Most Important Terms and Conditions (MITC)
Most Important Terms and Conditions (MITC)
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Most Important Terms and Conditions (MITC)
(Forming part of the Terms and Conditions for providing research services)
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Research Analyst (RA) provides research services only. RA cannot execute or carry out any trade (buy/sell transaction) on behalf of the client. Clients should not permit RA to trade on their behalf.
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The fee charged by RA to the client will be subject to the maximum amount prescribed by SEBI/RAASB from time to time (only applicable for Individual and HUF clients).
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Current fee limit is 1,51,000 per annum per family of client.
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The limit excludes statutory charges.
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The limit does not apply to non-individual clients or accredited investors.
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RA may charge fees in advance if agreed by the client. Such advance cannot exceed one quarter. If services end before term, client can seek proportionate refund for the unexpired period.
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Fees must be paid via cheque, bank transfer, UPI, etc. Cash is not allowed. Clients may also pay via Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Ltd.
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RA must follow SEBI/RAASB rules on disclosure and conflict of interest. RA must inform the client if any conflict affects services.
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Assured/guaranteed/fixed return schemes are prohibited. RA cannot offer such schemes.
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RA cannot guarantee returns, profits, accuracy, or risk-free investments. Research opinions are based on analysis and assumptions available on the date of the report.
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Investments based on research are subject to market risks. No assurance of returns is given. Losses, if any, are the client’s own responsibility. Clients should rely on their own judgment.
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SEBI registration, RAASB enlistment, or NISM certification does not guarantee performance or returns.
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Grievance redressal:
a) Contact the RA directly (details must be on RA’s website).
b) If unsatisfied, lodge complaint on SEBI’s SCORES portal (www.scores.sebi.gov.in).
c) Client may also opt for Online Dispute Resolution (ODR) via Smart ODR (https://smartodr.in).
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Clients must keep their contact details (email, mobile) updated with the RA.
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RA will never ask for login credentials or OTPs for trading, demat, or bank accounts. Clients should never share such details with anyone, including RA.
Grievance Redressal
1. Clients can seek clarification to their query and are further entitled to make a complaint in writing, orally or telephonically. An email may be sent at: support@momentummantra.in
2. Alternatively, the Investor may call on +91 - 9752626768.
3. A letter may also be written with their query/complaint and posted at the below mentioned address: 424, Rafeal Tower, Greater Kailash Road, Above Pizza Hut, Near Saket Square, Old Palasia, Indore, Madhya Pradesh 452018.
4. The client can expect a reply within 21 days of approaching the Research Analyst.
5. In case the client is not satisfied with our response they can lodge a grievance with SEBI at https://scores.sebi.gov.in/ or may also write to the office of SEBI.
6. After exhausting the above options for resolution of the grievance, if the investor/client is still not satisfied with the outcome, they can initiate dispute resolution through the ODR Portal: https://smartodr.in/login
8. Details of Compliance Officer:
Important Notes for Clients
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Always keep your email ID and mobile number updated with us for seamless communication.
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We will never ask for your login credentials or OTPs related to your Trading Account, Demat Account, or Bank Account. Please do not share these details with anyone, including us.
Refund Terms and Conditions for Research Analysts Services
(Based on Annexure A of MITC and Clause 3 of the SEBI Circular Dated February 17, 2025)
1. Cases Where Refund Will NOT Be Provided
A client shall NOT be entitled to a refund in the following scenarios:
Services Rendered as Described:
If the Research Analyst (RA) has delivered the services as per the agreed terms and the client is dissatisfied without any breach or deficiency in service, a refund may not be warranted.
Inability of the RA to Provide Services for reason beyond his control:
If the RA fails to provide research call & research reports, updates, or services as agreed in the terms of service or If technical issues, operational failures, or any other reasons prevent the RA from delivering research and research call & research reports.
In such case No Refund shall be provided. However, the service period may be extended at the sole discretion of Research analyst.
Force Majeure Events:
Refunds will not be applicable if services are disrupted due to events beyond the control of the RA, such as natural disasters, pandemics, or other force majeure events, provided such exclusions are included in the service agreement. However, the service period may be extended at the sole discretion of Research analyst.
Completion of Subscription Period:
If the client has used the research services for the full subscription period, no refund will be granted.
Partially Utilized Services Without Formal Termination:
If the client stops using the research services but does not formally request termination in writing along with reason for termination, the RA is not obligated to process a refund. Written Notice with reasons for termination must be given minimum 10 days before the termination, so that client deboarding process can be completed smoothly.
No Refund in case of partial month
The refund shall be provided only in case of full unutilised month and not partially utilised months. For e.g if A client has paid on 1st Feb 25 for 3 months and if he terminates on 10th March, then No refund shall be provided for unexpired month of Mar 25. Refund will only be provided for full unutilized month i.e. Apr 25.
Adverse Market Conditions or Losses Incurred:
If the client incurs financial losses based on recommendations provided by the RA, the refund cannot be claimed. The RA does not guarantee returns or profits, and investments are subject to market risks.
Client’s Breach of Terms & Conditions:
If the client engages in fraudulent activity, misuse of research call & research reports, or violates the agreed terms & conditions, the RA reserves the right to deny a refund. Including, if any of the KYC document provided found to be fraudulent at any stage of service period, there shall be no refund.
Unsubscribed or Free Trial Services:
If the client is availing free trial or promotional call, research call & research reports, no refund is applicable.
Termination Due to Regulatory Non-Compliance by the Client:
If the client is found to be in violation of SEBI regulations, such as sharing reports illegally, the RA is not liable to provide a refund.
Voluntary Opt-Out from RA Services Without Justification:
If the client discontinues the services without any valid reason or documentation, no refund will be granted.
Non-Refundable Fees:
Certain fees, such as administrative or onboarding charges, may be designated as non-refundable in the service agreement. In such cases, clients are not entitled to a refund of these specific fees.
2. Refund Eligibility – Cases Where the Client is Entitled to a Refund
A client shall be entitled to a proportionate refund of fees paid to the Research Analyst (RA) in the following circumstances:
Pre-mature Termination by the Client:
If a client voluntarily chooses to discontinue the research services before the agreed subscription period expires excluding the cases where no refund is applicable as mentioned above.
The refund will be calculated on a pro-rata basis for the unexpired period subject to conditions mentioned under “Partially Utilized Services Without Formal Termination” and “No Refund in case of partial month” above
Pre-mature Termination by the Research Analyst (RA):
If the RA discontinues services for any reason before the subscription period expires, the client is entitled to a pro rata refund for the unutilized period.
Regulatory Actions Against the RA:
If the RA’s registration is suspended or cancelled by SEBI or RAASB for regulatory violations.
In case of regulatory penalties that force the RA to cease operations, the client will be eligible for a pro rata refund for the unexpired period without subject to conditions mentioned under “Partially Utilized Services Without Formal Termination” and “No Refund in case of partial month” above
Double Payment or Overcharging:
If the client is charged twice for the same period or has been overcharged beyond the regulatory fee limit (i.e., ?1,51,000 per annum per family for individual and HUF clients).
The excess amount will be refunded.
Regulatory Fee Collection Mechanism Refund:
If the client opts for the Centralized Fee Collection Mechanism (CeFCoM) but later decides to discontinue services, the refund process will be executed through CeFCoM, ensuring proper regulatory compliance.
3. Refund Calculation & Processing
Refunds shall be processed only for the unexpired period on a pro-rata basis.
Refund requests must be made in writing via email or official communication mode.
Refunds shall be processed within 30 days of approval.
Refunds shall be credited to the same payment method used for fee payment (Bank Transfer, UPI, or other digital modes; Cash refunds are not allowed).
SEBI Registered Research Analyst Information
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Name: Manish Salvi, Proprietor of Momentum Mantra
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SEBI Registration No.: INH000015598
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Validity of Registration: 18/03/2029
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Office Address: 127, G-Block Hatkeshwer Vihar, Ujjain
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Contact Details: +91-9752626768
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Email ID: momentummatnra@gmail.com
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SEBI Regional/Local Office Address: 127, G-Block Hatkeshwer Vihar, Ujjain
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