Terms and Conditions for availing research services from 8848 Invest (Lokhandwala Raj Zahir, SEBI Registration No. INH000025452, BSE Enlistment No. 7001). By subscribing to, paying for, or accessing our research publications, you agree to be bound by the clauses set out below.
1. Availing the Research Services
By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the Research Analyst (RA) at his/her sole discretion. The RA confirms that research services shall be rendered in accordance with the applicable provisions of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014 ("RA Regulations").
2. Obligations on RA
The RA and the client shall be bound by the SEBI Act, 1992 and all applicable rules, regulations, circulars, and notifications of SEBI, including the RA Regulations and relevant notifications of the Government of India, as may be in force from time to time.
3. Client Information and KYC
The client shall furnish all such details in full as may be required by the RA in its standard onboarding form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. The RA shall collect, store, upload and verify KYC records of clients with a SEBI-registered KYC Registration Agency (KRA) as specified by SEBI from time to time.
4. Standard Terms of Service & Declarations
The consent of the client is taken on the following explicit understanding:
I / We are subscribing to the research services for our own benefit and consumption, and any reliance placed on the research report provided by the research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.
I / We understand that – (i) any investment made based on the recommendations in the research report is subject to market risk; (ii) recommendations in the research report do not provide any assurance of returns; (iii) there is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report."
Declaration of the Research Analyst
- Lokhandwala Raj Zahir is duly registered with SEBI as a Research Analyst pursuant to the SEBI (Research Analysts) Regulations, 2014. Registration number: INH000025452; registration date: 13/03/2026.
- The RA possesses the registration, capital adequacy, and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting.
- Research analyst services provided by the RA do not conflict with or violate any provision of law, rule, regulation, contract, or other instrument to which the RA is a party or to which any of the RA's property is or may be subject.
- The maximum fee that may be charged by the RA is ₹1,51,000 per annum per family of client (applicable to individual and HUF clients), exclusive of statutory charges.
- The recommendations provided by the RA do not provide any assurance of returns.
- The RA is an individual and is not engaged in any additional professional or business activity, on a whole-time basis or in an executive capacity, which interferes with/influences or has the potential to interfere with/influence the independence of the research reports and recommendations.
5. Consideration and Mode of Payment
The client shall duly pay to the RA the agreed fees for the services rendered and statutory charges (GST @ 18%), as applicable. Fees are payable through the authorized payment gateway on this website (banking channels: UPI, debit/credit cards, net banking) or through the optional Centralised Fee Collection Mechanism (CeFCoM) operated by BSE Limited.
Fees are never collected in cash. Current plans and fees are set out on the Fees, Refund & Cancellation page, which forms an integral part of these terms.
6. Risk Factors
Investment in securities is subject to market risks, including the possible loss of principal. Prices of equity shares are affected by company performance, industry conditions, interest rates, liquidity, political and regulatory developments, and global macroeconomic events. Past performance of any security, model portfolio, or the RA is not indicative of future results.
Small-cap and mid-cap securities, which 8848 Research frequently covers, can be illiquid and substantially more volatile than large-cap securities. Research is prepared from publicly available information believed to be reliable; its accuracy and completeness cannot be guaranteed. The client remains solely responsible for investment decisions, including position sizing, trade timing, and suitability to their own personal financial situation and goals.
7. Conflict of Interest
The RA shall adhere to all applicable regulations, circulars, and directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA or his relatives may hold positions in securities covered by the research; any financial interest, beneficial ownership of 1% or more, and any other material conflict in a recommended security is disclosed in the relevant research report.
The RA does not receive any compensation from the companies covered, does not act as a market maker, and does not provide distribution or trade execution services. For complete disclosures, see our Disclaimers & Disclosures page.
8. Termination of Service and Refund of Fees
The RA may suspend or terminate rendering of research services to the client on account of suspension/cancellation of registration of the RA by SEBI and shall refund the residual amount to the client. In case of suspension of the certificate of registration of the RA for more than 60 (sixty) days or cancellation of registration, the RA shall refund the fees on a pro-rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.
The client may terminate the subscription at any time; proportionate fees for the unexpired period shall be refunded pro-rata, and no breakage, cancellation, or processing fee shall be charged.
9. Grievance Redressal and Dispute Resolution
Any grievance related to (i) non-receipt of research report, (ii) missing pages or inability to download the entire report, or (iii) any other deficiency in the research services provided by the RA, shall be escalated promptly by the client to the designated person: Lokhandwala Raj Zahir, admin@8848invest.com, +91 97277 36063.
The RA shall resolve grievances within 7 (seven) business days or such timelines as specified by SEBI. Any dispute between the RA and the client may be resolved through arbitration or through any other modes specified by SEBI from time to time, including SEBI's SMART ODR portal (smartodr.in).
10. Additional Voluntary Clauses
All additional voluntary clauses added by the RA are not in contravention of rules/regulations/circulars of SEBI. Any change in such voluntary clauses/documents shall be preceded by a notice of 15 days to the client by email.
- (a) Proprietary Content & Non-Redistribution: Research reports and model portfolios are licensed exclusively for the personal, non-commercial use of the registered subscriber and may not be forwarded, reproduced, published, broadcast, or shared, including on social media, forums, or messaging channels; breach entitles the RA to terminate the subscription without refund of the unexpired period, to the extent permitted by SEBI.
- (b) Mode of Delivery: Reports are delivered through the members' area of 8848invest.com and by email to the registered address; it is the client's sole responsibility to keep their registered email current and accessible.
- (c) Research Distribution Nature: Research is prepared on a "one-to-many" basis and is not tailored to any individual client's financial circumstances; it does not constitute personalized investment advice under the SEBI (Investment Advisers) Regulations, 2013.
11. Mandatory Notice
Clients are requested to go through the Do's and Don'ts while dealing with a Research Analyst as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated 21 May 2024, or as may be specified by SEBI from time to time. These are reproduced on our Investor Charter page.
12. Most Important Terms and Conditions (MITC)
The MITC, as standardised by the Industry Standards Forum in consultation with SEBI and RAASB, is disclosed on our MITC page and forms an integral part of these terms.
13. Optional Centralised Fee Collection Mechanism (CeFCoM)
SEBI has introduced an optional Centralised Fee Collection Mechanism (CeFCoM) for payment of fees to Research Analysts, operated by BSE Limited. Clients who prefer to pay through CeFCoM can do so; please contact admin@8848invest.com for the RA's CeFCoM details.
14. Extent of Use of Artificial Intelligence Tools
The RA uses Artificial Intelligence (AI) tools (large language models) to assist with data collection, transcription of earnings calls, summarisation of public filings, and drafting; all analysis, conclusions, and recommendations are the RA's own and are thoroughly reviewed and verified by the RA before publication. The RA remains solely responsible for the security, confidentiality, and integrity of client data and for research services based on the output of AI tools.