and material conflicts of interest, compensation for individual Research Analyst(s) (RA), please refer to each specific research report. Specific analyst(s) specific disclosure(s) inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 is/are as under:


  • Statements on ownership and material conflicts of interest, compensation– Research Analyst (RA) [Please note that only in case of multiple RAs, if in the event answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F (j) below, are given separately]

    S.No. Statement Answer
    Tick Appropriate
    Yes/No
    a. I/we or any of my/our relative has any financial interest in the subject company? [If answer is yes, nature of Interest is given below this table] No
    b. I/we or any of my/our relatives, have actual/beneficial ownership of one percent or more securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance? No
    c. I / we or any of my/our relative, has any other material conflict of interest at the time of publication of the research report or at the time of public appearance? No
    d. I/we have received any compensation from the subject company in the past twelve months? No
    e. I/we have managed or co-managed public offering of securities for the subject company in the past twelve months? No
    f. I/we have received any compensation for brokerage services from the subject company in the past twelve months? No
    g. No
    g. I/we have received any compensation for products or services other than brokerage services from the subject company in the past twelve months? No
    h. I/we have received any compensation or other benefits from the subject company or third party in connection with the research report? No
    i. I/we have served as an officer, director or employee of the subject company? No
    j. I/we have been engaged in market making activity for the subject company? No

Nature of Interest ( if answer to F (a) to F(j) above is Yes : ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..

Name(s) with Signature(s) of RA(s). Please note that only in case of multiple RAs and if the answers differ inter-se between the RAs, then RA specific answer with respect to questions under F (a) to F(j) above , are given below

S.No. Name(s) of RA. Signature(s) of RA. Serial Question of question which the signing RA needs to make a separate declaration / answer Yes No

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