Built for desks that need fast, defensible answers on specific names and sectors without adding headcount or inheriting brokerage conflicts. Commission one mandate, get one clear answer.
One company, one sector, one forensic question, or a scope you define. Every fee is quoted to the work and confirmed in writing before anything starts.
One company, one explicit view. Valuation, risks, price framework and what would break the thesis.
5–7 business days · 15–25 pages
Pricing on request →Cash-vs-profit divergence, accrual quality, related-party exposure, audit flags and promoter behaviour.
7–10 business days · 25–40 pages
Pricing on request →Competitive structure, regulatory pressure, winners, weak links and investable names across an industry.
10–14 business days · 40–60 pages
Pricing on request →Multi-timeframe structure with levels a desk can actually trade: entry, target, stop and invalidation.
2–3 business days · 8–12 pages
Pricing on request →Research across a defined list of names, screening universes, M&A target work and recurring coverage for desks that need dedicated capacity.
Scope-defined · dedicated analyst
Pricing on request →Every mandate is research on securities. We do not advise on your allocation, your weights or your risk profile, and we do not manage or execute — that is investment advice, and a Research Analyst is not registered to give it. You bring the names or the question; the decision stays yours.
We do not publish Meridian fees, because a mandate is priced to what it actually involves — the universe, the depth, the turnaround and whether it recurs. Tell us the scope and we will quote it, usually within one business day of the call.
Fixed fees and fixed annual retainers. Never performance-linked, never a share of returns — a Research Analyst is not permitted to charge on that basis.
We send the Meridian brochure, with indicative ranges, after we understand what you are asking for.
Capacity that ran out mid-quarter. Coverage you cannot rely on because of who pays for it. A position large enough that being wrong is expensive. And the question a client asked on Monday that needs an answer by Friday.
A live idea has reached IC, but the team still needs an independent pass on accounting quality, pledge history, related-party exposure and downside triggers.
Commission a stock-specific or forensic mandate with a defined SLA, written so the investment committee can pressure-test assumptions instead of reverse-engineering the analyst's view.
The next source of alpha sits outside crowded broker coverage, but internal bandwidth is already spent on the existing book.
Use Desvelado as overflow capacity for exact names or sectors, with no banking desk conflict and no requirement to take an annual seat.
A concentrated position has internal conviction around it, which is exactly when an unemotional second opinion becomes necessary.
Get a thesis-led research pack that says what works, what does not, and what would invalidate the idea before capital is committed.
Clients expect quick, defensible answers on one-off names, but building an in-house bench for irregular demand is not economical.
Bring in an on-demand research desk with per-report pricing and a documented SEBI-registered basis for the research you are relying on.
A mandate is scoped in a call, put in writing with the fee before any work starts, researched against primary sources, delivered with the view on page one, and invoiced by the company. Two weeks of follow-up questions are included.
Start a scope call →You bring the actual decision: a stock, a sector, a forensic concern or a defined list of names. We confirm deliverable, turnaround and fee before work starts.
Conflict check first. Mutual NDA on request, before detailed scoping. Your interest in a security stays inside the mandate.
Scope, deliverable, turnaround and fee in writing, countersigned. Nothing is researched on a verbal brief and nothing is invoiced that was not agreed.
Filings, call transcripts, exchange data and scoped checks form the base layer. Mid-engagement challenge calls keep the work aligned to your decision path.
The report lands with thesis up front, assumptions stated, disclosures intact and two weeks of follow-up questions included.
A tax invoice from Desvelado Advisory Private Limited with GST stated separately, paid to the company bank account. Never to an individual, never to a UPI or wallet.
A broker's research is paid for by something other than the research. Ours is not, and the whole structure follows from that.
We earn research fees and nothing else. There is no issuer paying for coverage, no placement to protect and no proprietary position that a published view could help.
That you asked about a name is confidential, and it is not traded on, not shared, and not used to seed anything we publish elsewhere.
Run before detailed discussion, not after. If we hold it, have held it, or have any relationship with the issuer, you are told before the mandate is agreed — not in a footnote afterwards.
The analyst's and the firm's financial interest, compensation from the subject company and beneficial ownership are answered explicitly on every report, including where the answer is no.
Fixed annual retainers, scoped per mandate. Never performance-linked and never a share of returns — a Research Analyst is not permitted to charge on that basis.
Accredited individuals holding a valid SEBI accreditation certificate
Fee on request
Accredited individuals and family offices
Fee on request
Companies, LLPs, trusts, AIFs, PMS and family offices
Fee on request
The view on page one, every assumption stated, the accounting checked before the thesis is allowed to stand, and the disclosures intact when the memo moves internally.
View, price framework and invalidation are surfaced immediately, not buried after 30 pages of context.
Growth, margin and valuation inputs are explicit so your team can flex them instead of guessing what drove the conclusion.
Every fundamental mandate runs core accounting-quality and governance checks before the thesis is allowed to stand.
Analyst holdings, conflict status and registration details remain obvious, which matters when the memo moves internally.
Worth reading before you engage anyone in this market, not only us. Every line below is a hard regulatory limit — and every one of them is a promise the people impersonating registered firms make freely.
Not in a proposal, not on a call, not in a report. It is prohibited, and honest research cannot do it. Anyone offering it in our name is not us.
Fees are fixed and agreed in writing before work begins. A Research Analyst is not permitted to charge a share of your returns.
We publish research. We do not advise on your allocation or risk profile, we do not manage money, and we never execute or hold client funds or securities.
We are enrolled for PaRRVA, SEBI's performance-validation framework, and it is not yet producing validated data for us. Until it does, you will find no past-performance claim on this site — because an unvalidated one is not permitted.
No. The annual ceiling of ₹1,51,000 applies to individual and HUF clients. AIFs, PMS, corporates, LLPs, trusts and other non-individual entities are outside that cap. Accredited individuals are also outside it, once a valid accreditation certificate is on file.
Entity KYC rather than individual: certificate of incorporation or registration, PAN, the constitution document, a board or trustee authorisation naming who may sign, and KYC for the authorised signatory. Then the research services agreement and the Most Important Terms and Conditions, signed by that signatory. We will send the list before you commit to anything.
A tax invoice from Desvelado Advisory Private Limited, with GST stated separately on top of the fee — the fee quoted to you is exclusive of GST. Paid to the company's bank account against that invoice, never to an individual, a UPI handle or a wallet.
Yes. Internal use is standard. Wider redistribution, client-facing use or white-label packaging is defined during scoping and priced into the mandate where it applies — we will tell you which of those your intended use is before you sign.
CA Danish Aggarwal leads institutional mandates directly and is the analyst named on the report. The service is not built on a junior analyst pool detached from the client conversation, which also means capacity is finite and honestly stated — if a turnaround cannot be met, you are told at scoping and not at delivery.
Yes, and it is the normal order: mutual NDA first, detailed scoping after. A conflict check runs before that discussion, so if there is a reason we should not take the mandate you learn it before disclosing anything sensitive.
Then the report says so. The point of independent commissioned work is to stress-test conviction, not decorate it. A mandate is never contingent on reaching a particular conclusion, and no fee is.
No — that is investment advice and requires an Investment Adviser registration, which is a different licence from the one we hold. What we can do is publish research across a defined list of names you nominate, which is what most desks asking that question actually need. The allocation decision stays with you.
Where it helps with filing extraction and computation, and it is disclosed on the report that used it. The thesis, the valuation and the recommendation are the analyst's own, and the firm remains fully responsible for the output regardless of what assisted it.
Include the stock, sector, red flag or research question and who the engagement is for. We reply with scope, turnaround and fee — and we will tell you if a single commissioned report answers it more cheaply than a retainer.
Or write to institutional@desvelado.in — a conflict check runs before any detailed discussion, and a mutual NDA is available before scoping.
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