Most Important Terms and Conditions (MITC)
Forming part of the Terms and Conditions for providing Research Services
Firm Details
Raya Capital
Proprietor: Rahul Pahuja
SEBI Registration No.: INH000029467
Registered Office: H-213, Sector-63, Noida – 201301
Email: rayacapital06@gmail.com
Contact No.: 9910117573
REGULATORY REFERENCE
“Prescribed for Research Analysts under SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated February 17, 2025, read with applicable subsequent SEBI circulars and the SEBI Master Circular for Research Analysts.”
Last Updated: October 2023
1. No Trade Execution by the Research Analyst
“These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.”
Raya Capital does not execute trades on behalf of clients.
2. Fee Limit
“The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).”
Current Fee Limit
₹1,51,000
per annum per family of client
for all research services of the RA
Important Notes
- • The fee limit does not include statutory charges.
- • The fee limits do not apply to a non-individual client / accredited investor.
Please note: The applicable regulatory limit may be revised by SEBI / RAASB from time to time.
3. Advance Fees and Refund
“RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.”
Advance Fees
Max: One Year
Termination
Proportionate Refund
4. Mode of Payment
“Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed.”
Permitted
- Bank Transfer
- UPI
- Cheque
- Traceable Modes
Not Permitted
- Cash Payments
CeFCoM: Optional payment mechanism managed by BSE Limited (RAASB).
5. Conflict of Interest
“The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest.”
View Conflict of Interest Policy6. No Assured / Guaranteed Returns
“Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.”
No Assured / Guaranteed / Fixed Return Schemes
7. No Guarantee of Returns or Accuracy
“The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services.”
Research is not a guarantee of returns, profits, accuracy or risk-free investment.
8. Market Risk
Investments in securities market are subject to market risks.
“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.”
“Investors are responsible for their own investment decisions and should independently assess the conclusions contained in research reports.”
9. SEBI Registration / RAASB / NISM Disclaimer
SEBI Registration
Does not guarantee performance or returns.
RAASB Enlistment
Does not guarantee performance or returns.
NISM Certification
Does not guarantee performance or returns.
10. Grievance Redressal
Contact Raya Capital
“Clients should first contact the RA using the details available on the website.”
Rahul Pahuja (Principal Officer)
Email: rayacapital06@gmail.com
Contact: 9910117573
Address: H-213, Sector-63, Noida – 201301
SEBI SCORES
“If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform.”
Visit SEBI SCORESOnline Dispute Resolution
“The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal.”
Visit Smart ODR11. Keeping Client Information Updated
“Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.”
Keep Updated:
- • Email Address
- • Mobile Number
- • Other relevant client information
12. Security Warning
Never Share Your Login Credentials or OTPs
“The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account Demat Account and Bank Account. Never share such information with anyone including RA.”
NEVER SHARE:
Trading/Demat Login • Bank Credentials • OTPs • Passwords
Raya Capital will never ask clients to share such credentials or OTPs.
13. Client Consent
“These Most Important Terms and Conditions form part of the Terms and Conditions for providing research services.”
Clients are required to read and understand these terms before availing research services and provide consent in accordance with the applicable regulatory framework.
View Complete Terms & ConditionsBefore You Subscribe
Please read the complete Terms & Conditions, MITC, Investor Charter and Risk Disclosure before subscribing to research services.