I, Vinayak V Joshi, B.Com.,ACS,ACSI and a SEBI Registered Research Analyst under Registration No.INH000008330 (hereinafter referred as “Research Analyst”) author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. Research Analyst has no material adverse disciplinary history as on the date of publication of this report. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his relatives or Wealthemoji LLP do not have any financial interest in the subject company. Also Research Analyst or his relative or Wealthemoji LLP or its Associate do not have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or Wealthemoji LLP or its associate does not have any material conflict of interest. Research Analyst or his relatives or his clients or Wealthemoji LLP may be holding investments in the said securities from time to time.
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"Back-testing" is the application of a quantitative model to historical market data to generate hypothetical performance during a prior period. Use of back-tested data has inherent limitations including the following:
The results do not reflect the results of actual trading or the effect of material economic and market conditions on the decision-making process, but were achieved by means of retrospective application, which may have been designed with the benefit of hindsight
Calculation of such back-tested performance data is based on assumptions integral to the model which may or may not be testable and are therefore subject to losses.
Actual performance may differ significantly from back-tested performance. Back-tested results are not adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, do not include the effect of back-tested transaction costs.
Back-tested returns do not represent actual returns and should not be interpreted as an indication of such.
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Past performance does not guarantee future returns and performances of the portfolios created by the Wealthemoji are subject to market risk. Investments in the securities market are subject to market risks and investors should read all the related documents carefully before investing. Derivatives are sophisticated investment products. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.
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We and our associates, officers, partners, directors, and employees, Research Analyst (including relatives) may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) forming part of the products or reports created by the Wealthemoji or (b) may have other potential/material conflict of interest with respect to any company(ies) in various products or reports created by the Wealthemoji. Any such positions of conflict of interest will be appropriately disclosed and dealt with in accordance with applicable law.
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The analysts for various products or reports created by the Wealthemoji certify that all of the information /material therein accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to company(ies) in various products or reports created by the Wealthemoji. No part of this material may be duplicated in any form and/or redistributed without the prior written consent of the Wealthemoji.
The information provided in the Report is from publicly available data, which I believe is reliable. While reasonable endeavours have been made to present reliable data in the Report so far as it relates to current and historical information, Wealthemoji do not guarantee the accuracy or completeness of the data in the Report or analysis. Accordingly, Wealthemoji or Mr Vinayak Vilas Joshi or his relatives shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained, views and opinions expressed in this publication.
Mr. Vinayak Vilas Joshi (hereinafter referred as “Research Analyst”) has not served as an officer, director or employee of subject company(ies).
Research Analyst or its associates have not received any compensation from the subject company(ies) in the past twelve months.
Research Analyst or its associates have not managed or co-managed public offering of securities for the subject company(ies) in the past twelve months.
Research Analyst or its associates have not received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past twelve months.
Research Analyst or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past twelve months.
Research Analyst or its associates have not received compensation or other benefits from the subject company(ies) or third party in connection with the products or reports created by the Research Analyst.
Research Analyst or his relative's do not have financial interest in the subject company(ies).
The Research Analyst does not have financial interest in the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.
Research Analyst or its relatives or associates and other group companies, its directors, partners, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
Nature of financial interest is holding of equity shares or derivatives of the subject company - Research Analyst or its associates do not have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.
Research Analysts do not have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of sharing of products or reports created by the Research Analyst.
Vinayak Vilas Joshi
SEBI Registered Research Analyst No.INH000008330
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