In accordance to Regulation 24 (2) of the SEBI (Research Analyst) Regulations, 2014, we shall maintain the following the Code of Conduct:

1. Honesty and Good Faithn
We will act honestly and in good faith.

2. Diligence
We will act with due skill, care and diligence and will ensure that the research report is prepared after thorough analysis.

3. Conflict of Interest
We will effectively address conflict of interest which may affect the impartiality of research analysis and research report and will make appropriate disclosures to address the same.

4. Insider Trading or front running
We will not engage in insider trading or front running of our own research report.

5. Confidentiality
We will maintain confidentiality of report till the report is made public.

6. Professional Standard
We are engaged in research analysis and will observe high professional standard while preparing research report.

7. Compliance
We will comply with all regulatory requirements applicable to the conduct of its business activities.

8. Responsibility of senior management
We will bear primary responsibility of senior management for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.