All efforts have been made to provide the most comprehensive and accurate information
on this site. The information and materials have been made available keeping investor
interest in mind. The information and materials are however, subject to change without
prior notice. JRK does not warrant the accuracy, adequacy or completeness of this
information and materials and expressly disclaims liability for any errors or omissions
or delays in updating this information and materials. In no event, will JRK be liable
for any damages, including without limitation direct or indirect, special, incidental,
or consequential damages, losses or expenses arising in connection with this site
or use thereof or inability to use by any party, or in connection with any failure
of performance, error, omission, interruption, defect, delay in operation or transmission,
computer virus or line or system failure. JRK is not in any manner answerable, responsible
or liable to any person or persons for any acts of omissions or commission, errors,
mistakes and/or partners, agents associates etc., of any of the rules, regulations,
bye-laws of the Bombay Stock Exchange Limited, National Stock Exchange of India
Limited or SEBI Act or any other laws in force from time to time. JRK is not answerable,
responsible or liable for any information on this website or for any services rendered
by itself and its employees.
INTERNAL POLICIES
Objective: To provide reliable research that reflects the unbiased view on Economy,
Markets in general & companies to our clients.
Our Research section and Research analysts will maintain an arms-length relationship
between its research activities and other activities of the organization. Our entire
Research Team will maintain a “Chinese Wall” between its activities with all other
activities of the organization.
We will follow all required due diligence to prevent the use of our research reports
or research analysis to manipulate stock prices in the securities market.
We will furnish to the Board information and reports as may be specified by the
Board from time to time.
Individuals employed as Research analysts by us must, comply with the certification
and qualification requirements and will abide by Code of Conduct as laid down in
the Internal Policies.
GUIDELINES FOR INDIVIDUALS EMPLOYED AS RESEARCH ANALYSTS
- We will setup Framework and take written disclosures for Personal trading
activities of the individuals employed as research analyst by us.
- Individuals employed as research analyst by us shall not deal or trade in
securities that the research analyst recommends or follows within thirty days before
and five days after the publication of a research report.
- Individuals employed as research analysts by us shall not deal or trade directly
or indirectly in securities that he/she reviews in a manner contrary to his/her
given recommendation.
- Individuals employed as research analysts by us shall not purchase or receive
securities of the issuer before the issuer's initial public offering, if the issuer
is principally engaged in the same types of business as companies that the research
analyst follows or recommends.
As a Research Analyst, we will (For Point 2 to 4 above mentioned) will seek and
keep written disclosures from the Individuals employed as research analyst by us.
CODE OF CONDUCT
We will abide by the Code of Conduct as laid down in our Internal guidelines as
well as required to meet Compliance/Regulatory requirements:
- Honesty and Good Faith: We pledge to act honestly and in good faith to provide
unbiased Research output that will help our clients to take informed decisions.
- Diligence: As a Research Analyst, we will act with due skill, care and diligence
and shall ensure that the research report is prepared after thorough analysis and
qualifies our checklists.
- Conflict of Interest: As a Research analyst, we will effectively address
conflict of interest which may affect the impartiality of our research analysis
and research report and will make appropriate disclosures to address the same.
- Insider trading or front running: As a Research analyst and the employees
associated with Research Work will not engage in any insider trading or front running
or front running of its own research report.
- Confidentiality: As a Research analyst and the employees associated with
Research Work will maintain Confidentiality of report till the report is made public.
- Professional Standard: As a Research analyst we will observe high professional
standard while preparing research report.
- Compliance: As a Research analyst we will comply with all regulatory requirements
applicable to the conduct of our business activities.
- Responsibility of senior management: The senior management of research analyst
shall bear primary responsibility for ensuring the maintenance of appropriate standards
of conduct and adherence to proper procedures.
COMPENSATION OF RESEARCH ANALYST
- We will not pay any bonus, salary or other form of compensation to any individual
employed as research analyst that is determined or based on any specific merchant
banking or investment banking or brokerage services transaction. Individuals as
Research Analyst will be compensated only for their Research related activities.
- An individual employed as research analyst by us will not be subject to the
supervision or control of any employee of the merchant banking or investment banking
or brokerage services divisions or any other department.
CONTENTS OF RESEARCH REPORT
- We will ensure that proper checklists are followed to ensure that the facts
in the research reports are based on reliable information and shall define the terms
used in making recommendations, and these terms shall be consistently used.
- If we use a rating system in our Research reports or analysis, then we will
clearly define the meaning of each such rating including the time horizon and benchmarks
on which a rating is based.
- If our research report contains either a rating or price target for subject
company’s securities, such research report shall also provide the graph of daily
closing price of such securities for the period assigned or for a three-year period,
whichever is shorter.
GUIDELINES TO BE FOLLOWED FOR APPEARING IN PUBLIC MEDIA
We as Research Analyst and the employees of our Research Team will always disclose
the registration status and details of financial interest in the subject company,
if we make any public appearance.
POLICY FOR DISTRIBUTION OF RESEARCH REPORTS
- We will not distribute our Research Report or Analysis selectively to internal
trading personnel or any particular client or group of clients in advance of other
clients who are entitled to receive the research report.
- We will not endorse or distribute Research Report or Analysis of any third
party.
- Modes of Distribution: Our Research Report or Analysis will be sent to our
clients through email & will be uploaded in our Website subsequently.
MAINTENANCE OF RECORDS
Our Research Department will maintain the following records:
- Research report duly signed and dated;
- Research recommendation provided;
- Rationale for arriving at research recommendation;
- Record of public appearance, if any.
All records (Research Report & related Compliance Documents) will be maintained
in both physical and electronic form and preserved for a minimum period of five
years.
We will conduct annual audit in respect of compliance with Research Analyst regulations
from a member of Institute of Chartered Accountants of India or Institute of Company
Secretaries of India.