This Research Analyst Services Agreement sets out the contractual terms governing the provision of research services by CandleSignals, the research services brand of B-CUBE Consulting Private Limited, to its clients.The same substantive document is presented through the CandleSignals eKYC and onboarding portal for electronic review and acceptance.
Estimated reading time: 20–25 minutes
| Particular | Details |
|---|---|
| Document | Research Analyst Services Agreement |
| Version | 1.0 |
| Effective Date | 1st July 2026 |
| Last Reviewed | 21 July 2026 |
| Applicable To | All clients availing research services |
| Regulatory Framework | SEBI (Research Analysts) Regulations, 2014 |
Access all regulatory disclosures, investor information, grievance mechanisms, statutory policies and accessibility documents published by CandleSignals.
For the purposes of this Agreement, unless the context otherwise requires:
Means this Research Analyst Services Agreement, including all schedules, annexures, amendments, updates, modifications, and documents incorporated by reference from time to time.
Means all applicable laws, rules, regulations, circulars, notifications, directions, guidelines, and regulatory requirements issued by SEBI, RAASB, governmental authorities, courts, tribunals, or other competent authorities.
Means any individual, HUF, company, LLP, partnership firm, trust, society, association, body corporate, or other entity availing Research Analyst Services from the Research Analyst.
Means B-CUBE Consulting Private Limited, a company incorporated under the Companies Act, 2013 and registered with SEBI as a Research Analyst under Registration No. INH000027016.
Means research-related services permitted under applicable laws and regulations, including research reports, investment recommendations, market analysis, technical analysis, fundamental analysis, model portfolios, investment ideas, educational content, and other permissible services.
Means any research recommendation, investment opinion, market view, investment idea, model portfolio, report, alert, communication, analysis, or research publication issued by the Research Analyst.
Means the Securities and Exchange Board of India.
Means the Research Analyst Administration and Supervisory Body recognized by SEBI.
Means a KYC Registration Agency registered with SEBI.
Means a KYC Registration Agency registered with SEBI.
Means the Client’s enrollment for one or more Research Services offered by the Research Analyst.
Means the validity period of a Subscription purchased by the Client.
Means a day on which banks and securities markets are ordinarily open for business in India.
Means communication through email, website, client portal, mobile application, messaging platform, SMS, or any other electronic mode.
Means all proprietary, confidential, non-public, business, commercial, research, operational, technical, or client-related information belonging to either Party.
Means any event beyond the reasonable control of a Party including natural disasters, war, terrorism, cyber incidents, governmental actions, telecommunications failures, power failures, pandemics, epidemics, civil disturbances, or other extraordinary events.
Means the Risk Disclosure Document accepted by the Client.
Means the Most Important Terms and Conditions accepted by the Client.
Means the Fee Policy issued by the Research Analyst and accepted by the Client, as amended from time to time.
Means the DPDP Consent & Privacy Notice issued by the Research Analyst and accepted by the Client.
2.1 The Research Analyst is registered with SEBI under Registration No. INH000027016 and is authorized to provide Research Analyst Services in accordance with applicable laws and regulations.
2.2 The Client acknowledges that registration granted by SEBI, certification from NISM, enlistment with RAASB, or any other recognition does not guarantee performance, assure returns, or indicate regulatory endorsement of any recommendation.
2.3 The Research Analyst shall comply with applicable laws and regulations governing Research Analyst activities.
2.4 The Client agrees to comply with obligations applicable to clients availing Research Analyst Services.
2.5 Applicable laws, regulations, circulars, directions, and guidelines may change from time to time, and such changes shall automatically apply to this Agreement to the extent required.
3.1 The Research Analyst may provide one or more of the following services:
3.2 Research recommendations represent professional opinions based on information available at the time of issuance and shall not be construed as guarantees of future performance or returns.
3.3 The Research Analyst shall not:
3.4 All investment and trading decisions shall remain solely with the Client.
3.5 Research Services may be delivered through electronic platforms, websites, mobile applications, client portals, messaging platforms, email, or other lawful communication channels.
4.1 The Client shall complete onboarding requirements prescribed by the Research Analyst prior to commencement of services.
The Client shall furnish such information, declarations, consents, and supporting documentation as may be prescribed in the Client Onboarding & KYC Form and as may be required under applicable laws, regulations, circulars, directions, and internal compliance requirements of the Research Analyst.
The Client represents and warrants that all information provided is true, complete, accurate, current, and not misleading.
The Client shall promptly notify the Research Analyst of any material change in information previously furnished.
The Research Analyst may conduct KYC verification, re-KYC, periodic reviews, due diligence exercises, and other compliance checks as required under applicable regulations.
The Research Analyst may suspend, restrict, or discontinue services if:
The Client authorizes verification of information provided during onboarding.
The Client acknowledges that such verification may be carried out directly or through:
The Client acknowledges that the Research Analyst may undertake such verification, due diligence, beneficial ownership verification, KYC validation, and compliance checks as may be required under applicable laws, regulations, SEBI circulars, regulatory directions, or internal compliance policies.
The Client agrees to provide such additional information, declarations, confirmations, or supporting documents as may reasonably be required for compliance purposes.
The Research Analyst reserves the right to reject onboarding applications, suspend onboarding, or decline services in accordance with applicable laws, regulatory requirements, internal compliance policies, risk management considerations, or other lawful business reasons.
Research Services shall commence only after:
The Research Analyst may offer different subscription plans, products, and service packages from time to time.
Fees shall be charged strictly in accordance with applicable laws, SEBI regulations, circulars, and directions.
The Research Analyst shall comply with fee limits, charging restrictions, advance fee restrictions, family-level fee limits (where applicable), and other regulatory requirements prescribed from time to time.
Applicable taxes, duties, levies, and statutory charges shall be payable by the Client in addition to subscription fees.
Payments shall be made only through officially designated payment channels communicated by the Research Analyst.
The Research Analyst shall not be responsible for payments made to unauthorized persons, fraudulent accounts, fake payment links, unofficial payment channels, or third parties not officially designated by the Research Analyst.
The Research Analyst may issue invoices, receipts, payment confirmations, tax invoices, or other acknowledgements electronically.
Where required under applicable regulations, the Client shall provide such information, declarations, confirmations, and updates as may be required for compliance with applicable fee-related regulatory requirements prescribed by SEBI from time to time.
The Research Analyst may revise fees prospectively for future subscriptions, renewals, or newly introduced services.
Any change in applicable regulations affecting fees shall automatically apply to this Agreement.
Where services are terminated before expiry of the Subscription Period, refunds shall be governed by applicable regulations and this Agreement.
The Client shall be entitled to a proportionate refund for the unexpired portion of the Subscription Period, subject to applicable regulations.
No breakage charges shall be levied.
Eligible refunds shall be processed within a reasonable period after verification and completion of applicable formalities.
Where the registration of the Research Analyst is suspended, cancelled, surrendered, or otherwise becomes inoperative in circumstances requiring discontinuation of services, refunds shall be provided in accordance with applicable laws and regulatory requirements.
Taxes, statutory levies, payment gateway charges, or similar charges already remitted to third parties may not be refundable unless required by law.
Refunds shall not be claimed solely because:
In the event of any inconsistency between:
the order of precedence shall be:
7.1 The Client represents and warrants that all information provided to the Research Analyst is true, accurate, complete, current, and not misleading.
7.2 The Client represents that he/she/it possesses the legal capacity, authority, competence, and eligibility required to enter into this Agreement and avail Research Services.
7.3 Where the Client is a non-individual entity, the person executing this Agreement represents and warrants that he/she is duly authorized to bind such entity.
7.4 The Client acknowledges that the Research Analyst has relied upon information furnished by the Client while providing Research Services.
7.5 The Client shall promptly notify the Research Analyst of any material change in circumstances that may affect the Client’s eligibility, suitability, regulatory status, onboarding information, or ability to avail Research Services.
7.6 The Client shall ensure that Research Services are utilized solely for lawful purposes and in compliance with applicable laws and regulations.
8.1 The Client shall exercise independent judgment before acting upon any research recommendation.
8.2 The Client shall independently evaluate the suitability of any recommendation having regard to:
8.3 The Client shall remain solely responsible for all investment, trading, allocation, execution, and portfolio decisions.
8.4 The Client shall independently verify information wherever considered necessary before making investment decisions.
8.5 The Client shall not rely upon any recommendation as a guarantee, assurance, promise, or commitment regarding future performance or returns.
8.6 The Client acknowledges that Research Services are intended solely for informational and research purposes and shall not be construed as personalized investment advice unless specifically permitted under applicable regulations.
8.7 The Client shall be responsible for evaluating legal, tax, accounting, and financial consequences arising from investment decisions.
9.1 Research recommendations represent the professional opinion of the Research Analyst based upon information available at the time of issuance.
9.2 Research recommendations may be revised, modified, updated, withdrawn, suspended, or discontinued without prior notice due to:
9.3 Unless required under applicable regulations, the Research Analyst shall not be obligated to continuously monitor, update, revise, or reissue recommendations.
9.4 Recommendations are not personalized investment advice and may not be suitable for every Client.
9.5 The same recommendation may produce different outcomes for different investors depending upon:
9.6 Research recommendations are based upon publicly available information, information believed to be reliable, analytical models, professional judgment, and other sources considered appropriate by the Research Analyst.
10.1 Any model portfolio, sample portfolio, investment strategy, illustration, allocation model, case study, simulation, hypothetical performance, educational example, or back-tested result is provided solely for informational and educational purposes.
10.2 Such materials do not constitute:
10.3 Actual investment outcomes may differ significantly from model portfolio performance due to:
Other factors.
10.4 Historical performance, hypothetical returns, simulated performance, educational illustrations, and back-tested results shall not be construed as indicators of future performance.
10.5 The Client acknowledges that model portfolios and illustrative strategies are intended to demonstrate concepts and research views and may not reflect actual investment outcomes.
11.1 Research Services may be delivered through one or more communication channels designated by the Research Analyst from time to time.
11.2 The Research Analyst may provide:
11.3 The Client acknowledges that delivery of communications may be affected by:
11.4 The Research Analyst shall not be liable for losses arising solely from delayed receipt, non-receipt, interruption, transmission failure, or communication disruption beyond its reasonable control.
11.5 The Client is responsible for maintaining valid and operational communication channels registered with the Research Analyst.
12.1 The Research Analyst shall disclose actual or potential conflicts of interest in accordance with applicable laws and regulations.
12.2 The Client acknowledges that:
may from time to time hold positions in securities that are the subject matter of research reports or recommendations, subject to applicable regulatory restrictions.
12.3 The Research Analyst shall maintain policies and procedures designed to identify, manage, mitigate, and disclose conflicts of interest as required under applicable regulations.
12.4 The existence of a disclosed conflict shall not by itself invalidate a research recommendation.
12.5 All conflict-related disclosures required under applicable regulations shall form part of the relevant research communication, wherever applicable.
13.1 Research recommendations are opinions and not guarantees.
13.2 The Research Analyst does not guarantee:
13.3 The Client acknowledges that investments in securities markets are subject to market risks and may result in partial or complete loss of capital.
13.4 Historical performance, hypothetical performance, simulated results, educational illustrations, and back-tested results may differ materially from future actual performance.
13.5 No representation or warranty is made regarding the accuracy, completeness, adequacy, reliability, or timeliness of information obtained from third-party sources.
13.6 Market conditions may change rapidly and research views may become outdated without notice.
13.7 The Research Analyst shall not be responsible for investment decisions taken by the Client based upon independent interpretation of research communications.
14.1 The Client shall not rely exclusively upon any single research report, recommendation, model portfolio, alert, communication, or market view while making investment decisions.
14.2 The Client is encouraged to seek independent professional advice, including legal, tax, accounting, financial, or other professional advice wherever appropriate.
14.3 No recommendation shall be construed as a solicitation to engage in unlawful, speculative, inappropriate, or prohibited investment activity.
14.4 Nothing contained in any recommendation shall be construed as a guarantee, promise, assurance, or commitment regarding future investment outcomes.
14.5 The Client acknowledges that investment decisions should be based upon independent evaluation of all relevant facts and circumstances.
Each Party acknowledges that during the course of the relationship established under this Agreement, it may receive, access, or become aware of Confidential Information belonging to the other Party.
Confidential Information includes, without limitation:
Each Party shall:
The Research Analyst may disclose Confidential Information where required:
Confidential Information shall not include information which:
The confidentiality obligations contained herein shall survive suspension, termination, expiry, or discontinuation of this Agreement.
Collection, processing, storage, sharing, retention, protection, and use of personal information shall be governed by the DPDP Consent & Privacy Notice accepted by the Client and applicable laws.
All intellectual property rights relating to:
shall remain the exclusive property of the Research Analyst or its licensors.
The Client is granted a limited, non-exclusive, non-transferable, revocable license to access and use Research Services solely for personal use or internal business use, as applicable.
The Client shall not, without prior written consent of the Research Analyst:
from Research Services or proprietary materials.
Nothing contained in this Agreement shall transfer ownership of intellectual property rights to the Client.
The Client shall not distribute, forward, publish, circulate, post, upload, broadcast, or otherwise disseminate Research Services to any third party for commercial or non-commercial purposes without prior written consent of the Research Analyst.
The Client shall not:
To the maximum extent permitted by applicable law, the Research Analyst shall not be liable for:
The Client acknowledges that investment outcomes depend upon multiple factors beyond the control of the Research Analyst.
Accordingly, the Research Analyst shall not be liable for losses arising from:
The Research Analyst shall not be responsible for losses arising from:
To the extent permitted by applicable law, the aggregate liability of the Research Analyst arising out of or relating to this Agreement shall not exceed the total fees actually paid by the Client to the Research Analyst during the twelve (12) months immediately preceding the event giving rise to the claim.
Nothing contained in this Agreement shall exclude, limit, or restrict any liability that cannot legally be excluded, limited, or restricted under applicable law.
The Client agrees to indemnify, defend, and hold harmless the Research Analyst, its directors, officers, employees, consultants, agents, affiliates, and representatives against losses, liabilities, claims, damages, costs, penalties, expenses, or legal fees arising from:
The indemnity obligations shall survive termination, expiry, suspension, or discontinuation of this Agreement.
The Research Analyst shall provide reasonable notice of indemnifiable claims, and the Client shall reasonably cooperate in defending, settling, or resolving such claims.
Neither Party shall be liable for failure or delay in performance caused by events beyond its reasonable control, including:
Performance obligations affected by a Force Majeure Event shall remain suspended for the duration of such event.
The affected Party shall make reasonable efforts to mitigate the impact of the Force Majeure Event and resume performance as soon as reasonably practicable.
Neither Party shall be liable for damages arising solely from delay or failure caused by a Force Majeure Event.
Where a Force Majeure Event continues for more than ninety (90) consecutive days, either Party may terminate the affected services upon written notice without liability, subject to applicable laws and regulatory requirements.
The Research Analyst shall maintain an effective grievance redressal mechanism in accordance with applicable laws, SEBI regulations, circulars, and regulatory requirements.
For any complaint, concern, clarification, service issue, or grievance relating to Research Services, the Client may contact:
Compliance Officer
Name: Sailaja Boddu
Email: sailaja.b@b-cube.in
Mobile: +91 7680990168
The Research Analyst shall make reasonable efforts to address and resolve grievances within timelines prescribed under applicable regulations.
If the Client is dissatisfied with the response received from the Compliance Officer, the matter may be escalated to:
Principal Officer
Name: Bhaskar Karampudi
Email: bhaskar@b-cube.in
Mobile: +91 7680990161
If the grievance remains unresolved, the Client may approach the Research Analyst Administration and Supervisory Body (RAASB) in accordance with applicable procedures.
The Client may lodge complaints through the SEBI Complaints Redress System (SCORES) in accordance with procedures prescribed by SEBI.
The Client may avail the Online Dispute Resolution (ODR) mechanism or any other dispute resolution mechanism prescribed by SEBI from time to time.
Applicable laws, regulations, circulars, notifications, guidelines, directions, and regulatory requirements shall automatically apply to this Agreement upon becoming effective.
The Research Analyst may amend this Agreement from time to time to reflect:
Material amendments may be communicated through electronic communication channels.
Continued use of Research Services after such communication shall constitute acceptance of the amended provisions, where permitted under applicable laws and regulations.
This Agreement shall become effective upon acceptance by the Client and shall continue until terminated in accordance with its terms.
This Agreement shall remain in force throughout the period during which the Client avails Research Services and thereafter to the extent necessary for enforcement of surviving obligations.
The Client may terminate a Subscription by providing written notice to the Research Analyst.
Refunds, if applicable, shall be governed by:
The Research Analyst may suspend or terminate services where:
Upon termination:
Any notice, disclosure, communication, demand, instruction, request, consent, or correspondence may be delivered through:
The Client shall ensure that registered contact details remain valid, operational, and updated at all times.
Communications shall be deemed delivered when sent to the Client’s registered communication channel maintained in the records of the Research Analyst.
The Client shall not assign, transfer, delegate, novate, or otherwise dispose of rights or obligations under this Agreement without prior written consent of the Research Analyst.
The Research Analyst may assign, transfer, delegate, or novate rights and obligations where permitted under applicable law.
If any provision of this Agreement is held invalid, illegal, void, or unenforceable by a competent authority, the remaining provisions shall continue in full force and effect.
The invalid provision shall, to the extent possible, be interpreted in a manner that best reflects the original intent of the Parties while remaining legally enforceable.
Failure by either Party to enforce any provision of this Agreement shall not constitute a waiver of any right or remedy.
Any waiver shall be effective only if made in writing by the Party granting such waiver.
This Agreement shall be read together with:
Together, these documents constitute the complete contractual framework governing the relationship between the Client and the Research Analyst.
This Agreement shall be governed by and construed in accordance with the laws of India.
Subject to applicable dispute resolution mechanisms prescribed by SEBI, courts located at Hyderabad, Telangana shall have jurisdiction over matters arising under this Agreement.
The Parties shall first attempt to resolve disputes amicably through good-faith discussions and mutual consultation.
Nothing contained herein shall restrict the Client’s right to approach:
Where permitted under applicable law and where disputes remain unresolved, disputes may be referred to arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996, as amended from time to time.
The:
The arbitral award shall be final and binding upon the Parties, subject to applicable law.
The Client acknowledges having received, read, understood, and accepted:
☐ Most Important Terms & Conditions (MITC)
☐ Research Analyst Services Agreement
☐ Risk Disclosure Document (RDD)
☐ Fee Policy
☐ DPDP Consent & Privacy Notice
☐ Client Onboarding & KYC Form
☐ Client Consent & Acceptance Form
The Client further acknowledges that:
Note: This page is published for transparency and investor reference. Clients subscribe to CandleSignals research services only after completing the electronic onboarding process on the CandleSignals eKYC platform, where acceptance of this Agreement and other applicable regulatory documents is obtained electronically.