The purpose of this document is to disclose all material information about Anand Rawani, hereinafter referred as “Research Analyst” including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision.

1. Registration as Research Analyst
– Anand Rawani is registered with Securities and Exchange Board of India (SEBI) as a Part-time Research Analyst with registration number INH000022039.
– The Research Analyst is also enlisted with Bombay Stock Exchange with BSE enlistment number 6606.

2. Education and Brief Professional background
– Anand Rawani, CFA, is a Chartered Financial Analyst (CFA) charterholder accredited by the CFA Institute, USA.
– He commenced his career as a journalist with Outlook Money. Subsequently, he held research and editorial roles at Financial Chronicle, The Economic Times, and Bajaj Capital, building expertise in financial products, capital markets, and investor education.

3. Business Activity
– The Research Analyst publishes independent equity research and analysis on www.MoatLane.com, offering stock research reports, newsletters, and model portfolios. www.MoatLane.com is wholly owned by the Research Analyst.
– All research is based on publicly available information, third-party data, and proprietary analysis.
– The Research Analyst does not provide portfolio management, investment advisory, merchant banking, brokerage, or distribution services.

4. Other business activity and employment
– Anand Rawani is employed as Senior Analyst with Horizon Market Research Private Limited, a subsidiary of Teton Advisors, Inc. Teton Advisors, LLC and Keeley-Teton Advisors, LLC are wholly owned subsidiaries of Teton Advisors, Inc. In this role, he is responsible for leading the firm’s sustainability initiatives and risk management functions.
– He also serves as Director at VernoHR Tech Private Limited, providing oversight and advisory support on finance and accounting matters. He owns a 75% stake in VernoHR Tech Private Limited and the remaining 25% is owned by his family members.

5. Disciplinary History
No disciplinary action has been taken by SEBI or any other regulatory authority against the Research Analyst as of the date of this document.
6. Terms and Conditions of Research Services
– Research is offered to subscribers and clients on a paid basis, with fees disclosed in advance.
– Reports are for informational and educational purposes only; they are not investment advice or solicitation.
– Clients are encouraged to seek independent financial advice before acting on research opinions.
– No assurance or guarantee of investment returns is provided. Investor shall take note that investment in stocks or other securities is always subject to market risk. Past performance is never a guarantee of same future results.
– The Research Analyst will not provide any execution or distribution services.

7. Use of Artificial Intelligence
– The use of artificial intelligence (AI) tools, such as ChatGPT, Copilot, and Perplexity, is limited to supporting certain operational tasks, including drafting, rewriting, summarizing content, and enhancing communication.
– These tools are not used for investment idea generation, stock selection, or portfolio decision-making.
– All research, analysis, and recommendations are based on independent judgment, fundamental research, and analyst expertise.

8. Details of Associates
– No associates.

9. Ownership and Material Conflicts of Interest
a. The Research Analyst, associates, or relatives may have financial interests in companies covered in research reports. Any such interest will be disclosed in the respective research reports or public appearances.
b. The Research Analyst, associates, or relatives may hold 1% or more beneficial ownership of securities of subject companies. Such holdings will be disclosed in the relevant reports.
c. Any material conflict of interest at the time of research publication or appearance will be disclosed.

10. Compensation Disclosures for Research Reports
a. The Research Analyst or associates have not received compensation from a subject company in the past 12 months.
b. The Research Analyst or associates have not managed or co-managed public offerings of securities for subject companies in the past 12 months.
c. The Research Analyst or associates have not received compensation for investment banking, merchant banking, or brokerage services from subject companies.
d. The Research Analyst or associates have not received compensation for other products or services from subject companies.
e. The Research Analyst or associates have not received third-party compensation or benefits in connection with research.

11. Compensation Disclosures for Public Appearances
a. The Research Analyst or associates have not received compensation from subject companies in the past 12 months.
b. The subject company is or was not a client of the Research Analyst or associates during the preceding 12 months.

12. Other Disclosures
a. The Research Analyst have not served as an officer, director, or employee of a subject company.
b. The Research Analyst or associates have not engaged in market-making activity for a subject company.
c. Any other disclosures mandated by SEBI or future regulations will be provided as required.

13. Standard Warning
– Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

14. Disclaimer
– Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

15. Other Disclaimers
– The research services are independently offered by Anand Rawani in his capacity as a SEBI-registered Part-time Research Analyst (Registration No. INH000022039). They are not affiliated, associated, or endorsed by Teton Advisors, Inc., its affiliates, Keeley Teton Advisors, LLC, Teton Advisors, LLC, Horizon Market Research Private Limited, or VernoHR Tech Private Limited.
– The information and opinions in this research are based on sources believed to be reliable but are not guaranteed for accuracy or completeness.
– This material is for informational purposes only and does not constitute investment advice, solicitation, or recommendations.
– The Research Analyst and associates accept no liability for losses from use of this content.
– Investors should conduct their own research and seek professional advice before making investment decisions.

16. Contact Information

Research Analyst: Anand Rawani
SEBI Registration No.: INH000022039
Email: anandrawani@gmail.com
Website: www.MoatLane.com