Last Updated: October 1, 2025

These Terms & Conditions (“Terms”) govern the access to and use of research services provided by Anand Rawani, a SEBI-registered Part-time Research Analyst (Registration No. INH000022039) (“Research Analyst”, “we”, “us”, or “our”). By subscribing to, accessing, or using any of our services, you (“Subscriber” or “Client”) agree to be bound by these Terms.

1. Definitions
– Research Services: Includes research reports, newsletters, model portfolios, and any analytical content published by the Research Analyst.
– Subscriber/Client: Any individual or entity who subscribes to or uses the Research Services.
– Website: MoatLane.com, domain name owned by the Research Analyst.
– Reports: Research notes, analysis, model portfolios, and other publications issued by the Research Analyst.
– Subscription Period: The duration for which the subscription fee is paid.
– MITC: Most Important Terms & Conditions, a separate document summarizing key subscription terms.

2. Eligibility
– Subscribers must be at least 18 years old and competent to contract under law.
– Services are intended for personal use by individual investors, unless expressly authorized for institutional or corporate use.

3. Obligation on RA
– RA and client shall be bound by SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of the Government, as may be in force, from time to time.

4. Client Information and KYC
– The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by RAASB/SEBI from time to time. RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

5. Nature of Services
– Research Services are general investment research and not personalized investment advice tailored to your objectives, risk profile, or financial situation.
– The Research Analyst is not a portfolio manager, broker, or investment advisor and does not execute trades on your behalf.
– Research is based on publicly available information and internal analysis; accuracy or completeness is not guaranteed.

6. Risk Disclosure
– Investments in securities are subject to market risks, economic conditions, and other uncertainties.
– Past performance is not indicative of future results.
– Subscribers are solely responsible for their investment decisions and the associated outcomes.
– The Research Analyst, and associated entities are not liable for investment losses resulting from the use of the research.

7. Subscription, Fees, and Renewal
– Subscription fees are payable in advance and may cover a period of up to one year, as permitted under SEBI regulations.
– Fees are non-refundable and non-transferable.
– Subscription expires at the end of the paid period; renewal is required to continue access.
– The Research Analyst may revise fees periodically with notice; continued use constitutes acceptance.

8. Refund & Cancellation Policy
– The Research Analyst follows a zero-refund policy for all subscriptions.
– Upon cancellation, access to reports already published will continue until the end of the subscription period; no further reports will be issued.

9. Intellectual Property Rights
– All research reports, newsletters, graphics, model portfolios, and website content are the exclusive property of the Research Analyst.
– Unauthorized copying, redistribution, resale, or commercial use is strictly prohibited.

10. Subscriber Obligations
– Subscribers must not share login credentials or redistribute paid content.
– Any misuse or breach of these Terms may lead to suspension or termination of the subscription without refund.
– Subscribers confirm they have read the disclaimer and understand that research is for informational purposes only.

11. Electronic Delivery & Access
– Research reports are delivered electronically via email or secure web portal.
– Subscribers are responsible for maintaining access, including internet connectivity and device compatibility.
– Technical failures or access issues do not entitle subscribers to refunds.

12. Disclosures & Conflicts of Interest
– The Research Analyst may hold positions in securities mentioned in reports; all holdings and conflicts are disclosed in each report as required under SEBI Regulations.
– Subscribers are encouraged to review disclosures before making investment decisions.

13. Recordkeeping
– All communications, subscription records, and research reports are maintained for at least five years, in compliance with SEBI RA Regulations.

14. Data Privacy
– Subscriber information is handled in accordance with the Privacy Policy.
– Data may be used to provide research services and for regulatory compliance but is not shared with third parties except as required by law.

15. Limitation of Liability
The Research Analyst shall not be liable for:
– Losses arising from investment decisions based on research.
– Technical failures, website downtime, or interruptions.
– Delays or errors in communication or reporting.
– Liability is limited to the subscription fee paid.

16. Grievance Redressal
– Refer to “Grievance Redressal Mechanism” separately provided in our website.
– Subscribers can raise grievances via: Email: anandrawani@gmail.com | Phone: +91 9873 88 7775.
– Grievances will be acknowledged within 7 working days and resolved within 30 days.
– Unresolved complaints may be escalated to SEBI SCORES platform https://scores.sebi.gov.in/ or SEBI ODR Portal: https://smartodr.in.

17. Third-Party Links
– The website may contain links to third-party content.
– The Research Analyst is not responsible for the accuracy, reliability, or legality of external content.

18. Force Majeure
– The Research Analyst is not liable for failure or delay in performance due to causes beyond reasonable control, including natural disasters, internet outages, power failures, or government actions.

19. MITC
– A separate Most Important Terms & Conditions (MITC) document is available and forms an integral part of these Terms. Subscribers are advised to read it before subscribing.

20. Termination of Services
– The Research Analyst may terminate subscriptions for misuse, regulatory violations, or breach of Terms.
– No refund will be issued on termination.

21. Modification of Terms
– The Research Analyst may amend these Terms at any time.
– Material changes will be notified to subscribers via email; updated Terms will also be published on the website and take effect immediately.
– Continued use constitutes acceptance of the changes.

22. Accessibility & Technical Requirements
– Subscribers must ensure compatible devices, browsers, and internet connectivity to access research reports and website content.

23. Governing Law & Jurisdiction
– These Terms are governed by the laws of India.
– All disputes shall be subject to the exclusive jurisdiction of courts in Ghaziabad, Uttar Pradesh, and proceedings will be conducted in English.

24. Standard Disclaimer
– 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., Keeley Teton Advisors, LLC, Teton Advisors, LLC, Horizon Market Research Private Limited, or VernoHR Tech Private Limited.
– Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.
– Investments 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.