RESEARCH DISCLAIMER

INDO THAI SECURITIES LIMITED | SEBI Research Analyst Registration No. INH000024842

Last updated: 1 Oct 2026

This Research Disclaimer applies to all research reports, research recommendations, opinions, market commentary, analysis, communications, publications and other research-related material issued or disseminated by Indo Thai Securities Limited ("ITSL"), whether through this website or through any other physical or electronic communication channel. Where an SMS, message, pop-up or social-media post from ITSL does not carry ITSL's full registration details and disclaimers, this page is the official source of those details.

About Indo Thai Securities Limited

Indo Thai Securities Limited is a public limited company incorporated in India and is engaged, inter alia, in the business of stock broking, depository services and other permitted financial-market activities.

ITSL is a registered member of the National Stock Exchange of India Limited ("NSE"), BSE Limited ("BSE"), Multi Commodity Exchange of India Limited ("MCX") and National Commodity and Derivatives Exchange Limited ("NCDEX"), in the segments in which it is duly registered and authorised to operate.

ITSL is also a Depository Participant of Central Depository Services (India) Limited ("CDSL") and is registered with the Securities and Exchange Board of India ("SEBI") as a Research Analyst under Registration No. INH000024842.

ITSL prepares and disseminates research reports and related research services in accordance with the Securities and Exchange Board of India Act, 1992, the SEBI (Research Analysts) Regulations, 2014, as amended, the applicable SEBI Master Circular, circulars, directions and guidelines, and the requirements of the Research Analyst Administration and Supervisory Body ("RAASB"), as applicable from time to time.

Registration and Contact Details

Particular	Details
Research Analyst SEBI Registration No.	INH000024842
SEBI Stock Broker Registration No.	INZ000194938
Exchange memberships	NSE, BSE, MCX and NCDEX
Research Analyst Administration and Supervisory Body	BSE Limited
CIN	L66120MP1995PLC008959
Principal Officer	CA. Garvit Jain | [email protected]
Compliance Officer	Hemant Agrawal | [email protected]
Investor grievance email	[email protected]
Corporate office	Capital Tower, 2nd Floor, Plot Nos. 169A-171, PU-4, Scheme No. 54, Indore, Madhya Pradesh
Telephone	0731-4255845
Website	https://www.indothai.co.in
Verify SEBI registration	SEBI list of registered Research Analysts

Regulatory Disclosures on This Website

In accordance with the SEBI Research Analyst framework, the following are available on this website:

Disclosure	Link
Investor Charter for Research Analysts (full text)	Investor Charter
Monthly data on investor complaints (updated by the 7th of each month)	/investors/client-relation/

Scope of This Disclaimer

This disclaimer applies to research reports, research recommendations, opinions, market commentary, investment ratings, fundamental analysis, technical analysis, derivatives analysis, quantitative analysis, model portfolios, projections, forecasts, estimates, target prices, data, charts, presentations, articles, audio-visual content and all other research-related communications issued by ITSL.

It applies regardless of whether the information is published, emailed or transmitted through: this website; Short Messaging Service (SMS); Email; WhatsApp or other online messaging services; Mobile applications, including FLIP™ and Video Widget; Telephone or telephony networks; Print or electronic media; Webinars, seminars or public appearances; Social networking platforms, including Facebook, X/Twitter and LinkedIn; or any other permitted physical or electronic communication channel.

Where an ITSL Research Analyst expresses a research opinion during a public appearance or through any other permitted medium, that opinion shall be read together with the applicable disclosures and this disclaimer.

Nature and Purpose of Research Reports

A research report is a written or electronic communication containing research analysis, a research recommendation or an opinion concerning securities or a public offer that may provide a basis for an investment decision.

Research reports issued by ITSL are prepared on the basis of publicly available information, internally developed data and analysis, and other sources believed to be reliable, and are supported by the research rationale and records maintained by ITSL in accordance with applicable regulations.

Unless expressly stated otherwise and permitted under applicable law, research reports are not intended to be, and must not independently be treated as: Personalised investment advice; Portfolio management or discretionary investment advice; An offer or solicitation to purchase or sell securities or financial instruments; An inducement to enter into a particular transaction; A promise, warranty, representation or guarantee of profit, return, performance or capital protection; An official confirmation of a transaction or contract; or Legal, accounting or taxation advice.

Receipt of a research report does not, by itself, create a fiduciary, advisory or contractual relationship between the recipient and ITSL beyond such relationship, if any, as may otherwise arise under applicable law or a separately agreed service arrangement.

ITSL distributes research reports and recommendations to its clients without discrimination and endeavours to make each report available to all eligible recipients simultaneously.

No Personal Recommendation

Research reports do not take into account the particular investment objectives, financial circumstances, risk profile, investment experience, tax position, liquidity requirements, investment horizon or individual requirements of any recipient.

Any recommendation, rating, target price, opinion or view expressed in a report represents research analysis and must not be construed as personalised investment advice or an offer to purchase or sell any security.

Each recipient should: Conduct an independent investigation of the securities and companies discussed; Independently evaluate the merits and risks of an investment; Consider whether the investment is suitable for their circumstances; Read all relevant offer documents and risk disclosure documents; and Obtain advice from appropriately qualified financial, legal, accounting and taxation professionals where appropriate.

Any reliance placed on a research report shall be as per the recipient's own judgement and assessment of the conclusions contained in it.

Market and Investment Risks

Investment and trading in securities and financial instruments involve risk. The price and value of investments, and the income derived from them, may rise or fall. Investors may lose part or all of their investment.

Futures, options, other derivatives, leveraged products and lower-rated or non-investment-grade securities involve substantial risk and may not be suitable for all investors. Under certain market conditions, particularly in leveraged or derivative transactions, losses may exceed the investor's original capital. Transaction costs may be significant, particularly for strategies involving multiple purchases and sales of options or other instruments.

Investors should read the Risk Disclosure Documents prescribed by SEBI for the Capital Market and Derivatives Segments, and all applicable offer documents, before investing or trading.

Past performance is not indicative of future performance. No recommendation, estimate, price target, forecast or projection is a representation, promise or guarantee of future performance or return.

Forward-Looking Statements and Projections

Research reports may contain projections, forecasts, estimates, price targets and other forward-looking statements. All opinions, projections and estimates of ITSL are based on the analysis of available data under certain assumptions as of the date of preparation or publication of the research report.

Such projections depend on industry trends, economic conditions, market circumstances, company-specific developments, regulatory changes and other factors involving risks, variables and uncertainties. The actual performance of a company, security, industry or market may differ materially from the projected performance.

Projections and forward-looking statements: Are based on estimates and assumptions; Are subject to significant risks, uncertainties and contingencies; May change as new information becomes available; May differ materially from actual results; and Do not constitute a guarantee of future performance.

ITSL does not represent that any forecast, price target or projection will necessarily be achieved.

Technical and Fundamental Analysis

Technical analysis generally focuses on the study of charts, price movements, trading volumes, derivatives positioning and market behaviour rather than the underlying financial and business fundamentals of a company. Fundamental analysis generally considers the business model, financial position, earnings, industry characteristics, management, valuation and other company-specific and economic information.

Accordingly, a technical analysis report may not correspond with a fundamental research report concerning the same company or security. Research Analysts may also reach different conclusions because of differences in research methodology, assumptions, information available, judgement and the investment horizon for which a recommendation is made.

Historical daily closing prices of securities are available from www.nseindia.com and www.bseindia.com.

Accuracy, Completeness and Reliability

ITSL takes reasonable care in preparing its research reports, uses information from sources believed to be reliable, and reviews reports for material factual inaccuracies, untrue statements and false or misleading information.

However, information, data, estimates and opinions may be affected by human, technical, transmission or source-related errors, omissions, delays or revisions. Except to the extent required under applicable law, ITSL does not represent or warrant that every item of information in a research report or on this website is complete, error-free, continuously current or suitable for every purpose.

Research reports do not constitute a complete statement or summary of the securities, companies, markets or developments referred to in them. Recipients should independently assess material information before making an investment or trading decision.

Limitation of Liability

Any investment made based on recommendations in research reports is subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on investments made based on the recommendations in a research report.

To the extent permitted under applicable law, ITSL, its associates, affiliates, group entities, directors, officers, employees, representatives and Research Analysts shall not be responsible for losses arising solely from reliance on research material, including losses arising from: Market movements; Changes in economic, regulatory or industry conditions; Errors or omissions in information obtained from third-party sources; Delayed or incomplete transmission; Technical, electronic or communication failures, including website downtime; Unauthorised alteration or use of research material; or Investment or trading decisions independently taken by a recipient.

Nothing in this disclaimer excludes or restricts any responsibility or liability of ITSL that cannot lawfully be excluded or restricted, or any right available to investors under the SEBI (Research Analysts) Regulations, 2014, the Investor Charter or other applicable law, including the right to grievance redressal.

Opinions, Recommendations and Ratings

Recommendations, ratings, price targets, estimates and opinions represent the view of the relevant Research Analyst as of the date specified in the research report. Such views may change when facts, assumptions, valuations, company circumstances, market conditions or other relevant factors change.

A research report may not contain every item of information that a particular investor considers material. Unless required by law or expressly stated, ITSL is not obliged to continuously update every previously issued report solely because subsequent circumstances have changed. Any subsequent report, rating change, suspension or withdrawal should be read according to its own date, information and disclosures.

Where ITSL publishes a model portfolio, any rebalancing of its constituent securities is carried out within the stated framework of that model portfolio and is communicated to clients together with the underlying rationale.

ITSL Investment Rankings

Unless otherwise specified in the relevant research report, ITSL's investment rankings are interpreted as follows:

Rating	Expected movement from the current market price
Buy	More than 15% upside
Accumulate	5% to 15% upside
Hold	Within +/-5%
Reduce	5% to 15% downside
Sell	More than 15% downside

A Non-rated designation indicates that the rating on a security has been temporarily suspended. A rating may be suspended, revised or withdrawn where, among other reasons, reliable information is insufficient, a material event is pending clarification, unusual price volatility exists, regulatory or compliance restrictions apply, or the Research Analyst considers it appropriate, in accordance with ITSL's research process and applicable regulatory requirements.

Volatile price movements may result in a temporary mismatch between a security's market price and the rating assigned at an earlier publication date.

Independence of Business Divisions

ITSL has different business segments and divisions, including an independent research function, serving customers with different objectives, investment horizons and risk profiles. ITSL maintains appropriate separation and information barriers between research and other business activities as required by applicable law and internal policy.

Accordingly, different business divisions and different ITSL Research Analysts may, at times, hold different or contrary views concerning a company, security, sector or market because of differences in methodology, assumptions, information available, judgement and investment horizon.

Research and Distribution Activities

ITSL is engaged in the distribution of mutual fund products. ITSL does not provide research services on the mutual fund schemes or other products that it distributes, and such distribution services are provided through a separately identifiable department or division. Accordingly, client-level segregation of research and distribution services is not applicable. Stock broking is not treated as a distribution activity for this purpose.

General Conflict-of-Interest Disclosure

ITSL, its associates, affiliates, group entities, Research Analysts, persons reporting to Research Analysts, directors, officers, employees and their relatives may, subject to applicable law: Have a financial interest in a subject company; Have another material conflict of interest concerning a subject company; Have actual or beneficial ownership of securities of a subject company; Hold long or short positions in securities, commodities or derivatives discussed in a report; Buy or sell such securities or financial instruments; Act as principal in transactions involving such securities; Have provided broking or other permitted services to a subject company; Receive brokerage, commission, fees or other permitted compensation from a subject company; or Have other potential conflicts concerning a recommendation, opinion or related information.

The existence of such an interest or position should not, by itself, be construed as affecting the independence of a research recommendation. ITSL maintains policies, controls and information barriers designed to identify, disclose, manage and mitigate actual or potential conflicts of interest.

Report-Specific Disclosures

The disclosures applicable to a particular subject company and research report shall be stated in that report. Such disclosures should specify, as applicable:

Whether the Research Analyst, persons reporting to the Research Analyst or their relatives have a financial interest in the subject company; whether the Research Analyst, persons reporting to the Research Analyst or their relatives have actual or beneficial ownership of 1% or more of the securities of the subject company at the end of the month immediately preceding the date of publication of the research report; whether the Research Analyst, persons reporting to the Research Analyst or their relatives have any other material conflict of interest at the time of publication; whether the Research Analyst or ITSL received compensation from the subject company during the preceding 12 months; whether the Research Analyst or ITSL received compensation or other benefits from the subject company or a third party in connection with the research report; whether the Research Analyst served as an officer, director or employee of the subject company; whether the Research Analyst or ITSL engaged in market-making activity for the subject company; whether ITSL or its associates managed or co-managed a public offering of securities for the subject company during the preceding 12 months; whether ITSL or its associates received compensation for investment banking, merchant banking or brokerage services from the subject company during the preceding 12 months; whether ITSL or its associates received compensation for products or services other than investment banking, merchant banking or brokerage services from the subject company during the preceding 12 months; whether the subject company was a client of ITSL during the 12 months preceding publication and the nature of services provided; and any other material relationship, interest or circumstance that may affect the objectivity of the report.

Report-specific disclosures are determined as of the date stated in the relevant report, form an integral part of that report, and shall prevail over this general disclaimer where they provide more precise information.

Proprietary Trading Disclosure

ITSL and/or its associates may, from time to time and subject to applicable law, trade through proprietary accounts in securities, commodities and derivative contracts, including futures and options, that are the subject of a research report. Proprietary positions may be long or short and may differ from or be contrary to the views, recommendations or opinions expressed in a research report.

Research Analysts involved in preparing research reports operate independently of ITSL's proprietary trading desk. ITSL maintains internal policies, procedures and information barriers (a Chinese Wall) to manage conflicts between research, proprietary trading and other business activities.

Use of Artificial Intelligence Tools

In accordance with Regulation 19(vii) of the SEBI (Research Analysts) Regulations, 2014, as amended, ITSL discloses that Artificial Intelligence ("AI") tools may be used to assist with data processing, information organisation, screening, summarisation, drafting support and other research-support activities.

AI-assisted outputs are subject to review by qualified Research Analysts. All research recommendations are reviewed and approved by the responsible Research Analyst, who retains responsibility for the content and conclusions of the report.

Irrespective of the nature, scale or extent of AI usage, ITSL remains responsible for: The security, confidentiality and integrity of client data; The integrity and appropriate use of information or data used in providing research services; Research services based on outputs generated or assisted by AI tools; Appropriate human review and oversight; and Compliance with applicable laws and regulations.

AI-generated or AI-assisted information must not be interpreted as an assurance of accuracy, performance or investment returns.

Illustrations and Past Performance

Where specific securities are mentioned on this website or in educational, promotional or other non-research communications as examples, the securities quoted are for illustration only and are not recommendatory.

ITSL does not publish past performance or risk-return metrics of its research services, including model portfolios, on this website or through public media. For the period before operationalisation of the Past Risk and Return Verification Agency ("PaRRVA"), past performance data certified by a member of ICAI/ICMAI may be shared only on the specific request of a client or prospective client, on a one-to-one basis, and shall be accompanied by the following disclaimer:

"The performance data presented herein are not verified by Past Risk and Return Verification Agency (PaRRVA) or any other agency recognized by SEBI for this purpose. The performance data presented herein may not be comparable to performance data of any other RA. Computation of the performance may vary across the industry. Users are requested to apply their due diligence before making investment decisions on the basis of the given past performance data. Past performance is no guarantee of future results. Investment in securities is subject to market risk. Registration with SEBI or enlistment with RAASB is not a guarantee or assurance of future returns."

For periods after operationalisation of PaRRVA, performance shall be communicated only using risk and return metrics verified by PaRRVA, in the manner specified by SEBI.

Foreign Currency Risk

Foreign currency-denominated securities are subject to fluctuations in exchange rates. Such fluctuations may adversely affect the value, price or income derived from an investment, independently of movements in the underlying security.

Investors in securities such as American Depository Receipts, whose value may be influenced by foreign currencies, effectively assume currency risk in addition to market, company-specific, regulatory, settlement, taxation and jurisdictional risks.

Cross-Border and Jurisdictional Restrictions

Securities and financial instruments discussed in a research report may not be eligible for sale in every jurisdiction or to every category of investor. The countries in which companies discussed in a report are incorporated or operate may impose restrictions concerning foreign investment, ownership, voting rights or dealings in securities by persons from other countries.

The distribution, possession, transmission or use of a research report may be restricted by law in certain jurisdictions. Persons who access this website or receive a report outside India are responsible for informing themselves about, and observing, applicable restrictions. Nothing on this website or in an ITSL research report is an offer or solicitation in any jurisdiction where such offer or solicitation would be unlawful.

Reproduction, Circulation and Distribution

Research reports are intended solely for their authorised recipients and for the purpose for which they are issued.

Unless ITSL has provided prior written permission, no research report may be: Reproduced or copied, in whole or in part; Republished or uploaded to another website; Recirculated or redistributed; Publicly disseminated; Modified or used to create derivative content; Transmitted through print, electronic or social media; Shared through messaging applications; or Used for any commercial purpose.

Any unauthorised use, disclosure, copying, reproduction, publication or dissemination of a research report or the information contained in it is prohibited.

Third-Party Websites and Data

This website may contain links to websites operated by SEBI, stock exchanges, depositories, the RAASB and other third parties. These links are provided for convenience and investor information only. ITSL does not control and is not responsible for the content, accuracy or availability of third-party websites, and a link does not imply endorsement of any third-party product or service.

Market data, prices and other third-party information displayed on this website may be delayed and are provided for information only.

Regulatory and Disciplinary Declaration

As of 1 Oct 2026, ITSL states that it has not been debarred or suspended by SEBI, any stock exchange or any other regulatory authority from accessing or dealing in the securities market on behalf of clients.

No material disciplinary action has been taken by any regulatory authority that impacts ITSL's equity research analysis activities, and there are no pending material litigation or legal proceedings against ITSL in connection with its Research Analyst services.

These declarations are date-specific and shall be updated where applicable law or a change in circumstances requires.

Research Analyst Administration and Supervisory Body

BSE Limited is recognised by SEBI as the Research Analyst Administration and Supervisory Body ("RAASB") for the administration and supervision of registered Research Analysts. ITSL, as a SEBI-registered Research Analyst, is enlisted with BSE and complies with the applicable RAASB framework.

Investor Charter

The key points of the Investor Charter are summarised below. The full Investor Charter is available at the link in Regulatory Disclosures on This Website.

Standard Regulatory Warning

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