Research Analyst Disclosure

Business Activity and Disciplinary History

OFIPL is engaged in providing equity research services, financial analysis, and investment insights to investors. There have been no material disciplinary actions taken against OFIPL by SEBI or any regulatory authority affecting its research activities.

Disclosure of Conflicts of Interest

As per SEBI (Research Analysts) Regulations, 2014, OFIPL makes the following disclosures regarding ownership and conflicts of interest in research reports and public appearances:

1. Financial Interest: The Research Analyst, OFIPL, its associates, or relatives do not have any financial interest in the subject company covered in this report.
2. Ownership: The Research Analyst, OFIPL, its associates, or relatives do not own 1% or more of the securities of the subject company as of the end of the month preceding the publication date.
3. Material Conflict of Interest: The Research Analyst, OFIPL, its associates, or relatives do not have any material conflict of interest at the time of the publication of this report or during public appearances.

Disclosure Regarding Compensation

1. Compensation from the Subject Company: Neither OFIPL nor its associates have received compensation from the subject company in the past twelve months.
2. Investment Banking and Brokerage Services: Neither OFIPL nor its associates have managed, co-managed, or provided investment banking, merchant banking, or brokerage services to the subject company in the past twelve months.
3. Other Services: Neither OFIPL nor its associates have received compensation for products or services, other than investment banking, merchant banking, or brokerage services, from the subject company in the past twelve months.
4. Third-Party Compensation: Neither OFIPL nor its associates have received any compensation or benefits from a third party in connection with the research report.
5. Client Relationship: The subject company is or was never a client of OFIPL within the past twelve months.

General Disclosures

• The information contained in this research report is based on sources believed to be reliable but is not guaranteed for accuracy or completeness.
• The views expressed in this research report reflect the independent opinions of the Research Analyst and are subject to change without notice.
• This report is not intended for distribution in jurisdictions where its publication or availability would be contrary to applicable laws or regulations.
• Foreign currency-denominated securities may be subject to currency fluctuations that can impact their value.

Research Analysts Responsible for this Report

1. Manan Kalaria
2. Parisha Jain

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Company Information

Ocean Finvest India Private Limited – Research Analyst
SEBI Registration No.: INH000019460
Registered Office: T F 310 Shivalik Shilp, Ambli Bhopal Road, Jodhpur Char Rasta, Ahmedabad, Gujarat – 380015
SEBI Registration Validity: January 23, 2025 – January 22, 2030
CIN Number: U66120GJ2024PTC150529