Disclosure

1. Ownership Disclosures

Ikashi Fintech Private Limited, its directors, and its research analysts do not hold any financial interest or beneficial ownership in the securities covered in our research reports at the time of publication.

If any analyst holds a position in a security they cover, such ownership will be explicitly disclosed in the respective report.

2. Compensation Disclosures

Ikashi does not receive any form of compensation from the companies we cover, including but not limited to:

• Fees
• Commissions
• Consulting payments
• Advertising
• Equity or stock options

Our revenue is generated solely from client subscriptions, not from covered companies.

Ikashi does not have:

• Investment banking relationships
• Merchant banking engagements
• Arrangements involving underwriting or distribution of securities

Analyst compensation is not linked to:

• Any specific recommendation
• Trading volume
• Market performance of covered companies

3. Conflict of Interest Policy

Ikashi maintains robust internal policies to prevent, identify, and manage conflicts of interest.

Analysts must disclose any personal, financial, or professional conflict before issuing research.

We do not accept gifts, hospitality, or any form of benefits from companies we cover.

Research activities are conducted independently, without influence from:

• External entities
• Subscribers
• Covered companies
• Business teams or affiliates

Analysts' access to confidential information is strictly controlled, and all staff members adhere to SEBI-mandated Codes of Conduct.

4. Research Methodology

Our research is based entirely on publicly available information, including annual reports, regulatory filings, investor presentations, and reputable data providers.

We follow standardized and widely accepted financial methodologies such as:

• Fundamental analysis
• DCF models
• Comparative valuation
• Industry benchmarking

Every research report clearly outlines:

• Key assumptions
• Sources of information
• Analytical approach used

Our research opinions reflect the independent and unbiased judgment of our analysts.

5. Distribution Policy

All research reports are distributed simultaneously to all subscribers.

We do not offer selective dissemination, early access, or preferential treatment to any client or partner.

Research is delivered only via:

• Our secure website portal, and
• Registered subscriber email addresses

Unauthorized sharing is a violation of SEBI guidelines and may lead to immediate termination of access.