• Honesty and Good Faith

Research analysts shall act honestly and in good faith.

• Responsibility of Management

The senior management of research analysts shall bear primary responsibility for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.

• Conflict of Interest

The research analyst shall effectively address conflicts of interest, which may affect the impartiality of their research analysis and research report, and shall make appropriate disclosures to address the same.

• Insider trading or front-running

The research analyst or their employees shall not engage in insider trading or front-running of their research report.

• Compliance

The research analyst shall comply with all regulatory requirements applicable to the conduct of its business activities.

• Confidentiality

The research analyst or their employees shall maintain the confidentiality of the report till the report is made public.

• Professional Standard

Research analysts or their employees engaged in research analysis shall observe high professional standards while preparing research reports.

• Diligence

The research analyst shall act with due skill, care, and diligence and shall ensure that the research report is prepared after thorough analysis.