Disclaimers & Disclosures
Code of Conduct for Research Analyst
Komal Mirani is a SEBI Registered Research Analyst vide Registration
Number INH000028200 dated June 15, 2026.
In accordance with Regulation 24(2) of the SEBI (Research Analyst)
Regulations, 2014, I shall maintain the following Code of Conduct:
Honesty and Good Faith
I shall act honestly and in good faith.
Diligence
I shall act with due skill, care and diligence and shall ensure that the research report is prepared after thorough analysis.
Conflict of Interest
I shall effectively address conflict of interest which may affect the impartiality of research analysis and research report and shall make appropriate disclosures to address the same.
Insider Trading or Front Running
I shall not engage in insider trading or front running of my own research report.
Confidentiality
I shall maintain confidentiality of the report till the report is made public.
Professional Standard
I am engaged in research analysis and shall observe high professional standards while preparing research reports.
Compliance
I shall comply with all regulatory requirements applicable to the conduct of my business activities.
Responsibility of Senior Management
I shall bear primary responsibility for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.
Komal Mirani
Investor Charter in Respect of Research Analysts
The Investor Charter sets out the services, responsibilities, rights and grievance redressal mechanisms applicable to investors dealing with a Research Analyst.
A. Vision and Mission Statements for Investors
Vision
Invest with knowledge & safety.
Mission
Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.
B. Details of Business Transacted by the Research Analyst
- To publish research reports based on the research activities of the Research Analyst.
- To provide an independent and unbiased view on securities.
- To offer unbiased recommendations while disclosing financial interests in recommended securities.
- To provide research recommendations based on analysis of publicly available information and known observations.
- To conduct audit annually.
- To ensure that advertisements adhere to the Advertisement Code for Research Analysts.
- To maintain records of interactions with clients, including prospective clients prior to onboarding, where discussions related to research services have taken place.
C. Details of Services Provided to Investors
Onboarding of Clients
- Completing KYC of fee-paying clients.
- Sharing applicable terms and conditions of research services.
Disclosure to Clients
- Disclosure of material information required for an informed decision, including business activity, disciplinary history, terms and conditions, associates, risks and conflicts of interest, if any.
- Disclosure of the extent of use of Artificial Intelligence tools in providing research services.
- Disclosure of material conflicts of interest when distributing third-party research reports, or provision of a web address directing recipients to the relevant disclosures.
- Disclosure of conflicts of interest between research services and other activities of the Research Analyst.
- Distribution of research reports and recommendations to clients without discrimination.
- Maintenance of confidentiality of research reports until they are made available in the public domain.
- Respect for clients' data privacy rights and measures to protect against unauthorized use of confidential information.
- Disclosure of timelines for services and adherence to those timelines.
- Clear guidance and adequate caution notices when recommendations concern complex and high-risk financial products or services.
- To treat all clients with honesty and integrity.
- To maintain confidentiality of client information unless disclosure is required to discharge legal obligations or the client has provided specific consent.
D. Grievance Redressal Mechanism
Complaint to the Research Analyst
In case of any grievance or complaint, an investor may approach the concerned Research Analyst, who shall strive to redress the grievance immediately, but not later than 21 days from receipt of the grievance.
SCORES / RAASB
Investors may lodge complaints through SCORES 2.0, SEBI's web-based centralized grievance redressal system, or through the Research Analyst Administration and Supervisory Body (RAASB).
- First review: Designated body / RAASB.
- Second review: SEBI.
- Complaint may also be made to the designated email ID of RAASB.
Online Dispute Resolution
If an investor is not satisfied with the resolution provided by the Market Participant, the investor may file the grievance on the SMART ODR platform for resolution through online conciliation or arbitration.
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 statutory and regulatory disclosures.
- Right to fair and true advertisements.
- Right to awareness about service parameters and turnaround times.
- Right to be informed of timelines for each service.
- Right to be heard and receive satisfactory grievance redressal.
- Right to 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 notices when dealing with complex and high-risk financial products and services.
- Right of vulnerable consumers, including differently abled investors, to access services in a suitable manner.
- Right to provide feedback on financial products and services used.
- Right against coercive, unfair and one-sided clauses in financial agreements.
F. Expectations from Investors
Investor Responsibilities
- Always deal with a SEBI-registered Research Analyst.
- Ensure that the Research Analyst has a valid registration certificate.
- Check the SEBI registration number.
- Pay attention to disclosures made in research reports before investing.
- Pay the Research Analyst only through banking channels and maintain duly signed receipts containing payment details.
- Where applicable, fees may be paid through the Centralized Fee Collection Mechanism (CeFCoM) of RAASB if the Research Analyst has opted for the mechanism.
- Before buying or selling securities or applying in a public offer, check the research recommendation provided by the Research Analyst.
- Ask relevant questions and clarify doubts before acting on a recommendation.
- Seek clarification and guidance particularly where research recommendations involve complex and high-risk financial products.
- Be aware of your right to stop availing the services of a Research Analyst in accordance with the agreed terms of service.
- Be aware of your right to provide feedback regarding services received.
- Be aware that you are not bound by any clause prescribed by a Research Analyst that contravenes regulatory provisions.
- Inform SEBI if a Research Analyst offers assured or guaranteed returns.
Don’ts
- Do not provide funds for investment to the Research Analyst.
- Do not get attracted to limited-period discounts, incentives, gifts or similar offers made by a Research Analyst.
- Do not share login credentials or passwords relating to trading, demat or bank accounts with the Research Analyst.
Disclosures & Disclaimer
Important regulatory, risk and conflict-of-interest disclosures relating to the research services provided by Komal Mirani.
Registration & Regulatory Status
Komal Mirani is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under Registration No. INH000028200, with effect from 15 June 2026, pursuant to which research analyst services are provided to clients.
Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.
No penalties or directions have been issued by SEBI under the SEBI Act, or by any other regulatory body, as represented herein.
Independence & Intermediary Relationships
Komal Mirani is not affiliated with any other intermediary and does not receive brokerage, commission or other consideration from any third party.
No stock broker or other intermediary is recommended to clients in consideration of remuneration, compensation, commission or any other form of benefit.
Komal Mirani does not have any association with issuers of products or securities in a manner that would compromise the objectivity or independence of the research services.
Research & Investment Risk
Investment in equity shares and other securities involves market risk. Sincere efforts are made to present an appropriate investment perspective based on analysis and information from sources considered reliable.
However, no representation is made regarding the completeness, consistency or accuracy of such information, and no assurance is given that any research recommendation will result in profits or prevent losses.
No promise or assurance is provided regarding a favourable view on any particular industry, sector, company or business group.
Investors should independently consider all relevant risk factors, including their financial circumstances and suitability to the applicable risk-return profile, before acting upon any research recommendation.
Research Distribution & Personal Holdings
Komal Mirani or persons related to her may hold positions in securities that are the subject of research recommendations, subject to applicable disclosure and regulatory requirements.
Research recommendations are provided to clients entitled to receive the relevant research reports or communications.
Clients, whether paid or unpaid, and any third party receiving research communications directly or indirectly, are not permitted to forward, reproduce, distribute or share research calls, messages, reports or other proprietary research information without authorization.
Appropriate action may be taken in case of unauthorized reproduction or dissemination of proprietary research content.
Research Independence
Employees performing sales, dealing or other activities that may affect the independence of research reports or recommendations are intended to remain functionally separate from the research function.
Such employees may receive feedback regarding the impact of research reports or recommendations, provided that such feedback does not influence or compromise the independence, objectivity or content of the research.
Client-Specific Queries
Where a client seeks an opinion regarding a specific position, any view provided should be regarded as a research opinion and not as personalized investment advice.
Investors remain responsible for independently evaluating whether any transaction is appropriate for their own financial circumstances and risk-bearing capacity.
Investor Responsibility
- Stock trading and investing are inherently risky, and investors assume responsibility for the outcomes of the trading and investment decisions they make.
- Investors are solely responsible for making their own investment decisions and for evaluating whether a particular security or strategy is suitable for them.
- Investors are encouraged to use research services as one resource among others and to conduct their own independent research on companies, securities, sectors and markets.
- Where appropriate, investors may seek independent advice from a suitably licensed and qualified financial professional.
Simulated / Illustrative Results
Simulated or hypothetical results do not represent actual trading. No representation is made that any account will or is likely to achieve profits or losses similar to those shown in any simulated or illustrative example.
Social Media & Public Content
Content published on public social-media platforms such as X / Twitter, Facebook, Telegram or YouTube may include educational, illustrative or general market information.
Such public content should be read together with the context, disclosures and nature of the communication in which it is published and should not be treated as an assurance or guarantee of returns.
Important Investor Considerations
No Guaranteed Returns
No research recommendation, market view, target or opinion constitutes an assurance or guarantee of profit or protection against loss.
Market Risk Applies
Securities and derivatives are subject to market risk and may result in partial or substantial loss of capital.
Independent Assessment
Investors should assess their financial circumstances and risk-bearing capacity before acting on any recommendation.
Research, Not Assurance
Research views are based on information and analysis available at the relevant time and may change as market conditions evolve.
This disclosure should be read together with the Investor Charter, Grievance Redressal / Escalation Matrix, research-service terms, applicable risk disclosures and other regulatory information displayed on this website.
Disclosures
Important information regarding the Research Analyst, research activities, conflicts of interest and other disclosures relevant to the research services provided by Komal Mirani.
About the Research Analyst
Komal Mirani is a Research Analyst having her registered office at Flat No. 401, Muktagiri Colony, Kourinbhatha, Durg, Chhattisgarh - 491441, India.
Komal Mirani was registered with SEBI as an Individual Research Analyst vide Registration No. INH000028200 on June 15, 2026, pursuant to which she provides Research Analyst services to her clients.
Qualification & Experience
Komal Mirani has completed a Bachelor of Commerce. With a strong analytical skill set, she focuses on identifying investment ideas and implementing research-driven strategies.
Details of Business Activities
Komal Mirani provides research recommendations based on both fundamental and technical analysis. She also provides buy, sell and hold recommendations on listed stocks, futures and options.
Disciplinary History
There are no outstanding litigations or disciplinary history against Komal Mirani.
Terms & Conditions on Which Research Reports Are Issued
Komal Mirani has exercised due diligence in checking the correctness and authenticity of the information contained in the research material, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness.
The opinions expressed are based on current research as of the date appearing in the relevant material and may be subject to change from time to time without notice.
Komal Mirani does not accept liability arising from the use of the document or information contained therein. Recipients of research material should exercise their own judgment and seek appropriate professional advice before acting upon such information.
Komal Mirani shall not be responsible for any loss or damage that may arise from any inadvertent error in the information contained, views or opinions expressed in a research publication.
Financial Interest & Conflicts of Interest
Komal Mirani or her associates, including relatives:
- Do not hold any financial interest in the Company.
- Do not have any actual / beneficial ownership of more than 1% in the Company.
- Do not have any other material conflict of interest.
Komal Mirani or her associates are not affiliated with any other intermediaries and have not received any brokerage or commission from any third party.
Komal Mirani or her associates have not received any compensation from the Company covered by the Research Analyst during the past twelve months.
Komal Mirani or her associates have not managed or co-managed any public offering of securities of the Company during the past twelve months.
Komal Mirani or her associates have not served as an officer, director or employee of the Company and have not been engaged in market-making activity in respect of the Company.
Sources of Research & Investor Assessment
Komal Mirani has ensured that the facts mentioned in research reports are obtained from sources and information considered reliable.
However, investors are advised to independently evaluate the prevailing market conditions and risks involved before making an investment decision.
Use of Artificial Intelligence
Komal Mirani may use Artificial Intelligence (AI) tools for providing research services.
Redressal of Grievance
The Research Analyst is committed to providing prompt, fair and transparent grievance redressal services to all clients. Clients may follow the mechanism below for resolution of any grievance or feedback relating to the research services.
Contact Our Representative / Consultant
If you are not satisfied with our services and wish to lodge a complaint, you are requested to first contact your relationship representative / consultant from the Research Analyst's team, who is your primary point of contact.
You may communicate your grievance through telephone or email, and every effort shall be made to acknowledge and resolve your grievance promptly.
The Research Analyst shall endeavour to resolve the grievance within 7 (seven) business working days from the date of receipt of the grievance or within such timeline as may be prescribed by SEBI from time to time.
Escalation to the Research Analyst
If you are not satisfied with the resolution provided by our representative / consultant, or if your grievance remains unresolved within the above timeline, you may escalate the matter directly to the Research Analyst.
401, Urban Mix, Muktagiri Colony,
Behind R K Nagar, Kourinbhatha,
Rajnandgaon, Chhattisgarh - 491441, India
The Research Analyst shall personally review the grievance and make every effort to resolve it in a fair, transparent and timely manner in accordance with the SEBI (Research Analysts) Regulations, 2014, the applicable SEBI Master Circular and other regulatory requirements issued from time to time.
Complaint through SCORES
If you are not satisfied with the resolution provided by the Research Analyst or if your grievance remains unresolved within the prescribed timeline, you may lodge your complaint through the SEBI Complaints Redress System (SCORES 2.0).
Complaints relating to Research Analysts shall be dealt with in accordance with the grievance redressal mechanism prescribed by SEBI.
Two-Level Review Mechanism
- First Level Review: Research Analyst Administration and Supervisory Body (RAASB)
- Second Level Review: Securities and Exchange Board of India (SEBI)
Online Dispute Resolution
If you are not satisfied with the resolution provided through the above grievance redressal mechanism, you may initiate dispute resolution through the SMART Online Dispute Resolution (SMART ODR) Platform for online conciliation and/or arbitration in accordance with the applicable SEBI framework.
Physical Complaint to SEBI
Investors may also send their complaints to:
Securities and Exchange Board of India (SEBI)
SEBI Bhavan, Plot No. C4-A, 'G' Block,
Bandra-Kurla Complex, Bandra (East),
Mumbai – 400 051.
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| Sr.No | Received from | Pending at the end of last month | Received | Resolved* | Total Pending# | Pending complaints > 3 months | Average Resolution time^ (in days) |
|---|---|---|---|---|---|---|---|
| 1 | Directly from Investors | 0 | 0 | 0 | 0 | 0 | - |
| 2 | SEBI (SCORES) | 0 | 0 | 0 | 0 | 0 | - |
| 3 | Other Sources (if any) | 0 | 0 | 0 | 0 | 0 | - |
| Grand Total | 0 | 0 | 0 | 0 | 0 | - |
^ Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month.
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| Sr.No | Month | Carried forward from previous month | Received | Resolved* | Pending# |
|---|---|---|---|---|---|
| 1 | Jun-26 | 0 | 0 | 0 | 0 |
| 2 | Jul-26 | 0 | 0 | 0 | 0 |
| 3 | Aug-26 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 0 | 0 | 0 |
* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.
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| Sr.No | Year | Carried forward from previous Year | Received | Resolved* | Pending# |
|---|---|---|---|---|---|
| 1 | 2026-27 | NA | NA | NA | NA |
| Grand Total |
* Inclusive of complaints of previous years resolved in the current year.
# Inclusive of complaints pending as on the last day of the year.
Grievance Redressal / Escalation Matrix
If you have a grievance, you may reach out to our Support Team for assistance. The escalation details and designated contact points are provided below.
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| Designation | Contact Person Name | Address | Contact No. | Email ID | Working Hours |
|---|---|---|---|---|---|
| Customer Care | Parth Mirani |
401, Urban Mix, Muktagiri Colony, Behind R K Nagar, Kourinbhatha, Rajnandgaon, Chhattisgarh - 491441, India |
+91 9174361551 | helpdesk@komalmirani.com |
Mon–Fri 09 AM – 05 PM |
| Head of Customer Care | — | — | — | — | — |
| Compliance Officer | Komal Mirani |
401, Urban Mix, Muktagiri Colony, Behind R K Nagar, Kourinbhatha, Rajnandgaon, Chhattisgarh - 491441, India |
+91 7974365568 | komal@komalmirani.com |
Mon–Fri 09 AM – 05 PM |
| CEO | — | — | — | — | — |
| Principal Officer | Komal Mirani |
401, Urban Mix, Muktagiri Colony, Behind R K Nagar, Kourinbhatha, Rajnandgaon, Chhattisgarh - 491441, India |
+91 7974365568 | komal@komalmirani.com |
Mon–Fri 09 AM – 05 PM |
The above details are provided to facilitate complainants in approaching the concerned Research Analyst before filing a complaint with SEBI.
We aim to resolve all grievances within 21 working days from the date of receipt.
Escalation to SEBI — SCORES
If your grievance is not resolved within the stated timeframe, you may escalate the matter through SEBI's Complaints Redress System (SCORES).
Visit SCORES Portal →Online Dispute Resolution — ODR
If you remain dissatisfied with the resolution provided through our support mechanism or the SCORES platform, you may access the Online Dispute Resolution Portal.
Visit ODR Portal →For additional regulatory information regarding the grievance redressal framework, please refer to the relevant SEBI / BSE circulars and the Investor Charter available through the regulatory disclosures section of this website.