Disclosure of Status of Compliance Audit Report
In accordance with Regulation 25(3) of the SEBI (Research Analysts) Regulations, 2014, and SEBI circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2025/004 dated January 08, 2025, the status of the latest compliance audit report is provided below:
| Financial Year | Audit Status | View Report |
|---|---|---|
| 2023-2024 | Complied | |
| 2024-2025 | Complied | |
| 2025-2026 | Complied, with one observation (see below) |
FY 2025-26: observation and action taken
- Auditor
- DSKK & Associates LLP, Chartered Accountants (FRN N500501), report dated 24 September 2026, for the period 1 April 2025 to 31 March 2026.
- Observation: Regulation 16(2), SEBI (Research Analysts) Regulations, 2014
- On a test check, the auditor found one instance in which a trade was made in a security covered by a research report within the period of thirty days before and five days after its publication. This was one trade out of 219 personal trades in the year.
- Action taken
- The instance is recorded as a deviation in the Personal Trading Register. A restricted-securities list is now generated automatically from the research report register, covering 30 days before to 5 days after each publication. Pre-clearance is required before every personal trade, and personal trades are reconciled every month against the report register. The Internal Policy on Personal Trading has been revised and approved. Action Taken Report dated 10 October 2026.