Complimentary Trial — Terms and Acknowledgement

Who we are

Desvelado Advisory Private Limited (Research Analyst department) — SEBI Registered Research Analyst · INH000028723, BSE RAASB Enlistment No. 7338, registration valid Jul 03, 2026 – Perpetual. CIN U70200DL2022PTC396194. Registered office: Unit No. 502, 5th Floor, Plot No. A1, D Mall, Netaji Subhash Place, Pitampura, New Delhi, National Capital Territory of Delhi 110034.

Principal Officer: Saizal Agarwal, saizal.agarwal@desvelado.in. Compliance Officer: Ansh Jain, compliance@desvelado.in. Grievance Officer: Ansh Jain, grievance@desvelado.in. Telephone: 011 4084 6817 / 011 4563 5652 (Mon–Fri, 9:00–18:00 IST).

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.

1. Meanings

In these terms, "Desvelado", "we" and "us" mean Desvelado Advisory Private Limited; "you" means the trial holder; "Trial" means the complimentary access described in clause 2; "Research" means the research reports and recommendations on securities that we publish to subscribers of our Starter plan, with their updates; and "Portal" means your client portal on https://desvelado.in.

2. The Trial

2.1 The Trial gives you access to the Research in your Portal, free of charge, so that you can decide whether our research is useful to you.

2.2 It lasts seven trading days — days on which the National Stock Exchange is open, so weekends and exchange holidays do not count. The day you start does not count. The Trial ends at 11:59 pm IST on its seventh trading day.

2.3 The end date shown in your Portal is the one that applies. We may extend or shorten your Trial at our discretion, and your Portal always shows the current end date. We may also end (revoke) it early; if we do, we will tell you, and give the reason unless the law prevents us.

2.4 No fee is charged and we collect no card, bank or payment details. The Trial does not create a subscription.

2.5 The Trial never turns into a paid subscription. Nothing renews and nothing is charged when it ends.

2.6 One Trial per email address and one per phone number. An address or number that has had a Trial — including an email address you have since changed — cannot start another. We may refuse or end a Trial that breaks this rule.

3. Who may take it

3.1 The Trial is for individuals aged 18 or over, acting for themselves. By starting it you confirm this. We do not check your age at this stage.

3.2 Companies, firms, trusts and other organisations may contact us at support@desvelado.in.

4. Before you receive any Research

4.1 You must verify your email address with a one-time code and accept these terms. We provide no Research until you have accepted them. We record the date, time and version of your acceptance, and you can see it in your Portal.

4.2 If we have no record of your acceptance, access is paused until you give it. Your end date does not change.

4.3 No KYC or e-signature is needed for the Trial, because no fee is charged. Both are required before any paid service (clause 13).

5. What is included, and what is not

5.1 Included: the Research we publish during your Trial, in your Portal. If you separately agreed to be contacted on WhatsApp, you may also join our WhatsApp research group for the Trial.

5.2 We do not promise any number of reports or recommendations. What we publish depends on our research, not on your Trial.

5.3 Not included:

— research for our other or higher plans;

— personalised investment advice, or any view on whether a security suits you — we are a Research Analyst, not an Investment Adviser;

— answers about your own holdings, or how much of anything to buy or sell;

— managing, holding or handling your money or securities;

— placing or executing any trade; and

— any assured or guaranteed return.

6. Research, not advice

6.1 The Research is written for subscribers as a group. It does not consider your finances, objectives or needs, and it is not a personal recommendation or an offer to buy or sell anything.

6.2 Your investment decisions are your own. Any reliance on the Research is at your own judgement. Investments made on the basis of the Research are subject to market risks, and there is no recourse to claim any loss from them.

6.3 Research is our view on the day it is published, based on the data and assumptions it states. We may change or withdraw it without notice.

7. Your money and accounts

7.1 We cannot execute any trade for you, and we never hold your funds or securities.

7.2 We will never ask for your passwords or OTPs for any trading, demat or bank account. Do not share them with anyone, including us.

7.3 We will never ask you to pay anything during the Trial. Anyone who does so in our name is not acting for us. Report them to compliance@desvelado.in.

8. Risk

8.1 Investments in securities market are subject to market risks. Read all the related documents carefully before investing.

8.2 No assured, guaranteed or risk-free return is offered or implied, and no one may promise one on our behalf. Schemes offering assured or fixed returns are prohibited by law.

8.3 Past performance does not indicate future results. You can lose all the money you invest.

9. Conflicts of interest

9.1 We and our research analysts may hold securities covered by the Research. Every such interest, and every other disclosure the SEBI (Research Analysts) Regulations, 2014 require, is stated in the research report itself.

9.2 No analyst is paid by reference to a particular recommendation or its outcome. We have no associate company, and we receive no payment from any broker or other intermediary for the Research issued to you.

10. Use of artificial intelligence

Desvelado uses AI and automation tools to assist parts of its research workflow — including data extraction, document summarisation and draft generation. Every recommendation is reviewed and approved by a qualified research analyst before publication, and Desvelado remains fully responsible for all research issued, including AI-assisted output.

11. The Research is for you alone

11.1 The Research is for your personal use. Do not copy, forward, share, publish or sell it, in whole or in part, including on messaging groups and social media.

11.2 Research files you download carry your name and email address.

12. Messages, and your data

12.1 Service messages. We will send you what the Trial needs — your code and Portal link, notice that the Trial is ending or has ended, any change to it or to these terms, and replies to you — whether or not you agree to marketing.

12.2 Marketing. We send information about our services only on the channels you separately agreed to, and only while that agreement stands. It is optional and not a condition of the Trial. You may withdraw it at any time — in your Portal, by replying STOP, or by writing to support@desvelado.in. This does not end your Trial, but it does remove you from the WhatsApp research group.

12.3 Calls to and from our telephone lines may be recorded.

12.4 Your data. For the Trial we collect your name, email address, phone number (if given), your stated interest, your IP address and your acceptance record. We use them to provide the Trial, keep the records the law requires and, only if you agreed, tell you about our services. We handle them under our Privacy Policy (https://desvelado.in/privacy) and the Digital Personal Data Protection Act, 2023.

12.5 As a SEBI-registered Research Analyst we must keep records of our dealings with clients and prospective clients — including your acceptance and our communications — for five years. That duty continues after the Trial and overrides a request to erase those records while it applies. Subject to it, you may ask us for a copy of your data, to correct it or to erase it, using the contact details in the Privacy Policy.

13. Ending the Trial, and subscribing

13.1 When the Trial ends, your access to new Research in the Portal, and through any link we sent you, stops, except the follow-through updates described in clause 14.2. Nothing is charged.

13.2 You may end the Trial at any time by writing to support@desvelado.in.

13.3 If you ask us to erase your details, we will, except (a) your email address and phone number and the fact that they have had a Trial, which we keep so that clause 2.6 can be applied, and (b) the records in clause 12.5.

13.4 Subscribing is always your choice. Before any paid service begins you must complete KYC, sign the Research Services Agreement, its Annexure B and the Most Important Terms and Conditions, and pay. For individual and HUF clients, the fees for all research services of a Research Analyst may not exceed the SEBI limit, currently ₹1,51,000 per annum per family. Pay only the account published at https://desvelado.in/disclosures#payments — never any other account, whoever asks. Cash is not accepted.

14. Calls around your start and end dates

14.1 Calls already open when your Trial starts. A research call is a published recommendation with levels such as entry, target and stop-loss. If a call was issued before your Trial started and is still open, your Portal shows it marked "issued before you joined", with its original levels beside the current market price. Its entry levels may no longer apply — read them as a record of what was published, not as current levels. While your Trial lasts, we also send you that call's updates: target, stop-loss, exit and closure.

14.2 Calls still open when your Trial ends. If a call issued to you during your Trial is still open when the Trial ends, we keep sending you that call's updates — target, stop-loss, exit and closure — until the call is closed or reaches the validity stated in it. We do this so that you are not left without the exit on a call you received from us. These follow-through updates are free, do not extend your Trial, and do not create a subscription.

14.3 No new calls after your Trial ends. Calls issued after your Trial ends are not sent to you, even while follow-through updates on an earlier call continue. To receive new Research you need an active plan (clause 13.4).

14.4 Notices. We email you three days before your Trial ends, on the day it ends — listing any calls still in follow-through — and once more when the last of those calls is closed. The same notices appear in your Portal. We send them on WhatsApp only if you agreed to be contacted on WhatsApp.

14.5 Follow-through updates are Research, not advice, and the rest of these terms apply to them, including clauses 6 (Research, not advice) and 8 (Risk). You decide whether to act on any update.

15. Complaints

15.1 Step 1 — tell us. Write to grievance@desvelado.in, call 011 4084 6817 or 011 4563 5652 (Mon–Fri, 9:00–18:00 IST), or use https://desvelado.in/grievance.

Grievance Officer: Ansh Jain, grievance@desvelado.in.

Compliance Officer: Ansh Jain, compliance@desvelado.in.

Principal Officer: Saizal Agarwal, saizal.agarwal@desvelado.in.

We will acknowledge your complaint within 3 working days and resolve it within 21 calendar days, as the SEBI Investor Charter requires (https://desvelado.in/investor-charter).

15.2 Step 2 — SCORES. If you are not satisfied, complain to SEBI through SCORES 2.0 at https://scores.sebi.gov.in or the SCORES mobile app. Complaints there are reviewed first by the Research Analyst Administration and Supervisory Body (RAASB) at BSE, then by SEBI.

15.3 Step 3 — Smart ODR. If it is still unresolved, you may seek online conciliation or arbitration at https://smartodr.in.

15.4 You may also write to the regulator: Securities and Exchange Board of India (head office), Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra. Tel: +91-22-26449000 / 40459000. Email: sebi@sebi.gov.in. Nothing in these terms limits your right to use any of these routes.

16. General

16.1 Changes. We may change these terms. A new version applies to Trials started after it is published. If we change them during your Trial, we will tell you; the change applies to you only if you accept it, and otherwise you may end the Trial.

16.2 Whole agreement. These terms, our Terms of Use (https://desvelado.in/terms) and our Privacy Policy are the whole agreement about the Trial. Where they conflict, these terms apply.

16.3 Liability. The Trial is free. As far as the law allows, we are not liable for any loss arising from it or from any investment you make. Nothing here limits a liability that cannot lawfully be limited, or any right you have under SEBI's regulations.

16.4 Events outside our control. We are not responsible for failures or delays caused by events outside our reasonable control, such as natural disasters, failures of utilities or networks, or orders of a government or regulator.

16.5 Law. These terms are governed by the laws of India. The courts at New Delhi, India have jurisdiction, without affecting your rights under clause 15.

16.6 If any clause is unenforceable, the rest still applies. Clauses 6, 8, 11, 12.5, 13.3, 14, 15 and 16 continue after the Trial ends.

17. Contact

Questions: support@desvelado.in, 011 4084 6817 / 011 4563 5652 (Mon–Fri, 9:00–18:00 IST). Compliance: compliance@desvelado.in. Complaints: grievance@desvelado.in.

18. Your acknowledgement

By accepting these terms you confirm that you have read and understood them; that you are an individual aged 18 or over; that Desvelado provides research, not personalised investment advice; that no return has been assured or guaranteed to you by Desvelado or anyone acting for it; and that your investment decisions, and their consequences, are your own.