Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations)
Ortem Securities Limited (“ORTEM”), having its registered office at 59, Bentinck Street, 1st Floor, Kolkata – 700069, is a registered Research Entity with SEBI Regn No.: INH300007262. ORTEM is registered with the Securities and Exchange Board of India (SEBI) as a Stock Broker having trading memberships of National Stock Exchange of India Ltd. ( NSE) and Bombay Stock Exchange Ltd. (BSE). It is also a Depository Participant registered with National Securities Depository Limited (NSDL)
ORTEM and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of ORTEM even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of ORTEM or its associates maintains arm’s length distance with Research Team as all the activities are segregated from ORTEM research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ORTEM & its group companies to registration or licensing requirements within such jurisdictions.
Specific Disclosures
1 ORTEM, Research Analyst and/or his/her relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 ORTEM, Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 ORTEM, Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company in the past 12 months
4 ORTEM, Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 ORTEM has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 ORTEM has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 ORTEM has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 ORTEM has not received any compensation or other benefits from third party in connection with the research report
10 ORTEM has not engaged in market making activity for the subject company
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by ORTEM and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ORTEM. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ORTEM will not treat recipients as customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities – involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. ORTEM, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of ORTEM. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ORTEM to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt ORTEM or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold ORTEM or any of its affiliates or employees responsible for any such misuse and further agrees to hold ORTEM or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
No disciplinary action has been taken against ORTEM or the Research analyst by any authority in connection with their respective business activity.
A graph of daily closing prices of securities is available at
http://www.nseindia.com/ChartApp/install/charts/mainpage.jsp and www.bseindia.com
(Choose a company from the list on the browser and select the “three years” period in the price)
Registered Office Address : ORTEM SECURITIES LIMITED, 59, Bentick Street, Kolkata – 700 069; Tel No.: 033-2236 7725/26; www.ortemsecurities.com
Compliance Officer : Ugra Narayan Jha, Email Id: ugraj@ortemsecurities.com