STANDARD DISCLOSURES – Mahadev Research

The purpose of this document is to provide essential information about our Research Services, helping prospective clients make informed decisions before engaging with us.

History, Present Business, and Background

Mahadev Research is a SEBI-registered Research Analyst with registration number INH000015534.

We specialize in offering independent research recommendations to clients in the Indian Capital Market. Our services strictly focus on providing unbiased research and do not include Investment Advice, Portfolio Management, or any related ancillary services.

Mahadev Research does not provide execution or implementation services.

Terms and Conditions of Research Services

Our Research Services are limited to providing independent research and do not involve portfolio allocation or management services.

Disciplinary History

• No penalties or directions have been issued by SEBI under the SEBI Act or its regulations against Mahadev Research in relation to Research Analyst services.

• There are no pending material litigations, legal proceedings, inspection findings, or investigations initiated by any regulatory authority against Mahadev Research.

Details of Associates

No associates.

Disclosures Regarding Research and Recommendation Services

Neither Mahadev Research nor its officers/employees trade in securities that are the subject of our recommendations.

There are no actual or potential conflicts of interest related to any issuer of securities/products that could compromise our objectivity or independence. Any such conflicts will be disclosed to clients if they arise.

Mahadev Research, its employees, or associates have not:

• Received any compensation from companies that are the subject of our recommendations.

• Managed or co-managed any public offerings.

• Received compensation for investment banking, merchant banking, or brokerage services from any subject company.

• Accepted compensation for services or products from the subject company, except for those explicitly mentioned.

• Received benefits from third parties or the subject company in connection with our research reports or recommendations.

• The subject company has not been a client of Mahadev Research or its employees in the twelve months preceding the date of the recommendation.

• Mahadev Research and its employees have not served as officers, directors, or employees of the subject company.

• Mahadev Research is not engaged in market-making activities for any subject company.

For any queries or issues, please contact:

• Company Name: Mahadev Research

• Office Address: Ganesh Nagar, Chinchwad, Pune 411033

• Phone: +91 7030311349

• Email: compliance@mahadevresearch.com

• SEBI Reg. No.: INH000015534