Terms of Use

IMPORTANT NOTICE — PLEASE READ CAREFULLY

Research, reports, and other content made available through this Website constitute general information only and do NOT constitute investment advice, recommendations to buy or sell any security, or solicitations to engage in any transaction. They do not take into account the specific investment objectives, financial situation, tax status, or particular needs of any individual recipient. You should consult your own qualified financial, legal, and tax advisors before making any investment decision. Investments in securities are subject to market and other risks, including possible loss of principal. Past performance is not indicative of future results.

Research relating to securities listed or proposed to be listed on a stock exchange in India is made available exclusively to non-resident clients (as defined under the Foreign Exchange Management Act, 1999), in accordance with Section 4.1 of the IFSCA Master Circular for Research Entities dated August 5, 2025, read with Regulation 4 of the SEBI (Research Analysts) Regulations, 2014. By accessing such research, you represent and warrant that you qualify as a non-resident under applicable Indian law.

1. About These Terms

These Terms of Use (the “Terms”) constitute a binding agreement between you (“User,” “you,” or “your”) and Equisights Research IFSC LLP, an Indian limited liability partnership having its registered office at GIFT SEZ, GIFT City, Gandhinagar, Gujarat-382050, India (“Equisights,” “we,” “our,” or “us”).

These Terms govern your access to and use of the website equisights.com, any subdomains, and any research products, reports, newsletters, communications, or other services made available by us (collectively, the “Services”).

By accessing, browsing, or otherwise using the Website or Services, you agree to be bound by these Terms and our Privacy Policy. If you do not agree, you must immediately stop using the Website and Services.

2. Regulatory Status and Registration

Equisights Research IFSC LLP is registered with the International Financial Services Centres Authority (“IFSCA”) as a Research Entity under the IFSCA (Capital Market Intermediaries) Regulations, 2025 (the “CMI Regulations”), bearing Certificate of Registration No. CMI2025RA0918, which is perpetual unless suspended or cancelled by the Authority in accordance with Regulation 13 of the CMI Regulations.

Registration with IFSCA does not imply any guarantee, certification, or recommendation by the regulator regarding the quality, accuracy, or completeness of our research, nor any assurance of returns to investors.

Equisights is not registered with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, or any other foreign regulator, except as expressly disclosed on the Website. Where required, the Services are made available only to institutional and other qualified or accredited investors in their respective jurisdictions.

3. Eligibility and Intended Audience

The Services are intended for use by sophisticated investors, including institutional investors, registered investment advisors, family offices, accredited investors, and other qualified non-resident clients. By using the Services you represent and warrant that:

  • You are at least 18 years of age and have the legal capacity to enter into these Terms;
  • You are accessing the Services lawfully and in compliance with the laws of your jurisdiction;
  • Where the Services include research on securities listed or proposed to be listed on a stock exchange in India, you qualify as a “non-resident” as defined under the Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder;
  • You are not located in, or a resident or citizen of, any jurisdiction where access to or use of the Services would be unlawful or where Equisights is not authorized to make the Services available;
  • Where the Services are restricted to certain investor categories, you meet the applicable eligibility criteria; and
  • All information you provide to us — including for the purpose of verifying your residency status under applicable Indian foreign-exchange laws — is true, accurate, current, and complete.

4. Nature of Research — Not Investment Advice

All research, reports, opinions, models, ratings, valuations, projections, and other content (collectively, “Research”) made available through the Services is provided for informational and educational purposes only. Specifically:

  • The Research does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy any security or financial instrument;
  • The Research is general in nature and does not take into account the specific objectives, financial situation, risk tolerance, or particular needs of any individual recipient;
  • The Research does not create any fiduciary, advisory, or other relationship between Equisights and any User unless expressly agreed in writing under a separate engagement;
  • You are solely responsible for evaluating the merits and risks associated with any investment decision and should seek independent professional advice;
  • Forward-looking statements, target prices, ratings, and projections involve significant assumptions and uncertainties and are not guarantees of future performance; and
  • Markets are subject to numerous risks, including market, liquidity, credit, currency, regulatory, geopolitical, and other risks. Past performance is not indicative of future results, and investments may lose value.

4A. Rating System and Research Report Standards

Consistent with Section 12 of the IFSCA Master Circular for Research Entities, our Research is based on reliable information and supported by a documentary foundation. Where our Research employs a rating system, the meaning of each rating — together with the relevant time horizon and benchmark on which the rating is based — will be clearly defined in the relevant Research report. Terms and recommendations used in our reports are consistently defined.

5. Conflicts of Interest and Disclosures

In accordance with Sections 9, 10, and 11 of the IFSCA Master Circular for Research Entities and Regulation 36 of the CMI Regulations, Equisights maintains written internal policies and control procedures designed to:

  • Identify and address actual or potential conflicts of interest;
  • Promote objective and reliable research that reflects unbiased views;
  • Prevent the use of any research report or analysis to manipulate the financial markets;
  • Maintain independence between our research activities and other business activities of Equisights and any group entity; and
  • Monitor, record, and where necessary approve personal trading by our research analysts.

In each Research report, Equisights will disclose, as applicable and in accordance with Section 10 of the IFSCA Master Circular for Research Entities:

  • Any material financial interest in the subject company and the nature of such interest;
  • Any beneficial ownership of one per cent. or more of the securities of the subject company;
  • Any material business relationship with the subject company over the past twelve (12) months that may result in a conflict of interest; and
  • Any other material conflict of interest relating to the subject company.

6. Account Registration and Access Requests

Certain features of the Services — including access to Research — may require you to register or submit an access request. You agree to provide accurate and complete information and to keep your registration information current. Access to certain Research is granted at our sole discretion, subject to internal review, our obligations under the IFSCA (AML/CFT/KYC) Guidelines, 2022, and confirmation that you meet eligibility criteria, including any applicable non-resident status requirement.

You are responsible for maintaining the confidentiality of any login credentials and for all activity that occurs under your account. You must notify us immediately of any unauthorized use.

7. Intellectual Property

All Research, text, graphics, logos, models, valuations, methodologies, software, and other materials made available through the Services (collectively, the “Content”) are owned by Equisights or its licensors and are protected by Indian and international copyright, trademark, and other intellectual property laws.

Subject to your compliance with these Terms, Equisights grants you a limited, non-exclusive, non-transferable, revocable license to access and use the Content solely for your own internal investment-related purposes.

Except as expressly authorized in writing by Equisights, you may NOT:

  • Copy, reproduce, redistribute, republish, transmit, or otherwise disseminate the Content, in whole or in part;
  • Use the Content to construct or maintain any database, index, model, or product that competes with the Services;
  • Reverse engineer, decompile, scrape, or use automated means to extract Content;
  • Remove, obscure, or alter any copyright, trademark, or other proprietary notices; or
  • Use the Content in any manner that would breach applicable law, regulation, or these Terms.

8. Acceptable Use

You agree not to use the Website or Services in any way that:

  • Violates any applicable law, regulation, or third-party right;
  • Interferes with or disrupts the integrity, security, or performance of the Website;
  • Introduces any virus, malware, or other harmful code;
  • Attempts to gain unauthorized access to any portion of the Website or related systems;
  • Constitutes market manipulation, insider trading, or any other prohibited market conduct; or
  • Is intended to mislead, defraud, or harass any person.

9. Third-Party Content and Links

The Services may include content provided by third parties or links to third-party websites. Equisights does not endorse, control, or assume responsibility for any third-party content. Your use of any third-party content or website is at your own risk and subject to the third party’s own terms and policies.

10. Disclaimers

THE WEBSITE, SERVICES, AND CONTENT ARE PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY, COMPLETENESS, OR TIMELINESS.

Without limiting the foregoing, Equisights does not warrant that the Services will be uninterrupted, error-free, or secure, or that the Content will be accurate, current, or complete. Information obtained from third-party sources is believed to be reliable but has not been independently verified by Equisights.

11. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL EQUISIGHTS, ITS PARTNERS, EMPLOYEES, OR AFFILIATES BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS, REVENUES, DATA, OR GOODWILL, ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF, OR INABILITY TO USE, THE WEBSITE, SERVICES, OR CONTENT, EVEN IF EQUISIGHTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

In no event shall the aggregate liability of Equisights to you for all claims arising out of or relating to these Terms or the Services exceed the greater of (i) the total amount paid by you to Equisights in the twelve (12) months immediately preceding the event giving rise to liability, or (ii) one hundred U.S. dollars (USD 100), except where such limitation is prohibited by applicable law.

Nothing in these Terms is intended to exclude or limit any liability that cannot be excluded or limited under applicable law, including under the CMI Regulations, the IFSCA Master Circular for Research Entities, or any mandatory provision of Indian law.

12. Indemnification

You agree to indemnify, defend, and hold harmless Equisights, its partners, employees, and affiliates from and against any claims, liabilities, damages, losses, costs, and expenses (including reasonable legal fees) arising out of or in connection with (i) your use of the Website, Services, or Content; (ii) your breach of these Terms; or (iii) your violation of any applicable law or third-party right.

13. Suspension and Termination

We may, at our sole discretion and without prior notice, suspend or terminate your access to the Website or Services for any reason, including any breach of these Terms or any applicable law. Provisions that by their nature should survive termination (including Sections 4, 5, 7, 10, 11, 12, 14, 15, and 16) will continue in effect.

14. Grievance Redressal and Complaint Handling

Equisights has established a complaint handling and grievance redressal mechanism in accordance with Regulation 18 of the CMI Regulations, Chapter IX of the IFSCA Master Circular for Research Entities, and the IFSCA circular titled “Complaint Handling and Grievance Redressal by Regulated Entities in the IFSC” dated December 2, 2024 (as extended).

Complaints relating to the Services should first be addressed to our Compliance Officer at info@equisights.com. If your complaint is not resolved to your satisfaction within the timelines prescribed under the applicable IFSCA grievance redressal framework, you may escalate the matter to IFSCA in accordance with the procedure specified by the Authority. Details of escalation and timelines are available on the IFSCA website at https://www.ifsca.gov.in.

15. Governing Law and Dispute Resolution

These Terms and your use of the Services shall be governed by and construed in accordance with the laws of India, without regard to its conflict of laws principles.

Subject to the IFSCA grievance redressal framework described in Section 14, any dispute, controversy, or claim arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the competent courts at Gandhinagar, Gujarat, India, and to any applicable dispute resolution mechanism prescribed by IFSCA from time to time.

Nothing in this Section limits any right that Users may have under mandatory law in their jurisdiction of residence.

16. Miscellaneous

  • Entire Agreement: These Terms, together with our Privacy Policy and any agreements you enter into with us for specific Services, constitute the entire agreement between you and Equisights with respect to your use of the Services.
  • Severability: If any provision of these Terms is held unenforceable, the remaining provisions shall remain in full force and effect.
  • No Waiver: Our failure to enforce any right or provision of these Terms shall not constitute a waiver of such right or provision.
  • Assignment: You may not assign these Terms without our prior written consent. Equisights may assign these Terms in connection with a merger, acquisition, or change in control, subject to applicable IFSCA prior-approval or intimation requirements under Chapter X of the Master Circular.
  • Changes to Terms: We may amend these Terms from time to time. The updated Terms will be posted on this page. Continued use of the Services after such update constitutes acceptance.
  • Headings: Headings are for convenience only and do not affect interpretation.

17. Contact Us

If you have any questions about these Terms, please contact us at:

Equisights Research IFSC LLP
GIFT SEZ, GIFT City, Gandhinagar, Gujarat-382050, India
Email: info@equisights.com
IFSCA Registration No.: CMI2025RA0918

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