Terms & Conditions
Please read these Terms and Conditions (“Terms”, “T&C”) carefully before subscribing to or using the research services provided by the Research Analyst.
1. INTRODUCTION
1.1. Parties
This agreement is between:
The Research Analyst (“RA”, “We”, “Us”, “Our”): Forever Research, a SEBI Registered Research Analyst bearing registration number INH000022783 (Registration Validity: August 20, 2025 – Perpetual). The RA is also enlisted with BSE bearing Enlistment Number 6893. The registered office is at Adeesh Nilaya, TPK Road, Saptagiri Extension, Near Nalanda Convent, Tumkur, Karnataka – 572102.
The Client (“You”, “Your”): The individual or entity subscribing to or availing of the research services.
1.2. Purpose
These Terms & Conditions govern the Client’s use of or subscription to our research services (“Services”), including any digital platforms or technology solutions we or our service provider(s) provide. This document incorporates the mandatory provisions contained in the SEBI (Research Analysts) Regulations, 2014 as amended, and the Most Important Terms & Conditions (MITC) as prescribed. In case of any conflict, the SEBI regulations/guidelines shall prevail.
1.3. Investor Charter
Clients are encouraged to refer to the Investor Charter as specified on the SEBI and BSE websites or you can refer to in on our website (https://www.foreverresearch.com/).
2. DEFINITIONS
Unless the context otherwise requires:
• “Client” or “User”: Any person or entity that registers with the RA and agrees to these Terms to avail of the Services.
• “Family”: For Individual/HUF clients, this means the individual, their spouse, dependent children, and dependent parents.
• “Services”: Includes research reports, data, model portfolios, analysis, and any online or offline advisory/research support pertaining to Indian-listed securities and any communications related thereto.
• “Digital Platform”: Includes websites, mobile or web applications, or other technology platforms used for delivering the Services.
• “KYC”: Know Your Customer, the verification process mandated by SEBI to establish the identity of Clients (applicable for fee-paying clients).
3. ELIGIBILITY AND REGISTRATION
3.1. Legal Capacity
The Services are available only to persons who can enter into legally binding contracts under the Indian Contract Act, 1872. Persons who are “incompetent to contract,” including minors (under 18 years of age), un-discharged insolvents, etc., are not eligible to use the Services.
3.2. Registration Process
To access our Services, Clients must complete the registration process, providing true, accurate, current, and complete information. By registering, the Client confirms that all information submitted is accurate. The RA may terminate or suspend Services if KYC requirements are not met or if the information provided is incomplete, false, or misleading.
3.3. Account Security
You are solely responsible for maintaining the confidentiality of your login credentials and for all activities that occur under your account. You must notify us immediately of any unauthorized use of your account. The RA will not be liable for any loss arising from your failure to protect your account. The RA shall never ask for your trading account login credentials, passwords, or OTPs.
4. SCOPE OF SERVICES
4.1. Research-Only / No Execution (MITC)
The RA provides research and analysis only. The RA cannot execute trades on behalf of Clients. Clients are strictly advised not to permit the RA to execute any trade on their behalf.
4.2. No Guaranteed Returns
The RA does not hold Clients’ funds, provide portfolio management services, or offer any assured, guaranteed, or fixed return schemes, as such schemes are prohibited by law.
4.3. Model Portfolios
Where offered, our model portfolios are recommendations for baskets of securities. Such recommendations are for informational purposes only and do not guarantee performance or returns. We comply with SEBI’s model portfolio guidelines.
4.4. Use of Artificial Intelligence (AI)
We may use Artificial Intelligence (AI) tools to enhance the quality and efficiency of our services. In accordance with the SEBI regulations and applicable deadlines, we take full responsibility for the ethical use of AI, the security, confidentiality, and integrity of client data used in conjunction with AI tools, and ensure compliance with all applicable laws.
4.5. Third-Party Service Providers
The RA may engage agents and/or third-party vendors/partners (e.g., for technology infrastructure) for rendering its Services. The Client consents to the sharing of necessary information with such authorized partners. The RA retains full control and authority over all core research and compliance activities.
5. CLIENT OBLIGATIONS AND KYC
5.1. KYC Compliance
You shall provide accurate and complete information for KYC in the form mandated by SEBI. As per regulatory guidelines, KYC is mandatory for fee-paying clients. The RA will verify and/or store such KYC records per SEBI regulations.
5.2. Use of Services
You shall not reproduce, distribute, copy, sell, resell, or otherwise exploit our research content without our express written consent. Any unauthorized use shall constitute grounds for termination of Services.
5.3. Updated Contact Details
Clients are required to keep their contact details, including email ID and mobile number(s), updated with the RA at all times to receive critical communications.
6. FEES AND PAYMENT
6.1. Fee Structure and Limits
• For Individual/HUF Clients: As per regulations, the total fees charged by the RA shall not exceed ₹1,51,000 (Rupees One Lakh Fifty-One Thousand only) per annum per family for all research services. This amount excludes any statutory taxes and charges.
• For Non-Individual or Accredited Investors: Fees may be negotiated bilaterally without the above limit, subject to fairness and reasonableness.
6.2. Advance Fee and Billing
Fees may be charged in advance only with the Client’s explicit agreement. Such advance shall not exceed one year (twelve months) as stipulated by SEBI. Fees must be paid through authorized, traceable, and transparent modes (e.g., cheque, online bank transfer, UPI). Cash payments are strictly prohibited.
6.3. Centralized Fee Collection Mechanism (CeFCoM)
We may offer the optional Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (RAASB) as a method of fee payment. CeFCoM provides advantages such as multiple payment modes, payment tracking, and a transparent process.
6.4. Renewal Fee
The renewal fee will be as specified at the time of subscription and is subject to change at the RA’s sole discretion, within the regulatory limits.
6.5. Refund Policy
• Fees paid for services already rendered are non-refundable.
• No refund of losses under any circumstances.
• Refunds (if any) are not linked to market performance, losses incurred, or investment outcomes.
• If the RA’s SEBI registration is suspended for more than 60 days or cancelled, we shall refund any unutilized fees on a pro-rata basis for the unexpired subscription period.
• Refunds, if applicable, shall be processed on a pro-rata basis for the unexpired period of the subscription, in accordance with SEBI regulations and the RA’s refund policy.
• Refunds shall be processed within 7–10 working days through the original mode of payment, unless otherwise specified.
7. RISK DISCLOSURE AND DISCLAIMERS
7.1. No Guarantee of Returns
Investments in the securities market are subject to market risks, including loss of principal. Past performance is not indicative of future returns. The RA does not assure, guarantee, or promise any specific returns or profits. All opinions, projections, and estimates are based on analysis of available data under certain assumptions and are subject to change. Recommendations do not provide any assurance of returns.
7.2. No Liability for Investment Decisions
The Client acknowledges that any investment made based on our recommendations is at their own discretion and risk. The Client is solely responsible for their investment decisions and any resulting profits or losses. There is no recourse to claim any losses incurred on investments made based on our recommendations. Any reliance placed on the research report provided by the RA shall be based on the Client’s own judgment and assessment of the conclusions contained therein.
7.3. General Disclaimer
Registration granted by SEBI, enlistment with RAASB (BSE), and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
8. REPRESENTATIONS AND WARRANTIES
8.1. RA’s Declarations
The RA declares that:
• It is duly registered with SEBI as a Research Analyst (Registration No. INH000022783).
• It possesses the required qualifications and valid registrations to render the Services.
• Its services do not conflict with or violate any provision of law.
• It is not engaged in any additional professional or business activities that could compromise the independence of its research reports.
8.2. Client’s Declarations
The Client declares that:
• They have read and understood the terms and conditions applicable to a research analyst, including the fee structure.
• They are subscribing to the services for their own benefit and consumption.
• They confirm that they are a resident of India as per applicable laws.
9. CONFLICT OF INTEREST
The RA shall adhere to all applicable regulations regarding the disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the Client of any conflict of interest that may affect the services being rendered. Full disclosures, if required, will be provided in each research report or on our website.
10. INTELLECTUAL PROPERTY
All content on our digital platforms, including the RA name “Forever Research”, logo, research reports, and other materials, are our trademarks and intellectual property. The Client agrees not to display or use these in any manner without our prior written permission.
11. LIMITATION OF LIABILITY
To the maximum extent permitted by law, the RA shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including lost profits, loss of data, or service interruption, arising out of the use of or inability to use the Services. The RA’s total liability towards the Client shall be limited to the fees received from the Client for the Services during the six months preceding the date on which the claim arose, and only in cases of proven fraud, gross negligence, or willful default by the RA.
12. INDEMNIFICATION
The Client agrees to indemnify and hold harmless the RA, its partners, its officers, employees, and affiliates from any claims, damages, losses, or liabilities arising out of:
• The Client’s breach of these Terms.
• Unauthorized or improper use of the Client’s account.
• Any third-party claims related to the Client’s actions or inactions.
13. TERMINATION
13.1. Termination
We may terminate this agreement immediately upon:
• Violation of these Terms by you.
• Direction from SEBI or any competent regulatory authority.
• Non-payment of fees.
• Provision of false or misleading information during registration.
• Engagement in any illegal, fraudulent, or abusive activity by you.
13.2. Termination by Client
The Client may terminate this arrangement by giving a prior written notice.
13.3. Effect of Termination
Fees accrued up to the date of termination shall be payable. Any refunds will be governed by the Refund Policy.
14. GRIEVANCE REDRESSAL AND DISPUTE RESOLUTION
14.1. Grievance Officer (Step 1)
For any grievances (e.g., non-receipt of a research report, missing pages), please contact our Grievance Officer:
Grievance Officer: Pradeep Adimurthy
Email: foreverresearch49@gmail.com
Phone: +91 98863 73572
We shall resolve the grievance in a transparent and timely manner, not later than 21 calendar days from the date of receipt of the grievance.
14.2. Escalation to SEBI SCORES (Step 2)
If the grievance is not resolved satisfactorily within the stipulated time, or if you are unsatisfied with the resolution, you may escalate the complaint through the SEBI SCORES portal (https://scores.sebi.gov.in/).
14.3. Online Dispute Resolution (ODR) (Step 3)
If the dispute remains unresolved, the Client may also access the Online Dispute Resolution (ODR) platform through the SMART ODR portal at https://smartodr.in/. This platform facilitates online conciliation and arbitration for dispute resolution.
15. MISCELLANEOUS
15.1. Amendments
We may modify or update these Terms in accordance with SEBI regulations. Notice of material changes will be posted on our website (https://www.foreverresearch.com/) or emailed to you 15 days in advance. Continued use of the Services indicates your acceptance of the updated Terms.
15.2. Governing Law & Jurisdiction
These Terms shall be governed by Indian laws and SEBI regulations. Any disputes shall be subject to the exclusive jurisdiction of the courts/tribunals in Tumkur, Karnataka.
15.3. Force Majeure
The RA shall not be liable for failures or delays in performance arising from events beyond its control, including acts of God, natural disasters, power outages, pandemics, or disruptions in telecommunication systems.
15.4. Severability
If any provision of these Terms is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
15.5. No Agency
Nothing in these Terms shall be deemed to constitute a partnership, agency, or joint venture between the RA and the Client.
16. MOST IMPORTANT TERMS AND CONDITIONS (MITC)
(Applicable to Research Services by Forever Research)
1. These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.
2. The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).
Note:
2.1. The current fee limit is Rs. 1,51,000/- per annum per family of client for all research services of the RA.
2.2. The fee limit does not include statutory charges.
2.3. The fee limits do not apply to a non-individual client / accredited investor.
3. RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.
4. Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).
5. The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.
6. Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.
7. The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.
8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
10. For any grievances,
Step 1: the client should first contact the RA using the details on its website or following contact details:
Name: Forever Research
Email: foreverresearch49@gmail.com
Phone: +91 98863 73572
Website: https://www.foreverresearch.com/
Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at https://www.scores.sebi.gov.in
Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in
11. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
12. The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account, Demat Account, and Bank Account. Never share such information with anyone including RA.
17. ADDITIONAL INFORMATION
For Terms & Conditions, Disclosures and Disclaimers, Investor Charter, and other information visit our official website: https://www.foreverresearch.com/
By registering for or using the Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions, including the Most Important Terms & Conditions (MITC) incorporated herein.