Terms governing our services.

1. Definitions

"Desvelado" or "we" refers to Desvelado Advisory Private Limited (CIN U70200DL2022PTC396194), a SEBI-registered Research Analyst (Reg. No. INH000028723). "Client" or "you" refers to any individual, HUF, or institution that subscribes to or accesses our services. "Research Report" means any equity note, sector report, technical analysis, market commentary or other content we publish under our RA registration. "Services" means all subscription tiers, on-demand reports and newsletters offered by Desvelado.

2. SEBI Registration & Regulatory Compliance

Desvelado is registered with SEBI as a Research Analyst under Registration No. INH000028723 pursuant to SEBI (Research Analysts) Regulations, 2014. We are administered by the Research Analyst Administration and Supervisory Body (RAASB), operated by BSE Limited, under BSE RAASB Enlistment No. 7338. Our research is governed by these regulations and any circulars or amendments issued by SEBI from time to time. Nothing in these Terms limits your statutory rights under SEBI regulations.

3. Nature of Services

Our research reports, sector notes and market commentary constitute investment research under the SEBI (Research Analysts) Regulations, 2014. They are NOT personalised investment advice tailored to your specific financial situation, objectives or risk tolerance. You must independently assess suitability before acting on any research. For personalised advice, consult a SEBI-registered Investment Adviser.

4. Fees & Subscription Plans

Individual and HUF clients: fees for all our research services together shall not exceed ₹1,51,000 per annum per family of the client, as prescribed by SEBI. The limit excludes statutory charges such as GST, and does not apply to accredited investors or non-individual clients. Fee schedules for each plan are as published on our Pricing page. Fees are charged in advance (monthly, quarterly or annual basis depending on your plan). All prices are exclusive of applicable GST unless stated otherwise. For institutional and non-individual clients, fees are as agreed in a separate client agreement and are not subject to the individual fee ceiling.

5. Payment & Cancellation

Payments are processed securely via our payment gateway, or by bank transfer or UPI. Cash is not accepted. Fees are never collected more than one year in advance.

Refunds. You may end your subscription at any time. If the service ends before the end of the period you have paid for — whether you end it or we do — you are entitled to a refund of the proportionate fee for the unexpired period, as required by the minimum terms SEBI prescribes for Research Analysts. There is no notice period and no breakage fee.

The service may also end on non-payment of the fee 30 days after a reminder from us, on expiry of the service period without renewal, on the suspension or cancellation of our registration by SEBI, on the bankruptcy or liquidation of either party, or on any other action by a regulatory body or Government authority. In each case the unexpired part of the fee is refunded pro rata. If our registration is suspended for more than 60 days or is cancelled, we refund the fee pro rata from the effective date of the suspension or cancellation to the end of your subscription period. If you do not accept an amendment to the minimum terms and conditions, you may end the service on the same basis.

These are the same terms as clauses X and XII of the Terms and Conditions for Research Services that you sign at onboarding; if the two ever differ, the signed agreement prevails.

6. Permitted Use & Intellectual Property

Research reports and all content are for your personal, non-commercial use only (individual/HUF) or for internal business use (institutional, subject to your client agreement). You may not redistribute, republish, broadcast, resell or create derivative works from our research without prior written consent. All intellectual property in our research remains owned by Desvelado. Accessing our research to build a competing product is expressly prohibited.

7. Disclosures & Conflicts of Interest

Our analyst may hold positions in securities covered. Such interests are disclosed in each research report and on our Disclosures page. We do not accept payment from companies to produce research on them. Our research is not commissioned by, and does not represent the views of, any company or their management. Full conflict disclosure is provided pursuant to Regulation 16 of SEBI (Research Analysts) Regulations, 2014.

8. No Guaranteed Returns

We make no representation that any security will achieve the price targets stated in our research. All investing involves risk including loss of principal. Past performance — whether of our stock calls, model portfolios or any other research output — is not indicative of future results. Our research represents our best independent assessment at the time of publication; it may not be updated in real time.

9. Client Obligations

You agree to: (a) provide accurate information during registration and KYC; (b) maintain the confidentiality of your account credentials; (c) use our research only as permitted under these Terms; (d) not attempt to gain unauthorised access to our systems; (e) promptly notify us of any unauthorised use of your account; (f) comply with all applicable laws including those relating to securities trading.

10. Limitation of Liability

To the fullest extent permitted by law, Desvelado shall not be liable for any trading losses, investment losses, consequential, indirect or special damages arising from your use of or reliance on our research. Our total liability in any calendar year shall not exceed the fees paid by you to us in that year. Nothing in these Terms excludes liability for fraud, wilful misconduct or death/personal injury caused by negligence.

11. Grievance Redressal

Any complaint regarding our services must first be directed to our Grievance Officer (see our Grievance page). Unresolved complaints may be escalated to SEBI SCORES at scores.sebi.gov.in or to the SEBI ODR portal at smartodr.in. These Terms are governed by the laws of India. Any disputes shall be subject to the jurisdiction of the courts at New Delhi, India, without prejudice to your right to approach SEBI or any consumer forum.

12. Amendments

We may update these Terms from time to time to reflect regulatory changes or changes to our business. We will notify existing subscribers via email at least 14 days before material changes take effect. Continued use of our services after the effective date constitutes acceptance of the revised Terms. The current version is always published at desvelado.in/terms.

13. Termination

We may suspend or terminate your access immediately if you breach these Terms, provide false information, or if a regulatory authority requires us to do so. We may also discontinue any service with reasonable notice. Upon termination, your licence to use downloaded research reports persists but no new reports will be accessible.