Regulatory, legal & investor information

SEBI Registered Research Analyst- Malhari Dalvi. Registration No. INH000030427

A. Vision and Mission Statements for investors

Vision: Invest with knowledge & safety.

Mission: Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Details of business transacted by the Research Analyst with respect to the investors

To publish research report based on the research activities of the RA.

To provide an independent unbiased view on securities.

To offer unbiased recommendation, disclosing the financial interests in recommended securities.

To provide research recommendation, based on analysis of publicly available information and known observations.

To conduct audit annually.

To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.

To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Details of services provided to investors (No Indicative Timelines)

• Onboarding of clients

Sharing of terms and conditions of research services.

Completing KYC of fee-paying clients.

• Disclosure to clients

To disclose information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any.

To disclose the extent of use of Artificial Intelligence tools in providing research services.

To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider or provide web address that directs a recipient to the relevant disclosures.

To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.

To distribute research reports and recommendations to the clients without discrimination.

To maintain confidentiality w.r.t publication of the research report until made available in the public domain.

To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.

To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.

To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.

To treat all clients with honesty and integrity.

To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Details of grievance redressal mechanism and how to access it

• Investor can lodge complaint/grievance against the Research Analyst in the following ways:
• Mode of filing the complaint with the research analyst

In case of any grievance/complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.

Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)

SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner) — scores.sebi.gov.in.

• Two level review for complaint/grievance against a Research Analyst:
• First review done by the designated body (RAASB)
• Second review done by SEBI
• An investor may also email to designated email ID of RAASB

SMART ODR

If the investor is not satisfied with the resolution provided by the Market Participants, then the investor has the option to file the complaint/grievance on the SMART ODR platform for its resolution through online conciliation or arbitration.

• With regard to physical complaints, investors may send their complaints to:

Office of Investor Assistance and Education,Securities and Exchange Board of India,SEBI Bhavan, Plot No. C4-A, ‘G’ Block,Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051

E. Rights of investors

• Right to Privacy and Confidentiality
• Right to Transparent Practices
• Right to fair and Equitable Treatment
• Right to Adequate Information
• Right to Initial and Continuing Disclosure
• Right to receive all statutory and regulatory disclosures
• Right to Fair & True Advertisement
• Right to Awareness about Service Parameters and Turnaround Times
• Right to be informed of the timelines for each service
• Right to be Heard and Satisfactory Grievance Redressal
• Right to have timely redressal

Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst

Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services

• Additional Rights to vulnerable consumers
• Right to get access to services in a suitable manner even if differently abled
• Right to provide feedback on the financial products and services used
• Right against coercive, unfair and one-sided clauses in financial agreements

F. Expectations from the investors (Responsibilities of investors)

Do’s

Always deal with a SEBI registered Research Analyst.

Ensure that the Research Analyst has a valid registration certificate.

Check for the SEBI registration number.

Please refer to the list of all SEBI registered Research Analyst which is available on SEBI website in the following link:

• List of SEBI registered Research Analysts

Always pay attention towards disclosures made in the research reports before investing.

Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCOM) of RAASB if research analyst has opted for the mechanism. (Applicable for feepaying clients only)

Before buying/selling securities or applying in a public offer, check for the research recommendation provided by your Research Analyst.

Ask all relevant questions and clear your doubts with your Research Analyst before acting on a recommendation.

Seek clarifications and guidance on research recommendations, especially for complex and high-risk products.

Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.

Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.

Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.

Inform SEBI about any Research Analyst offering assured or guaranteed returns.

Don’ts

Do not provide funds for investment to the Research Analyst.

Do not fall prey to luring advertisements or market rumors.

Do not get attracted to limited period discount or other incentive, gifts, etc. offered by Research Analyst.

Do not share login credentials and passwords of your trading, demat or bank accounts with the Research Analyst.

SEBI Registered Research Analyst- Malhari Dalvi. Registration No. INH000030427

• Here are the steps a client can follow in case of grievance or feedback:

If you are not satisfied with our services and would like to lodge a complaint, we would request you to first talk to our representative / consultant from the Research Analyst Department who is your point of contact. You can discuss with him / her, and be rest assured that your complaint will be resolved on best efforts within 1 to 7 working days.

You can also email or talk to the representative / consultant via telephone. The contact no. is 9833931131

Alternatively, you can send us a complaint in writing or via email on [email protected]

We will try to resolve your complaint within 1 to7 working days. The first step is for us to be clear about the nature of your complaint, and to identify what we can do to resolve the issue. When we have finished our investigations into your complaint, we will be in touch to provide you with a full response to your complaint.

If you are not still not satisfied with the response or the handling of your complaint by our representative / consultant, you can approach and write an email to Malhari Dalvi at [email protected] with complete details. Malhari Dalvi will get in touch with you at the earliest and try to resolve your complaint as soon as possible.

If your complaint is not resolved within a period of one month, you may refer your complaint to the regulator - The Securities and Exchange Board of India (SEBI).

SEBI has launched a centralized web-based complaints redress system 'SCORES'.

• The link to the platform is https://scores.gov.in/scores/complaintRegister.html#

If your complaint is not resolved on SCORES portal, you can start the dispute resolution process through the ODR Portal. The link for the platform is https://smartodr.in/login.

Malhari Dalvi is registered with SEBI as an Individual Research Analyst with Registration number INH000030427 on 30/09/2026, pursuant to which we provide independent research analyst services to our clients.

We are not affiliated with any other intermediaries or receive any brokerage or commission from any third party.

The SEBI has issued no penalties/directions under the SEBI Act or any other regulatory body against us.

We do not recommend any stock broker or other intermediary to a client, nor do we receive any consideration by way of remuneration or compensation or in any other form whatsoever from the stock broker or another intermediary.

Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and on sources that we consider reliable. We, however, do not vouch for the consistency or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred due to it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.

We do 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 and suitability to risk return profile before investing.

The information and views in this website & all the services that we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most.

We or any other person related to us might be holding positions in the stocks recommended.

The research recommendations are provided to all our clients who are entitled to receive the research reports. Any Client (Paid or Unpaid), any third party or anyone else have no rights to forward or share our calls or SMS or Reports or Any Information Provided by us to/with anyone (through any medium) which is received directly or indirectly by them. If found so, then serious legal actions can be taken.

We ensure that the individuals employed as research analysts are separate from other employees who are performing sales trading, dealing, corporate finance advisory or any other activity that may affect the independence of our research report/recommendations. However, these individuals may receive feedback from sales or trading personnel of brokerage division to ascertain the impact of research report/recommendations.

We also ensure that if a client wants an opinion on a specific position, such suggestion/view under any circumstances shall be considered as an opinion (not advice). We are not liable for any losses whatsoever the client may incur in accepting this opinion.

We do not have any association in any manner with any issuer of products/securities; this ensures that there are no actual or potential conflicts of interest. This also ensures that objectivity or independence in the carrying on research services is not compromised.

Investment in securities market is subject to market risks. Read all the related documents carefully before investing.

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

By accessing vioequity.com or any of its associate/group sites, you have read, understood and agree to be legally bound by the terms of the following disclaimer and user agreement.

We have taken due care and caution in compilation of data for our website. We also advise users to check with other certified experts before taking any investment decision. However, we do not guarantee the consistency, adequacy or completeness of any information and are not responsible for any errors or omissions or for the results obtained from the use of such information. We do hereby especially state that we have no financial liability whatsoever to any user on account of the use of information provided on our website.

We are not responsible for any errors, omissions or representations on any of our pages or on any links on any of our pages. We do not endorse in anyway any advertisers on our website pages. Please verify the veracity of all information on your own before undertaking any alliance.

The information on this website is updated from time to time. We, however, exclude any warranties (whether expressed or implied), as to the quality, consistency, efficacy, completeness, performance, fitness or any of the contents of the Website, including (but not limited) to any comments, feedback and advertisements contained within the Site.

This website contains material in the form of inputs submitted by users and we accept no responsibility for the content or consistency of such content nor do we make any representations by virtue of the contents of this website in respect of the existence or availability of any goods and services advertised in the contributory sections. We also make no warranty that the contents of the website are free from infection by viruses or anything else which has contaminating or destructive properties and shall have no liability in respect thereof.

Part of this website may contain advertising and other material submitted to us by third parties. Kindly note that those advertisers are responsible for ensuring that material submitted for inclusion on the website complies with all legal requirements. Although acceptance of advertisements on the Website is subject to our terms and conditions which are available on request, we do not accept liability in respect of any advertisements.

There are risks associated with utilizing internet-based information and research dissemination services. Subscribers are advised to understand that the services can fail due to failure of hardware, software, and Internet connection. While we also ensure that the messages are delivered in time to the subscriber’s mobile network, the delivery of these messages to the customer’s mobile phone/handset/desktop/iPad/tablet/laptop is the responsibility of the customer’s mobile network/internet connection/Wi-Fi. The messages may be delayed and/or not delivered to the customer’s mobile phone/handset on certain days, owing to technical reasons, and Malhari Dalvi cannot be held responsible for the same.

Stock trading is inherently risky, and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make.

Unlike an actual performance record, simulated results do not represent actual trading. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

You, and not us, assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. If you choose to engage in transactions with or without seeking advice from a licensed and qualified financial advisor or entity, then such decision and any consequences flowing therefrom are your sole responsibility. We or our employees are in no way liable for the use of the information by others in investing or trading in investment vehicles.

We also encourage all investors to use the services as a resource to further their own research on all featured companies, stocks, sectors, markets and information presented on the site.

We, our management, our associate companies and/or our employees take no responsibility for the veracity, validity and correctness of the expert recommendations or other information or research. Although we do attempt to research thoroughly on information provided herein, there are no guarantees in consistency. The information presented on the site has been gathered from various sources believed to be providing correct information. We, group, companies, associates and/or employees are not responsible for errors, or inaccuracies, if any, in the content provided on the site.

We have the license to provide research recommendations as a research analyst. Your use of this and all information contained on this website is governed by these Terms and Conditions of Use. This material is based upon information that Malhari Dalvi considers reliable, but we do not represent that it is consistent or complete and that it should be relied upon as such. You should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. By using vioequity.com, including any software and content contained therein, you agree that use of the Service is entirely at your own risk. You understand and acknowledge that there is a very high degree of risk involved in trading securities. We make no warranties and give no assurances regarding the truth, timeliness, reliability, or good faith of any material posted on vioequity.com. Malhari Dalvi does not warranty that trading methods or systems presented in their services or the information herein or obtained from advertisers or members will result in profits or losses.

By visiting the website vioequity.com, as a visitor and / or as a subscriber, surfing and reading of the information on the website is the acceptance of this disclaimer and all other terms and conditions.

Everything posted on social media (Twitter/X/Facebook/Telegram/ Instagram/YouTube channel) is for education / illustration purposes and should not be counted as recommendations or investment advice. The Stocks posted on social media are for illustration purpose only and are not recommendatory.

We do hereby expressly disclaim any implied warranties imputed by the laws of any jurisdiction. We consider ourselves and intend to be subject to the jurisdiction only of the courts of Navi Mumbai, Thane District, Maharashtra in India. If you don’t agree with any of our disclaimers above, please do not read the material on any of our pages. Although access to users outside India is not denied, Malhari Dalvi shall have no legal liabilities whatsoever in any laws of any jurisdiction other than India. We also reserve the right to make changes to our site and these disclaimers, terms, and conditions at any time.

1. About the Research Analyst:

Malhari Dalvi is an Individual Research Analyst (hereinafter referred to as "the RA") having its registered office at E5/304, Kasturi CHS, Moraj Residency, Sector 16, Sanpada-400705.

The RA was registered with SEBI as an Individual Research Analyst vide Registration number INH000030427 on 30/09/2026 pursuant to which its investment and research services are provided to clients.

2. Education and Qualification:

The RA holds an M.B.A. along with the mandatory NISM Series XV: Research Analyst Certification. With over five years of full-time experience in financial markets and a strong analytical skill set, the RA excels in identifying investment ideas and implementing effective, data-driven strategies.

3. Details of Business activities:

The RA provides recommendations based on both fundamental and technical analysis. And the subscribers who want to join for paid services then the same will be provided by taking subscription amount from that client.

4. Disciplinary History:

There are no outstanding litigations or no disciplinary history against the RA.

5. Terms and Conditions on which Research Report is being issued:

The RA has exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness. The opinions expressed are based on the RA’s current research as of the date appearing in the material and may be subject to change from time to time without notice.

The RA does not accept any liability arising from the use of this document or the information contained herein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information.

The RA shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication.

6.The RA or its associates, including relatives-

do not hold any financial interest in the Company.

do not have any actual/beneficial ownership of more than 1% in the company.

do not have any other material conflict of interest.

7.The RA or its associates are not affiliated with any other intermediaries or have received any brokerage or commission from any third party.

8.The RA or its associates have not received any compensation from the Company covered by Research Analyst during the past twelve months.

9.The RA or its associates have not managed or co-managed public offering of securities of the Company during the past twelve months.

10.The RA or its associates has not served as an officer, director or employee of the Company and has not been engaged in the market making activity of the Company.

11.The RA ensures that facts mentioned in the research report are taken from the reliable source and information. However, the investors are advised to independently evaluate the market conditions/ risks involved before making the investment decision.

12.The RA may utilize Artificial Intelligence in the course of compiling and providing research services. The extent of any such use is disclosed to clients as required under the Investor Charter. The final analytical evaluation, professional judgment, and responsibility for every published recommendation remain entirely the RA's own.

SEBI Registered Research Analyst- Malhari Dalvi. Registration No. INH000030427

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Investment in the securities market is subject to market risks. Read all the related documents carefully before investing.

Market Risks refer to the partial or permanent loss of your investments under certain market conditions.

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

We do not promise or assure any guaranteed returns.

Fees paid towards subscription services are refundable on a pro-rata basis as explicitly outlined in our Most Important Terms and Conditions (MITC).

Risk management and position sizing should be carried out by the investors themselves.

Recommendations will be provided via Email, Telegram, and/or WhatsApp.

Malhari Dalvi is a SEBI registered ‘Research Analyst’ and not an ‘Investment Advisor’. We are registered as an RA vide registration number INH000030427 on 30/09/2026

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If you find any link on our website that is offensive for any reason, you are free to contact and inform us at any moment. We will consider requests to remove links but we are not obligated to do so or to respond to you directly.

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SEBI Registered Research Analyst- Malhari Dalvi. Registration No. INH000030427

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