Disclosure & Disclaimer
Ø SEBI Disclosure
The Research Analyst or its employee have NOT:
· Received any compensation from the company which is subject matter of recommendation/research;
· Managed or co-managed the public offering of any company;
· Received any compensation for investment banking or merchant banking or brokerage services from the subject company;
· Received any compensation for products or services from the subject company;
· Received any compensation or other benefits from the Subject Company or 3rd party in connection
· Served as an officer, director or employee of the subject company;
· Been engaged in market making activity of the subject company.
· Also, the subject company was not a client of the Research Analyst during twelve months preceding the date of report.
· The research analyst or its associates or relatives, do not have actual/beneficial ownership of one per cent or more securities of the subject company.
Ø Disclaimer
· BIVHAV NAYAK, a SEBI Registered Research Analyst having registration number – INH000010849.
· No penalties / directions have been issued by SEBI under the SEBI Act or Regulations made there under against the Company or its Directors.
· Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Risks: Trading and investment in securities are subject to market risks. There are no assurances or guarantees that the objectives of any of trading / investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The value of securities referred to herein may be adversely affected by the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces affecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be affected by various risks including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest rates may affect the pricing of derivatives.
This report/investment/ trading recommendation has been prepared by BN Research Services, a SEBI Registered Research Analyst, and is solely for the information of the recipient. The report must not be used as a singular basis of any investment decision. The views expressed herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor. Readers are advised to seek professional advice before investing. This report may have been refined using AI tools to enhance clarity and readability.
Nothing in this document should be construed as investment advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies referred to in this document (including merits and risks) and should consult their own advisors to determine the merits and risks of such investment.
The information and opinions contained herein have been compiled or arrived at in good faith from sources believed to be reliable. Such information has not been independently verified and no guarantee, representation, or warranty, express or implied, is made as to its accuracy, completeness, or correctness. All such information and opinions are subject to change without notice. Descriptions of any company or its securities mentioned herein are not intended to be complete. BN Research Services is not obliged to update this report for such changes and reserves the right to make modifications at any time.
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of any jurisdiction where such distribution, publication, or use would be contrary to applicable laws or regulations, or would subject BN Research Services to any registration or licensing requirement.
If this report is inadvertently sent to or accessed by any person in such jurisdictions, including the United States of America, the same should be ignored and brought to the attention of the sender. This document may not be reproduced, distributed, or published, in whole or in part, directly or indirectly, for any purpose whatsoever.
Foreign currency–denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which may adversely affect their value, price, or income. Investors in such securities effectively assume currency risk. This document should not be considered as an offer to sell or a solicitation to buy any security.
This report should not be construed as an offer or solicitation to buy or sell any securities or other financial instruments, nor as an invitation or solicitation to engage in business with BN Research Services. BN Research Services may from time to time provide research or other advisory services for companies mentioned herein, in the normal course of business.
BN Research Services, its proprietor, analysts, or employees may, from time to time, have long or short positions in the securities mentioned in this report or may undertake transactions in such securities. Such positions or transactions may create potential conflicts of interest. However, all reasonable care has been taken to ensure objectivity and independence in this report.
BN Research Services, its proprietor, analysts, or employees do not accept any responsibility, financial or otherwise, for any losses or damages arising out of actions taken based on this report, including but not limited to market price fluctuations, currency movements, or changes in corporate fundamentals.
The research analyst has not served as an officer, director, or employee of the subject company and has not received any compensation or benefits from the subject company or any third party in connection with the preparation of this research report. The compensation of the research analyst is not linked to any specific merchant banking, investment banking, or brokerage transactions. BN Research Services may issue other research reports that differ in opinion or conclusion from this report.
Regulatory & Entity Details
Name: BIVHAV NAYAK
Designation: Proprietor
Entity: BN Research Services
SEBI Research Analyst Registration No.: INH000010849
BSE Enlistment No.: 5676
Registered Address:
Plot No. 408/13, Pokhariput,
Near DAV School and Sai Chakra Apartment,
Bhubaneswar, Odisha – 751020
Correspondence Address:
D2–803, VTP Purvanchal Society,
Kesnand, Pune – 412207
Disclaimer: Registration granted by SEBI, Enlistment as RA with exchange and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Standard warning: Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
BN Research Services doesn’t provide any guaranteed returns or profit sharing services. We don’t provide any PMS service or Demat account holding services. or provide any assurance of returns to investors.