This term of sale governs the sale and subscription of Motilal Oswal Financial Services Ltd
(MOFSL) Research360 subscription plans (R360).
In addition to this Terms of Sale, by subscribing to this TnC and using it, you also agree to
MOFSL
Terms of Use, Disclaimer, Privacy Policy and the Cookie Policy (Collectively referred to
as ‘R360 Terms’).
MOFSL may change these R360 Terms at any time. Your continued use of R360 or other products of
MOFSL means that you accept any new or modified R360 Terms that MOFSL come up with. Please re-visit the
`Terms of Use' link at MOFSL website from time to time to stay abreast of any changes that MOFSL may
introduce.
1. R360
By subscribing to R360, you will gain access to:
Research report of Motilal Oswal Financial Services Limited
and much more for a duration, as stated in the respective R360 plan opted by you.
2. Subscription
Auto-Renewal Subscription: Unless you opt-out of auto-renewal or cancel your subscription,
which can be done through your account setting research360@motilaloswal.com, R360 subscription
will be automatically extended for successive renewal periods of the same duration as the subscription
term originally selected, at the then-current non-promotional rate. You will not receive a notice from
us that your promotional period has ended or that your subscription has auto-renewed.
Differing Subscriptions/Promotions. MOFSL may offer a number of types of subscriptions and
special promotions. Any materially different terms from those described in this R360 Terms will be
disclosed at the time of purchase or in other communications made available to you. MOFSL reserve the
right to change or terminate any offered subscriptions/plans or promotions at any time.
3. Payment
Billing. You can pay for your subscription with the payment instrument accepted by payment
gateway/processor (‘’Payment Processors’) appointed by MOFSL . The processing of payments will be
subject to the terms, conditions and privacy policies of the Payment Processor in addition to these R360
Terms. MOFSL is not responsible for error by the Payment Processor. By choosing R360 Terms, you agree to
pay MOFSL , through the Payment Processor, all charges at the prices then in effect for any use of R360
including for Auto -Renewals in accordance with the applicable payment terms and you authorize MOFSL ,
through the Payment Processor, to charge your chosen payment provider (your “Payment Method”). You agree
to make payment using that selected Payment Method. MOFSL reserve the right to correct any errors or
mistakes that the Payment Processor makes even if it has already requested or received payment. If your
payment is unsuccessful by reason of insufficient funds, expiration, or otherwise, you remain
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Payment Method. The terms of your payment will be based on your Payment Method and may be
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from you, you agree to pay all amounts due on your billing account upon demand.
Recurring Billing. By placing an order for a subscription, you authorize MOFSL to charge
you the subscription fee then in effect at the beginning of each billing period, plus applicable taxes,
to your Payment Method. You acknowledge that the amount charged each billing period may vary for reasons
that may include price changes, changing your subscription, or changes in applicable taxes, and you
authorize us to charge your Payment Method for such varying amount each billing period. Applicable taxes
may vary. For example, you authorize us to charge your Payment Method the promotional rate disclosed on
the subscription screen in the initial billing period (if applicable) and the regular subscription rate
in subsequent billing periods, each with applicable taxes. MOFSL automatically bill your Payment Method
on the first day of each billing period. MOFSL reserve the right to change the timing of MOFSL billing,
in particular, in the event your Payment Method has not successfully settled.
Current Information Required. You must provide current, complete and accurate information
for your billing account. You must promptly notify us or our payment processor if your payment method is
cancelled (e.g., for loss or theft) or if you become aware of a potential breach of security, such as
the unauthorized disclosure or use of your user name or password. Changes to such information can be
made in your account settings. If you fail to provide any of the foregoing information, you agree that
MOFSL may continue charging you for any use of R360 under your billing account unless you have cancelled
your R360 subscription.
Price Changes. MOFSL reserve the right to charge subscription fees for any of ITS
subscriptions at any time. MOFSL will notify you of any changes if the regular fee for your subscription
changes from what was stated at the time of your initial order. You will have an opportunity to cancel
your subscription at that time. If you do not cancel your subscription, you will be charged the new
subscription fee at your next billing period.
Billing Period. MOFSL will charge the subscription fee at the commencement of your
subscription or, if applicable, at the end of your free trial period (if any), and automatically on the
first calendar day of each billing period thereafter unless and until your subscription is cancelled.
4. Cancellations and Refunds
Cancellations. You can cancel your subscription at any time by writing email to
research360@motilaloswal.com__. You must cancel your subscription at least 5 (five) Business working
days before it renews each billing period to avoid billing of the next billing period’s subscription
fees to your Payment Method. Accordingly, when you cancel, you cancel only future charges associated
with your subscription, and you will not receive a refund for the current billing period. Your
cancellation will become effective at the end of your current billing period, and you will continue to
have access to your subscription for the balance of the billing period.
Refunds. Payments are non-refundable, and there are no refunds or credits for partially
used billing periods.
Disclosure and Consent. By purchasing a R360 subscription and/or clicking on the box at
subscription account / account opening, you consent to receive notices, disclosures, agreements,
policies, receipts, confirmations, transaction information, account information, other communications,
and changes or updates to any such documents electronically (collectively, the “Electronic
Communications”). MOFSL will provide these Electronic Communications to your “My Account” page, and/or
emailing them to your primary email address associated with your R360 subscription.
By accessing the subscription services of Research 360 offered, you agree to the
following terms and conditions regarding the submission and processing of your KYC (Know Your Customer)
documentation. You expressly authorize us to submit the KYC documents provided by you to the designated
KYC Registration Agency (KRA) for the purpose of verifying your identity and ensuring compliance with
applicable regulatory requirements. The KYC documentation is collected to verify your identity and
adhere to legal and regulatory obligations. You confirm that all information and documents provided are
accurate, authentic, and up-to-date, and acknowledge that any misrepresentation or submission of false
documents may result in the termination of your access to the subscription services.
We reserve the right to deny access to subscription services if the KYC documentation
provided is incomplete, inaccurate, or unverifiable. This process is conducted to comply with the
applicable legal and regulatory framework, and your cooperation and consent are essential for fulfilling
these obligations. By proceeding with the subscription services, you acknowledge that you have read,
understood, and agreed to these terms and conditions.
6. Investor Charter in respect of Research Analyst (RA)
Vision and Mission Statements for investors.
Vision
Invest with knowledge & safety.
Mission
Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.
Details of business transacted by the Research Analyst with respect to the investors
To publish research report based on the research activities of the RA
To provide an independent unbiased view on securities.
To offer unbiased recommendation, disclosing the financial interests in recommended securities.
To provide research recommendation, based on analysis of publicly available information and known observations.
To conduct audit annually
To ensure that all advertisements are in adherence to the provisions of the Advertisement Code for Research Analysts.
To maintain records of interactions, with all clients including prospective clients (prior to onboarding), where any conversation related to the research services has taken place.
Details of services provided to investors (No Indicative Timelines)
Onboarding of Clients
Sharing of terms and conditions of research services
Completing KYC of fee paying clients
Disclosure to Clients:
To disclose, information that is material for the client to make an informed decision, including details of its business activity, disciplinary history, the terms and conditions of research services, details of associates, risks and conflicts of interest, if any
To disclose the extent of use of Artificial Intelligence tools in providing research services
To disclose, while distributing a third party research report, any material conflict of interest of such third party research provider or provide web address that directs a recipient to the relevant disclosures
To disclose any conflict of interest of the activities of providing research services with other activities of the research analyst.
To distribute research reports and recommendations to the clients without discrimination.
To maintain confidentiality w.r.t publication of the research report until made available in the public domain.
To respect data privacy rights of clients and take measures to protect unauthorized use of their confidential information.
To disclose the timelines for the services provided by the research analyst to clients and ensure adherence to the said timelines.
To provide clear guidance and adequate caution notice to clients when providing recommendations for dealing in complex and high-risk financial products/services.
To treat all clients with honesty and integrity.
To ensure confidentiality of information shared by clients unless such information is required to be provided in furtherance of discharging legal obligations or a client has provided specific consent to share such information.
Details of grievance redressal mechanism and how to access it
Investor can lodge complaint/grievance against Research Analyst in the following ways:
Mode of filing the complaint with research analyst
In case of any grievance / complaint, an investor may approach the concerned Research Analyst who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
Mode of filing the complaint on SCORES or with Research Analyst Administration and Supervisory Body (RAASB)
i. SCORES 2.0 (a web based centralized grievance redressal system of SEBI for facilitating effective grievance redressal in time-bound manner)
(https://scores.sebi.gov.in)
Two level review for complaint/grievance against Research Analyst:
First review done by designated body (RAASB)
Second review done by SEBI
ii. Email to designated email ID of RAASB
If the Investor is not satisfied with the resolution provided by the Market Participants, then the Investor has the option to file the complaint/ grievance on SMARTODR platform for its resolution through online conciliation or arbitration.
With regard to physical complaints, investors may send their complaints to: Office of Investor Assistance and Education,
Securities and Exchange Board of India,
SEBI Bhavan, Plot No. C4-A, 'G' Block,
Bandra-Kurla Complex, Bandra (E), Mumbai-400 051
Rights of investors
Right to Privacy and Confidentiality
Right to Transparent Practices
Right to fair and Equitable Treatment
Right to Adequate Information
Right to Initial and Continuing Disclosure
Right to receive information about all the statutory and regulatory disclosures
Right to Fair & True Advertisement
Right to Awareness about Service Parameters and Turnaround Times
Right to be informed of the timelines for each service
Right to be Heard and Satisfactory Grievance Redressal
Right to have timely redressal
Right to Exit from Financial product or service in accordance with the terms and conditions agreed with the research analyst
Right to receive clear guidance and caution notice when dealing in Complex and High-Risk Financial Products and Services
Additional Rights to vulnerable consumers
Right to get access to services in a suitable manner even if differently abled
Right to provide feedback on the financial products and services used
Right against coercive, unfair, and one-sided clauses in financial agreements
Expectations from Investors (Responsibilities of Investors)
Do’s
Always deal with SEBI registered Research Analyst.
Ensure that the Research Analyst has a valid registration certificate.
Always pay attention towards disclosures made in the research reports before investing.
Pay your Research Analyst through banking channels only and maintain duly signed receipts mentioning the details of your payments. You may make payment of fees through Centralized Fee Collection Mechanism (CeFCoM) of RAASB if research analyst has opted for the mechanism. (Applicable for fee paying clients only)
Before buying/ selling securities or applying in public offer, check for the research recommendation provided by your Research Analyst.
Ask all relevant questions and clear your doubts with your Research Analyst before acting on the recommendation.
Seek clarifications and guidance on research recommendations from your Research Analyst, especially if it involves complex and high risk financial products and services.
Always be aware that you have the right to stop availing the service of a Research Analyst as per the terms of service agreed between you and your Research Analyst.
Always be aware that you have the right to provide feedback to your Research Analyst in respect of the services received.
Always be aware that you will not be bound by any clause, prescribed by the research analyst, which is contravening any regulatory provisions.
Inform SEBI about Research Analyst offering assured or guaranteed returns.
Don’ts
Do not provide funds for investment to the Research Analyst.
Don’t fall prey to luring advertisements or market rumors.
Do not get attracted to limited period discount or other incentive, gifts, etc.
offered by Research Analyst.
Do not share login credential and password of your trading, demat or bank accounts with the Research Analyst.
