Terms & Conditions

These Terms and Conditions govern the research services provided by SM Research Services Pvt Ltd ("SM Research", "we", "us"), a Research Analyst registered with the Securities and Exchange Board of India under the SEBI (Research Analysts) Regulations, 2014, Registration No. INH000017736, enlisted with BSE Limited (RAASB) under Enlistment No. 6315, trading under the brand name Investace Capital, in respect of the Alpha Leap model-portfolio research product. They are issued in the form prescribed by the SEBI Master Circular for Research Analysts dated 27 June 2025.

1. Availing the Research Services

You have elected to subscribe to Alpha Leap at your sole discretion. SM Research renders research services strictly in accordance with the SEBI (Research Analysts) Regulations, 2014 and the circulars, guidelines and directions issued thereunder.

We provide non-personalised research. Alpha Leap's research reports and model portfolio are prepared for a general audience of subscribers. They are not tailored to your individual financial situation, investment objectives, risk tolerance or life-stage requirements, and do not constitute investment advice under the SEBI (Investment Advisers) Regulations, 2013. SM Research is not registered as an Investment Adviser or as a Portfolio Manager.

2. Obligations on SM Research and Description of Service

SM Research and the client are bound by the Securities and Exchange Board of India Act, 1992, the SEBI (Research Analysts) Regulations, 2014, and all rules, regulations, circulars, notifications and guidelines issued thereunder, as amended from time to time.

Alpha Leap is a subscription research service: a curated, high-conviction model portfolio of listed equity shares, reviewed on a quarterly cadence, delivered through this dashboard. We provide research recommendations only. Consistent with clause 1 of the Most Important Terms & Conditions (see MITC), SM Research cannot execute or carry out any trade on your behalf, and you are advised not to permit us to do so. We are not a broker, portfolio manager, or execution platform — every order is placed directly by you, in your own Zerodha trading account, via Kite Publisher. We never take custody of your funds or securities.

3. Client Information and KYC

You shall furnish all details and information sought by SM Research for the purpose of providing research services. SM Research shall collect, store, upload and verify your Know Your Client (KYC) records with a SEBI-registered KYC Registration Agency (KRA) in the manner prescribed. You shall keep your contact details, including email address and mobile number, updated with us at all times.

4. Standard Terms of Service

Consent to these Terms is taken on the following understanding, which you confirm at the time of onboarding:

"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 benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report."

I / We understand that –

i. Any investment made based on the recommendations in the research report are subject to market risk.
ii. Recommendations in the research report do not provide any assurance of returns.
iii. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.

SM Research declares that: (i) it is registered with SEBI as a Research Analyst with registration number INH000017736, registered on 19 July 2024 and valid until 18 July 2029; (ii) its registration and the qualifications and certifications of its research analysts are valid and subsisting; (iii) its research services do not conflict with or violate any provision of any law, rule, regulation, contract or other instrument to which it is a party; (iv) the maximum fee that may be charged by SM Research is ₹1,51,000 per annum per family of client (applicable to individual and HUF clients — see our Fees & Refunds); and (v) the recommendations provided by SM Research do not provide any assurance of returns.

5. Subscription, Fees & Billing

Alpha Leap membership is priced at ₹10,000 per year (inclusive of applicable taxes as stated at checkout), billed as a single one-time payment per membership term via our payment processor, Cashfree Payments, in Indian Rupees (INR). Cash payment is not accepted. Clients may optionally pay through the Centralised Fee Collection Mechanism (CeFCoM) operated by BSE Limited — see clause 13 below.

• Membership does not auto-renew and is not an automatic recurring/auto-debit mandate — no further amount is charged to your payment method after your initial payment.
• Your subscription runs for the term stated at checkout (currently 365 days from activation). Access must be manually renewed by making a fresh payment before or after expiry to continue.
• We do not currently offer a free trial.

6. Risk Factors

Investing in Alpha Leap's model portfolio carries risk, including but not limited to: general market risk; no assurance of returns; equity concentration risk arising from a focused portfolio of 15–20 holdings; sector concentration risk; small and mid-cap liquidity risk; drawdown risk; and the fact that quarterly review does not prevent loss. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. See our full Risk Disclosure.

7. Conflict of Interest

SM Research adheres to SEBI's disclosure and mitigation requirements regarding actual or potential conflicts of interest, and will endeavour to promptly inform clients of any conflict that may affect the services rendered.

8. Termination of Service and Refund of Fees

SM Research may suspend or terminate research services to a client on account of the suspension or cancellation of its SEBI registration, and shall refund the residual amount to the client on a pro-rata basis. In the event of pre-mature termination of research services by either you or SM Research, you shall be refunded proportionate fees for the unexpired period, with no breakage fee charged. Full details, including how to request a refund, are set out in our Refund & Cancellation Policy.

9. Grievance Redressal and Dispute Resolution

Any grievance relating to (i) non-receipt of a research report, (ii) missing pages or an inability to download a report, or (iii) any other deficiency in the research services provided, should be escalated promptly to:

• Designated person: Siddhesh Pednekar, Compliance Officer & Principal Officer
• Email: research@investace.in
• Phone: +91 93266 57923 (10:00 AM – 6:00 PM, Monday to Saturday)

SM Research shall resolve grievances within 7 business working days. If unresolved to your satisfaction, you may escalate to SEBI's SCORES platform at scores.sebi.gov.in, and thereafter to the Online Dispute Resolution (ODR) mechanism via the Smart ODR portal at smartodr.in. See our Investor Charter for the full escalation matrix.

10. Additional Clauses

Any additional voluntary clauses added by SM Research shall not contravene any rule, regulation or circular of SEBI. Any change to such voluntary clauses shall be preceded by a notice of 15 days to you. In the event of any inconsistency between these Terms and any applicable SEBI regulation or circular, the regulation or circular shall prevail.

11. Mandatory Notice

You are requested to review the Do's and Don'ts for dealing with a Research Analyst, as specified in the SEBI Master Circular for Research Analysts, available on our Investor Charter page.

12. Most Important Terms and Conditions (MITC)

SM Research discloses the Most Important Terms and Conditions, standardised by the Industry Standards Forum in consultation with SEBI and RAASB, in full. They form part of these Terms and are set out separately at our Most Important T&C page.

13. Optional Centralised Fee Collection Mechanism (CeFCoM)

You may optionally pay fees through the Centralised Fee Collection Mechanism (CeFCoM), a designated platform administered by BSE Limited, the recognised Research Analyst Administration and Supervisory Body. CeFCoM allows you to verify that fees are being paid only to a registered Research Analyst. Use of the mechanism is optional and is offered in addition to the payment modes described above.

14. Use of Artificial Intelligence Tools

In accordance with Regulation 19(vii) of the RA Regulations, SM Research discloses the extent of its use of Artificial Intelligence tools in providing Alpha Leap's research services. SM Research remains solely responsible for the security, confidentiality and integrity of client data and for all outputs arising from the use of such tools, in accordance with Regulation 24(7). The full disclosure is set out at our AI Usage Disclosure page.

15. Limitation of Liability

The Service, and all research, reports, and recommendations provided through it, are made available on an "as is" basis without warranties of any kind, express or implied, including as to accuracy, completeness, or fitness for a particular purpose. To the maximum extent permitted by law, SM Research Services Pvt Ltd, its directors, employees, and affiliates shall not be liable for any direct, indirect, incidental, or consequential loss — including trading or investment losses — arising from your use of, or reliance on, the Service. You acknowledge that all investment decisions and their outcomes are solely your own responsibility.

16. Governing Law & Jurisdiction

These Terms are governed by the laws of the Union of India. Subject to the dispute resolution mechanisms specified by SEBI, including SCORES and the Smart ODR platform, the courts at Mumbai, Maharashtra shall have exclusive jurisdiction.

Amendments

We may revise these Terms from time to time; the "Last updated" date above will reflect the most recent change, with 15 days' prior notice for any voluntary clause change per clause 10 above. Continued use of the Service after any change constitutes your acceptance of the revised Terms.

Contact

Questions about these Terms can be directed to research@investace.in or +91 93266 57923 (10 AM–6 PM, Mon–Sat). See our Contact Us page for full details.

Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.