Finocia Technology is a SEBI-registered Research Analyst with SEBI Registration Number: INH000028167 and certification no. is 1978, and License Validity June 15, 2026 – Perpetual and GST Number is 23ATGPB0319L3Z2.

SEBI Registration and NISM Certification Do Not Guarantee the Performance of the Intermediary or Assure Returns to Investors. Our Research Should Not Be Interpreted as An Advertisement or Professional Advice. Investors Are Advised to Consider All Relevant Risk Factors, Including Their Financial Condition and Risk-Return Profile, And Seek Professional Guidance Before Making Any Investment Decisions. The Research Report and Content Provided by Finocia technology on This Page Do Not Constitute an Offer to Buy, Sell, Or Subscribe to Any Securities.

Any views and/or opinions stated are personal. Please do thorough research or consult your financial manager/advisor before making an investment.

01 Research Disclosure

Research Disclaimer & Disclosures

Finocia Technology is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. Our businesses include distribution of financial products and providing Financial Education.

We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. We have not been debarred from doing business by SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We offer our research services to clients as well as our prospects.

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.

This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients Finocia Technology. It does not constitute a personal recommendation or consider the particular investment objectives, financial situations, or needs of individual clients.

We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither Finocia Technology nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions — including those involving futures, options and other derivatives as well as non-investment grade securities — involve substantial risk and are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals.

Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our other businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

We, along with our affiliates, associates, officers, Proprietors, employees, and research analysts (including their relatives) worldwide, may: (a) from time to time, hold long or short positions in, and buy or sell the securities of, the companies mentioned herein, or (b) be engaged in transactions involving such securities, earning brokerage or other compensation, or act as market makers in the financial instruments of the subject company or companies discussed herein. We may also act as advisors, lenders, or borrowers to such companies, or have other potential or material conflicts of interest with respect to any recommendation, information, or opinions presented at the time of publication of the Research Report or during public appearances.

Finocia Technology may have proprietary long or short positions in the mentioned securities and, therefore, may be considered interested. The views provided herein are general in nature and do not consider the risk appetite or investment objectives of any particular investor. Readers are advised to seek independent professional advice before making any investment decisions. This should not be construed as an invitation or solicitation to do business with Finocia Technology. Finocia Technology does not offer any promise or assurance of a favourable view for any particular industry, sector, or business group. Investors are encouraged to consider all risk factors, including their financial condition and suitability to their risk-return profile, and to seek professional advice before investing.

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

No part of this material may be duplicated in any form and/or redistributed without Finocia Technology prior written consent.

Research Team

Research Team Details

Details of Associates

• Research Analyst has served as an officer, Proprietor or employee of subject company(ies): No
• We or our associates may have received compensation from the subject company(ies) in the past 12 months.
• We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No
• We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies).
• Research Analyst or his/her relative's financial interest in the subject company(ies): No
• Finocia Technology has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of Research Report: No
• Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report.
• Research analyst or his/her relatives, have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report or date of the public appearance: No.
• Finocia Technology has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report or date of the public appearance: No
• By referring to any particular sector, Finocia Technology does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.
• Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
• Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing.
• Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
• Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
• Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

02 Risk Disclaimer

• The information and views in this website & all the services we provide are believed to be reliable, but we do not accept any responsibility (or liability) for errors of fact or opinion. Users have the right to choose the product/s that suits them the most.
• Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and on sources that we consider reliable. We, however, do not vouch for the consistency or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred due to it & take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.
• Analyst or any person related to Finocia Technology might be holding positions in the stocks recommended.
• Our clients (paid or unpaid), any third party or anyone else have no rights to forward or share our calls or SMS or reports or any information provided by us to/with anyone (through any medium) which is received directly or indirectly by them. If found so then serious legal actions can be taken.
• By accessing (www.finocia.com) or any of its associate/group sites, you have read, understood and agree to be legally bound by the terms of the following disclaimer and user agreement.
• Finocia Technology has taken due care and caution in compilation of data for its web site. Finocia Technology advises users to check with other certified experts before taking any investment decision. However, Finocia Technology does not guarantee the consistency, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Finocia Technology especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.
• Finocia Technology is not responsible for any errors, omissions or representations on any of our pages or on any links on any of our pages. Finocia Technology does not endorse in anyway any advertisers on our web pages. Please verify the veracity of all information on your own before undertaking any alliance.
• The information on this website is updated from time to time. Finocia Technology however excludes any warranties (whether expressed or implied), as to the quality, consistency, efficacy, completeness, performance, fitness or any of the contents of the website, including (but not limited) to any comments, feedback and advertisements contained within the site.
• This website contains material in the form of inputs submitted by users and Finocia Technology accepts no responsibility for the content or consistency of such content nor does Finocia Technology make any representations by virtue of the contents of this website in respect of the existence or availability of any goods and services advertised in the contributory sections. Finocia Technology makes no warranty that the contents of the website are free from infection by viruses or anything else which has contaminating or destructive properties and shall have no liability in respect thereof.
• Part of this website may contain advertising and other material submitted to us by third parties. Kindly note that those advertisers are responsible for ensuring that material submitted for inclusion on the website complies with all legal requirements. Although acceptance of advertisements on the website is subject to our terms and conditions which are available on request, we do not accept liability in respect of any advertisements.
• There are risks associated with utilizing internet and short messaging system (SMS) based information and research dissemination services. Subscribers are advised to understand that the services can fail due to failure of hardware, software, and internet connection. While we ensure that the messages/emails are delivered in time to the subscribers' mobile network, the delivery of these messages to the customer's mobile phone/handset/desktop/iPad/tablet/laptop is the responsibility of the customer's mobile network/internet connection/Wi-Fi. SMS/emails may be delayed and/or not delivered to the customer's mobile phone/handset on certain days, owing to technical reasons and Finocia Technology cannot be held responsible for the same.
• Finocia Technology hereby expressly disclaims any implied warranties imputed by the laws of any jurisdiction. We consider ourselves and intend to be subject to the jurisdiction only of the courts of Madhya Pradesh in India. If you don't agree with any of our disclaimers above please do not read the material on any of our pages. Although the access to users outside India is not denied, Finocia Technology shall have no legal liabilities whatsoever in any laws of any jurisdiction other than India. We reserve the right to make changes to our site and these disclaimers, terms, and conditions at any time.
• Stock trading is inherently risky and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make.
• You should strictly abide with the consultation provided by the qualified research analyst/s at Finocia Technology and trade only as per the levels provided by us. Unlike an actual performance record, simulated results do not represent actual trading. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.
• You, and not Finocia Technology, assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. If you choose to engage in transactions with or without seeking advice from a licensed and qualified financial advisor or entity, then such decision and any consequences flowing there from are your sole responsibility. Finocia Technology or any employees are in no way liable for the use of the information by others in investing or trading in investment vehicles.
• We encourage all investors to use the information on the site as a resource to further their own research on all featured companies, stocks, sectors, markets and information presented on the site.
• Finocia Technology, its management, its associate companies and/or their employees take no responsibility for the veracity, validity and the correctness of the expert recommendations or other information or research. Although we attempt to research thoroughly on information provided herein, there are no guarantees in consistency. The information presented on the site has been gathered from various sources believed to be providing correct information. Finocia Technology, group, companies, associates and/or employees are not responsible for errors, inaccuracies if any in the content provided on the site.
• www.finocia.com has license to provide research advisory as a research analyst. Your use of this and all information contained on Finocia Technology is governed by these Terms and Conditions of Use. This material is based upon information that we consider reliable, but we do not represent that it is consistent or complete, and that it should be relied upon, as such. You should not rely solely on the information in making any investment. Rather, you should use the information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. By using www.finocia.com including any software and content contained therein, you agree that use of the service is entirely at your own risk. www.finocia.com is a registered research analyst. You understand and acknowledge that there is a very high degree of risk involved in trading securities. Finocia Technology makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material posted on www.finocia.com. Finocia Technology does not warranty that trading methods or systems presented in their services or the information herein, or obtained from advertisers or members will result in profits or losses.
• By visiting the website (www.finocia.com) as a visitor and/or as a subscriber, surfing and reading of the information on the website is the acceptance of this disclaimer and all other terms and conditions.

03 AML Policy

Provisions of Prevention of Money Laundering Act, 2002

Prevention of Money Laundering Act, 2002 (PMLA) forms the core of legal framework put in place by India to combat money laundering and related crimes. PMLA and the Rules notified there under came into force from 1st July, 2005. Under PMLA, all the entities registered with SEBI are required to furnish information of all the suspicious transactions whether or not made in cash to FIU-IND. Under Section 3 of PMLA, projecting of crime as untainted property is an offence of money laundering liable to be punishment under section 4 of the PMLA.

04 Individual Code of Conduct

Code of Conduct — Securities Dealing Procedures in terms of SEBI (Research Analysts) Regulations, 2014

SEBI vide its Notification No. LAD-NRO/GN/2014-15/07/1414 dated 1st September, 2014 has notified SEBI (Research Analysts) Regulations, 2014 which are effective on/after expiry of 29th November, 2014 (ninetieth day from the date of their publication in official gazette). These regulations have been introduced by SEBI with the objective of fostering transparency in security research and provide the investors with more reliable and useful information to make investment decisions. These Code of Conduct — Securities Dealing Procedures are being implemented in line with these regulations.

05 Internal Policy

Internal Policy & Control Procedure in terms of SEBI (Research Analysts) Regulations, 2014

SEBI vide its Notification No. LAD-NRO/GN/2014-15/07/1414 dated 1st September, 2014 has notified SEBI (Research Analysts) Regulations, 2014 which are effective on/after expiry of 29th November, 2014 (ninetieth day from the date of their publication in official gazette). These regulations have been introduced by SEBI with the objective of fostering transparency in security research and provide the investors with more reliable and useful information to make investment decisions.

Client's queries/complaints may arise due to lack of understanding or a deficiency of service experienced by clients. Deficiency of service may include lack of explanation, clarifications, understanding which escalates into shortfalls in the expected delivery standards, either due to inadequacy of facilities available or through the attitude of staff towards client.

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 to the Client Servicing Team on compliance@finocia.com. Alternatively, the investor may call on 8878234500.

Clients can write to the Compliance Officer at compliance@finocia.com if the investor does not receive a response within 10 business days of writing to the Client Servicing Team. The client can expect a reply within 10 business days of approaching the Compliance Officer.

In case you are not satisfied with our response you can lodge your grievance with SEBI at scores.sebi.gov.in or you may also write to any of the offices of SEBI. SCORES may be accessed through the scores.sebi.gov.in

In case you are not satisfied with our response you can lodge your grievance with SEBI at scores.sebi.gov.in or you may also write to any of the offices of SEBI. SCORES may be accessed through the scores.sebi.gov.in

The ODR Portal could be accessed if unsatisfied with the response. Your attention is drawn to SEBI circular no. SEBI/HO/OIAE/OIAE_IAD1/P/CIR/2023/131 dated July 31, 2023, on "Online Resolution of Disputes in the Indian Securities Market". A common Online Dispute Resolution Portal ("ODR Portal") which harnesses conciliation and online arbitration for resolution of disputes arising in the Indian Securities Market has been established, accessible at smartodr.in

09 Investor Grievance / Complaints Data

SEBI Research Analyst · Registration INH000028167 · As on 09 Sep 2026 (IST)

Data for the month of August 2026

Quarter to date — Q2 (Jul–Sep 2026)

Trend of monthly disposal of complaints

Published from the firm's complaint register and updated automatically. "Pending > 3 months" counts complaints open beyond three months as at period end.

07 Investor Awareness and Education

• Do not share anyone's trading credentials — login ID & passwords including OTPs.
• Writing/selling options or trading in option strategies based on tips, without basic knowledge & understanding of the product and its risks.
• Do not deal in unsolicited tips through WhatsApp, Telegram, YouTube, Facebook, SMS, calls, etc.
• Avoid trading in "options" based on recommendations from unauthorised/unregistered investment analysts/advisors and influencers.
• Investors are cautioned to abstain from dealing in any schemes of unauthorised collective investments/ management, indicative/guaranteed/fixed returns/payments etc.
• Kindly note that relying on any such fraudulent communication received in any form or manner, which originates from any of the channels not belonging to Finocia Technology, shall be at your own risk and Finocia Technology shall not be liable for the same.
• The amount that you are paying to the company, Finocia Technology is purely the fees for our subscription services and not for any investment or for making any investment on your behalf in the capital market. Investment is to be done by your side and in your demat account only.

In case of any queries, request you to kindly get in touch with Customer Service on +91 8878234500.

08 Privacy Policy

Finocia Technology (SEBI Registered Research Analyst) respects and values the right to privacy of individuals. We are esteemed by the relationship and by becoming our clients you have a promise from our side that we shall remain loyal to all our clients and non-clients whose information resides with us. This Privacy Policy of Finocia Technology applies to the current clients as well as former clients. Below are the word by word credentials of our Privacy Policy:

• By registering your mobile number on www.finocia.com, you agree to be contacted by our personnel or to receive SMS's and it shall be treated as 'opt in' in case if the contact number you have registered with us, is subscribed in the DND registry (Do Not Disturb). By registering for our services, you also agree to comply with our Privacy Policy and Terms & Conditions. Please be aware that you may receive calls related to service promotions and any sort of contests and polls organised by us. In case there are any changes in your contact information that we retain, please bring this to our knowledge either by call or email.
• Your information whether public or private, will not be sold, rented, exchanged, transferred or given to any company/establishment/individual for any reason, without your consent for the same.
• By using our site, you consent to our privacy policy.
• Your information will be used ONLY for providing the services to you for which you have subscribed to us, for which you have shared your respective information.
• The information shared with us by you represents your identity with us. Please update us through email or call, as and when any changes take place regarding any of the details that you've shared with us.
• In addition to the service provided to you, your information (mobile number, email ID etc.) can be brought into use for sending you newsletters, surveys or information about any new services of the company which will be for your own good, and while subscribing for our services you agree that Finocia Technology has the right to do so.
• By subscribing to our services, you consent to our Privacy Policy and Terms of Use.
• If we decide to change our privacy policy, we will post those changes on this page.
• If there are any questions regarding this privacy policy you may contact us at admin@finocia.com.

09 Investor Charter

A. Vision and Mission

• Vision: Invest with knowledge & safety.
• Mission: Every investor should be able to invest in right investment products based on their need, manage and monitor them to meet their goals, access reports and enjoy financial wellness.

B. Business transacted by the Research Analyst

• To publish research reports based on the research activities of the RA.
• To provide an independent unbiased view on securities.
• To offer unbiased recommendations, disclosing the financial interests in recommended securities.
• To provide research recommendations, based on analysis of publicly available information and known observations.
• To conduct audits annually.
• To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
• To maintain records of interactions with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.

C. Services provided to investors (no indicative timelines)

• Onboarding of clients.
• Sharing of terms and conditions of research services.
• Completing KYC of fee-paying clients.

Disclosure to clients:

• To disclose information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, terms and conditions of research services, details of associates, risks and conflicts of interest, if any.
• To disclose the extent of use of Artificial Intelligence tools in providing research services.
• To disclose, while distributing a third-party research report, any material conflict of interest of such third-party research provider or provide a web address that directs a recipient to the relevant disclosures.
• To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
• To distribute research reports and recommendations to the clients without discrimination.
• To maintain confidentiality w.r.t. publication of the research report until made available in the public domain.
• To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
• To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
• To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
• To treat all clients with honesty and integrity.
• To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.

D. Grievance redressal mechanism

1. Mode of filing the complaint with the Research Analyst — in case of any grievance/complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
2. Mode of filing the complaint on SCORES or with RAASB — SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in a time-bound manner, scores.sebi.gov.in) provides a two-level review for complaints/grievances against a Research Analyst: first by the designated body (RAASB), then by SEBI.
3. Email to the designated email ID of RAASB.
4. If the investor is not satisfied with the resolution provided by the market participants, the investor has the option to file the complaint/grievance on the SMARTODR platform for resolution through online conciliation or arbitration.

Regarding physical complaints, investors may send their complaints to: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.

E. Rights of investors

• Right to Privacy and Confidentiality
• Right to Transparent Practices
• Right to Fair and Equitable Treatment
• Right to Adequate Information
• Right to Initial and Continuing Disclosure — right to receive information about all the statutory and regulatory disclosures
• Right to Fair & True Advertisement
• Right to Awareness about Service Parameters and Turnaround Times
• Right to be informed of the timelines for each service
• Right to be Heard and Satisfactory Grievance Redressal
• Right to have timely redressal
• Right to Exit from a financial product or service in accordance with the terms and conditions agreed with the research analyst
• Right to receive clear guidance and caution notice when dealing in complex and high-risk financial products and services
• Additional rights to vulnerable consumers — right to get access to services in a suitable manner even if differently abled
• Right to provide feedback on the financial products and services used
• Right against coercive, unfair, and one-sided clauses in financial agreements

14 Investor Guidelines: Do's and Don'ts

15 Segregation of Departments

At Finocia Technology, we prioritize transparency, compliance, and client trust in all our operations. To adhere to the guidelines set forth by the Securities and Exchange Board of India (SEBI) and other regulatory bodies and eliminate potential conflicts of interest, we have implemented a clear segregation of our departments and their respective financial operations. Below, we outline our departmental structure, functions, and associated bank accounts for complete transparency.

Research and Analysis & Model s

Function: As a SEBI-registered research analyst, we provide our clients with research and analysis. This ensures unbiased, value-driven insights without financial conflict.

In-Charge: Pankaj Bhargava (Proprietor & Research Head)
Research Analyst: Pankaj Bhargava (Proprietor)

Bank account details: all research-related subscriptions received are managed through the following account:

Conflict of Interest Mitigation

• Strict Financial Separation: Each department operates independently with designated bank accounts to ensure financial transparency and compliance with SEBI regulations. This separation prevents the misuse of funds and potential conflicts of interest between our services.
• Independent Operations: We do not receive any commission, remuneration, or compensation for the recommendations or information we publish. There is no conflict of interest in our research reports, analysis, or posts.
• Regulatory Adherence: As a SEBI-registered Research Analyst, we strictly follow the prescribed guidelines to uphold ethical practices and safeguard client interests.
• Transparency in Client Interaction: All financial dealings and departmental activities are disclosed to clients to maintain trust and accountability. Our clients can rest assured that their investments, fees, and transactions are handled with the highest level of integrity.

For any queries or clarifications regarding our operations, please reach out to us at support@finocia.com or +91-8878234500.

About Us

Empowering Investors With Accurate Research & Smart Market Insights intelligent systems.

Finocia Technology and its Research Analyst is dedicated to helping traders and investors make confident financial decisions through data-driven market research, AI-powered analytics, technical insights, and fundamental research. Our experienced research team continuously monitors market trends to deliver actionable investment opportunities with transparency and precision.

• 10+ Years
• 95% Focus