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Terms and Conditions for Research Analyst Services
1 Availing the Research Services
By accepting delivery of the research service, the Client confirms that he/she has elected to subscribe to the research service of Moneyscals at his/her sole discretion. Moneyscals confirms that research services shall be rendered in accordance with the applicable provisions of the RA Regulations.
2 Scope of Services
Moneyscals provides fundamental and/or technical research services across Cash, Futures & Options, Commodities and other permissible segments, including recommendations on holding period and proportion of investment, updated periodically based on subsequent developments.
Moneyscals does not provide Investment Advisory, Portfolio Management or trade Execution services. Moneyscals and the Client are bound by the SEBI Act, 1992, the RA Regulations, and all applicable rules, regulations and circulars issued by SEBI/RAASB from time to time.
3 Client Information and KYC
The Client shall furnish complete and accurate KYC and other details as required by Moneyscals, and as mandated by RAASB/SEBI from time to time. Moneyscals collects, stores and verifies KYC records with a KYC Registration Agency (KRA) as specified by SEBI.
4 Fees, Billing and Refund
- Subscription fees are payable upfront for the selected plan and remain valid for the specified subscription period.
- Fees are accepted only via Cheque, NEFT, RTGS, IMPS, UPI, or the optional Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited. Cash payments are strictly prohibited.
- Maximum fee for individual/HUF clients (not accredited investors): ₹1,51,000 per annum per family, excluding statutory charges — revisable once every three years per the Cost Inflation Index. Does not apply to non-individual clients or accredited investors, whose fees are bilaterally negotiated.
- Advance fees, if agreed, shall not exceed one quarter (the period currently stipulated by SEBI).
- On pre-mature termination, the Client is refunded proportionate fees for the unexpired period. No breakage fee is charged.
- Clients with valid GST registration must provide it promptly for timely invoicing.
- All fees are payable in full, without counterclaim, deduction, set-off or withholding.
5 Standard Terms of Service — Client Declaration
"I/We have read and understood the terms and conditions applicable to a Research Analyst as defined under Regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure. I/We are subscribing to the research services for our own benefit and consumption, and any reliance placed on the research report shall be as per our own judgement and assessment. I/We understand that: (i) any investment made based on the recommendations is subject to market risk; (ii) recommendations do not provide any assurance of returns; and (iii) there is no recourse to claim any losses incurred based on the recommendations."
Moneyscals declares that it is duly registered with SEBI (Reg. No. INH000026558), that its registration and qualifications are valid and subsisting, and that its research services do not conflict with any law, rule, regulation, contract or instrument to which it is a party.
6 Risk Factors
Investments in the securities market are subject to market risks. Please read all related documents carefully before investing. There is no assurance that the objective of any recommendation will be achieved. Past performance is not indicative of future results.
7 Conflict of Interest
Moneyscals adheres to applicable SEBI/RAASB regulations on disclosure and mitigation of actual or potential conflict of interest, disclosed within the relevant research reports, and will promptly inform Clients of any conflict affecting the services rendered.
8 Use of Artificial Intelligence (AI) Tools
Where Moneyscals uses AI tools for research services, it remains solely responsible for the security, confidentiality and integrity of Client data and for legal compliance, per Regulation 24(7) of the RA Regulations. The extent of AI usage, if any, is separately disclosed to the Client.
9 Termination of Service and Refund of Fees
Moneyscals may suspend or terminate services on suspension/cancellation of its SEBI registration, refunding the residual fee. Where registration is suspended for more than 60 days, or cancelled, fees are refunded pro-rata for the period from the effective date to the end of the subscription.
Plans are not auto-renewed unless the Client opts in. Non-renewal for 30 days after expiry, with no other active plan, is deemed termination. Otherwise, either party may terminate with 15 days' written notice — or forthwith on death, disability, insolvency, dissolution, regulatory action, or cancellation of registration.
10 Grievance Redressal and Dispute Resolution
Grievances (non-receipt of report, missing pages, download issues, or other service deficiency) should be escalated to our designated grievance officer, Mr. Wasim Shah — 7000651626, Moneyscals@gmail.com. We aim to resolve grievances within 7 business working days. If unresolved, Clients may approach SEBI's SCORES 2.0 (scores.sebi.gov.in) or the Smart ODR portal (smartodr.in). Disputes may also be referred to arbitration under the Arbitration and Conciliation Act, 1996, seated at Ratlam, Madhya Pradesh, in English.
11 Additional and Voluntary Clauses
Any voluntary clauses adopted by Moneyscals will not contravene SEBI/RAASB rules, and any change is preceded by 15 days' notice to the Client.
12 Mandatory Notice — Do's and Don'ts
Per SEBI Master Circulars, Clients should: always deal only with a SEBI-registered RA; verify registration on the SEBI website; never share login credentials or OTPs; never provide funds to the RA; and stay cautious of assured-return schemes or limited-period incentives.
13 Most Important Terms and Conditions (MITC)
The MITC, standardised by the Industry Standards Forum with SEBI and RAASB, forms an integral part of these Terms — see the dedicated . Moneyscals cannot and will not execute any trade on the Client's behalf.
14 Deposit and Regulatory Compliance
Moneyscals maintains a deposit with a scheduled bank, lien-marked in favour of RAASB, per Regulation 8 of the RA Regulations. We maintain arm's length between research and any other activity — an account or relationship with us is not a pre-requisite for research services.
15 Limitation of Liability and Disclaimers
Moneyscals is not liable for direct/consequential loss from use of a research report, unless bad faith, fraud, gross negligence or undisclosed conflict of interest is established. We do not offer legal, accounting or tax advice, nor any assured/guaranteed/fixed-return scheme — such schemes are prohibited by law. SEBI registration, RAASB enlistment or NISM certification is not an assurance of performance.
Reports are for the recipient's personal use only and may not be reproduced, redistributed or used commercially without written consent. Nothing herein is an offer or solicitation where such offer would be unlawful.
16 Severability
If any provision is held invalid by a court, statute or rule, the remaining provisions continue in full force and effect.
17 Force Majeure
Moneyscals is not liable for delays arising from circumstances beyond reasonable control — civil/military action, natural disasters, war, riot, or communication/power failure — while taking reasonable steps to minimise disruption.