Disclosure

(Pursuant to Regulation 18(3) of SEBI (Research Analysts) Regulations, 2014)

Name of Research Analyst / Brand:

Vardaan Capital
(Professional identity of Mr. Sumit Bapusaheb Kamblaykar)

SEBI Registration Number: INH000023047

Type of Registration: Individual Research Analyst

Ownership & Financial Interests

Mr. Sumit Bapusaheb Kamblaykar operates as an individual SEBI-registered Research Analyst under the professional identity “Vardaan Capital.”

As on the date of publication of the research report:

• The Research Analyst does not have any financial interest or beneficial ownership in the securities covered in the research report.
• The Research Analyst does not hold more than 1% of the equity share capital of the subject company.

Any change in the above, if applicable, shall be disclosed in the respective research report.

Conflicts of Interest

As on the date of publication of the research report:

• There are no material conflicts of interest affecting the objectivity of the research.

Any actual or potential conflict of interest arising in future shall be disclosed appropriately in the research report.

Compensation Disclosure

As on the date of publication of the research report:

• The Research Analyst has not received any compensation, directly or indirectly, from the subject company or its related entities during the preceding 12 months.
• The Research Analyst has not managed or co-managed any public offering of securities for the subject company during the preceding 12 months.
• The Research Analyst has not received any compensation for investment banking, merchant banking, brokerage, or underwriting services from the subject company.

Associations & Other Activities

• The Research Analyst is independent and is not associated with any stock exchange, listed company, or intermediary in relation to the subject company.
• The Research Analyst is not engaged in market-making activities for the subject company.

Certification

I, Sumit Bapusaheb Kamblaykar, certify that:

• The views expressed in the research report accurately reflect my personal and independent judgment.
• The research is based on publicly available information believed to be reliable.
• No part of my compensation is directly or indirectly related to the specific recommendation or views expressed in the research report.

General Disclaimer

• Research reports are provided for informational and educational purposes only and do not constitute personalized investment advice.
• Investors should independently evaluate market risks, suitability, and their financial position before acting on any research opinion.
• Past performance is not indicative of future results.
• Research outcomes are subject to market risks and uncertainties.

Grievance Redressal Mechanism

Primary Contact:
📧 Email: support@vardaancapital.com

Escalation:
If the grievance is not resolved satisfactorily, investors may lodge a complaint through SEBI SCORES 2.0
🔗 https://scores.sebi.gov.in

If still unresolved, investors may avail the Online Dispute Resolution (ODR) mechanism via the SMART ODR platform, as prescribed by SEBI.
🔗 https://smartodr.in

Grievances are addressed in a timely manner, generally within 30 days, as per applicable regulations.

Statutory Disclaimer

“Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.”

Signature

Sumit Bapusaheb Kamblaykar
(Professional Identity: Vardaan Capital)
SEBI Registered Research Analyst
Registration No.: INH000023047