A SEBI-registered research practice grounded in Chartered Accountancy rigour and institutional Price Action and Inner Circle Trader methodology. Every report is published, signed, hashed, time-stamped, and archived — to the website first, the subscriber channel second.
No lagging indicators. No signal services. Reading raw market structure — highs, lows, breaks of structure, change of character — directly from the chart.
Order blocks, fair value gaps, liquidity sweeps. The Inner Circle Trader vocabulary for institutional order flow, read from price not from news.
Monthly bias. Weekly structure. Daily setup. 4-Hour confirmation. Lower-timeframe execution. Top-down without exception.
Where fundamentals matter, the filings are read first-hand — annual reports, audit qualifications, contingent liabilities, related-party disclosures.
I focus on executing the right trades, not the most trades. Identifying one structurally sound order block is far more effective for risk management than overtrading market noise.
The methodology strictly prioritises executing a single, high-probability setup over forcing multiple low-conviction trades. Conviction is earned, not assumed.
Patience is an analyst's greatest asset. I prefer waiting for optimal entry ranges and clear liquidity sweeps rather than taking unnecessary setups out of FOMO.
Every step automated. Manual intervention only for SEBI-mandated personal acts: writing research, logging personal trades, disclosing financial interest.
All fees inclusive · GST not currently applicable · Within SEBI cap of ₹1,51,000 per family per annum · Advance fees not exceeding one (1) year
I'm a B.Com graduate and a Fellow Member of the Institute of Chartered Accountants of India (FCA) who reads markets professionally. The discipline transferred cleanly — both balance sheets and price charts demand respect for primary documents, scepticism of narrative, and the patience to wait for clean evidence.
"I don't predict the market. I read it. The chart is the only document already audited by every participant."
My research is built on two pillars. The first is Price Action — reading market structure directly from the chart without filtering it through indicators. The second is the Inner Circle Trader (ICT) framework, which gives a precise vocabulary for institutional order flow: order blocks, fair value gaps, liquidity pools, and the engineered moves that sweep them.
The work runs top-down across monthly, weekly, daily, four-hour, and lower timeframes. The higher timeframe sets the bias. The lower timeframe gives the entry. No trade is taken against the prevailing structure.
Where a thesis touches fundamentals, the filings are read first-hand — annual reports, audit qualifications, contingent liabilities, related-party disclosures. The chart shows what is happening; the filings often explain why.
I do not manage client money. I do not execute trades on your behalf. I do not promise returns. I do not run a Telegram tip-and-disappear operation. Every report carries a written rationale, an entry / stop / target framework, and a personal-interest disclosure. If I hold the stock, you will know.
This is not a retail tip channel. The subscription is positioned for serious investors who value discipline, regulatory cleanliness, and discretion. Subscribers are not visible to one another. Reports are not redistributed. The compliance scaffolding is institutional-grade because the audience is institutional in seriousness, even when individual in scale.
I also operate a Chartered Accountancy practice as the proprietor of Ajay Maurya & Associates. The two engagements are operated at arms-length as required under SEBI's part-time RA framework — separate banking, separate billing, separate communications. The CA practice is unrelated to securities markets and does not influence research independence.
Live research is published first to the website portal (subscribers only), then broadcast to the private Telegram channel. All research records are retained in the compliance repository for not less than five years per the applicable provisions of the RA Regulations.
Higher-timeframe bias is set first — monthly & quarterly for positional context, weekly for trend, daily for setup, 4-hour for trigger, 1-hour for entry timing. A trade triggers only when lower timeframes align with the dominant higher-timeframe structure. No setup is taken against monthly / weekly bias.
Educational · MethodologyInner Circle Trader (ICT) concepts — order blocks, fair-value gaps, liquidity sweeps, displacement — are applied to identify where institutional flow is likely to re-engage the market.
Educational · MethodologyAudited financial statements and primary disclosures of the issuer are reviewed for solvency, governance flags, and accounting quality before any equity bias is published. This is the Chartered-Accountant-led integrity check.
Educational · MethodologySecurity identification, asset class, methodology pillars triggered, bias rationale, key levels, risk warning, the analyst's interest disclosure for the subject security, SEBI registration stamp, publish hash, and a 30/5 cooling-off rule note where applicable.
Educational · FormatEach report is uploaded to the subscriber portal first, hashed, timestamped, and stored in the compliance repository before any Telegram broadcast. This sequence is enforced by the platform — not by preference.
Educational · ComplianceCadence is market-driven, not calendar-driven. There may be weeks with no published reports if no valid setup forms across the watched basket. The absence of reports is not a deficiency of service.
Educational · CadenceInvestment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, enlistment of RA with Exchange, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
All subscriptions begin with KYC verification and a signed Research Services Agreement. You will not be able to pay until KYC, risk profiling, and the agreement are complete — by SEBI rule, not by preference.
Standard fee cap (₹1.51 lakh/family/year), pro-rata refund, no breakage, and 1-year max advance fee apply automatically.
Email info@caajaymaurya.com for a bilaterally negotiated Research Services Agreement and custom commercial terms.
GST is not currently applicable; once applicable, this will be updated and 15 days' prior notice will be issued to existing clients. The threshold is the aggregate annual turnover from all taxable supplies under the same PAN (not RA research fees alone). When GST is applied, the tax structure will be CGST 9% + SGST 9% for Maharashtra clients · IGST 18% for clients in other states/UTs.
| Plan | Headline Price | Billing | Effective per Month | Annual Cap Use |
|---|---|---|---|---|
| Monthly | ₹7,500 | Every month | ₹7,500 | 60% of ₹1,51,000 |
| Quarterly | ₹20,000 | Every 3 months | ₹6,667 | 53% |
| Half-Yearly | ₹37,500 | 2 × ₹18,750 | ₹6,250 | 50% |
| Annual | ₹70,000 | One annual debit | ₹5,833 | 46% |
Six steps. Approximately fourteen minutes. Each step gates the next — by SEBI rule.
Non-individual clients onboard offline via info@caajaymaurya.com. The automated portal flow handles only Individual / HUF / Sole Proprietorship clients (non-Accredited) — this is a deliberate SEBI compliance gate, not a limitation.
Per SEBI Regulations, the risk profile must be completed before any research is delivered. Honest answers protect both of us. 12 questions, approximately 4 minutes.
The Research Services Agreement is auto-generated with your KYC data and selected plan, then signed via Aadhaar-based DigiLocker e-Sign. SEBI-aligned to Circular applicable SEBI / RAASB directions. The signed agreement is hashed (SHA-256), timestamped, and locked into the compliance repository for not less than 5 years.
Razorpay checkout opens here. Before checkout loads, an unskippable click-wrap consent appears.
Once payment is confirmed, the client lands on their personal dashboard. The dashboard always shows the active plan, remaining period, next billing date, downloadable tax invoice, and a transparent self-service Cancel Subscription button.
Clicking Cancel Subscription opens a confirmation modal showing the exact pro-rata refund amount (base + proportionate GST) before any cancellation is processed. Refunds are paid to the originating account within 7 working days. No breakage fee.
Issued in compliance with SEBI's Investor Charter framework for Research Analysts (the SEBI-prescribed Investor Charter framework). This page is publicly accessible without login.
Vision: Invest with knowledge & safety.
Mission: Every investor should be able to invest in right investment products based on their needs, manage and monitor them to meet their goals, access reports and enjoy financial wellness.
Stage 1 — Direct to the Research Analyst: An investor may approach the Research Analyst, who shall strive to redress the grievance immediately, but not later than 21 days of the receipt of the grievance.
Stage 2 — SCORES 2.0: If unresolved, file a complaint on SEBI's centralized grievance redressal system at scores.sebi.gov.in. Two-level review: first by RAASB, then by SEBI.
Stage 3 — SMART ODR: If still unsatisfied, the investor may file the complaint on the SMART ODR platform for resolution through online conciliation or arbitration at smartodr.in.
Physical complaints: Office of Investor Assistance and Education, Securities and Exchange Board of India, SEBI Bhavan, Plot No. C4-A, 'G' Block, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051.
| Stage | Channel | Timeline |
|---|---|---|
| 1 | Direct to Grievance Officer — info@caajaymaurya.com | Within 21 days |
| 2 | SEBI SCORES (scores.sebi.gov.in) | As per SCORES 2.0 timelines |
| 3 | SMART ODR (smartodr.in) | As per ODR timelines |
Do's
Don'ts
Data for the month ending: [DD MMM YYYY]
| Sr. | Received From | Pending (last month) | Received | Resolved* | Total Pending # | Pending > 3 months | Avg. Resolution Time^ (days) |
|---|---|---|---|---|---|---|---|
| 1 | Directly from Investors | 0 | 0 | 0 | 0 | 0 | N/A |
| 2 | SEBI (SCORES) | 0 | 0 | 0 | 0 | 0 | N/A |
| 3 | Other Sources (if any) | 0 | 0 | 0 | 0 | 0 | N/A |
| Grand Total | 0 | 0 | 0 | 0 | 0 | N/A |
Number of complaints received during the month due to impersonation by other entity: 0
* Inclusive of complaints of previous months resolved in the current month.
# Inclusive of complaints pending as on the last day of the month.
^ Average Resolution time = total time taken (days) ÷ number of complaints resolved in current month.
| Sr. | Month | Carried Forward | Received | Resolved* | Pending # |
|---|---|---|---|---|---|
| 1 | April [YYYY] | 0 | 0 | 0 | 0 |
| 2 | May [YYYY] | 0 | 0 | 0 | 0 |
| 3 | June [YYYY] | 0 | 0 | 0 | 0 |
| … (rows for July through March added monthly) … | |||||
| Grand Total | — | 0 | 0 | 0 | |
Year-on-year complaint history. Updated annually after FY closure.
| Sr. No. | Year | Carried forward from previous year | Received | Resolved* | Pending # |
|---|---|---|---|---|---|
| 1 | FY 2026-27 | 0 | 0 | 0 | 0 |
| Grand Total | 0 | 0 | 0 | 0 |
* Inclusive of complaints of previous years resolved in the current year.
# Inclusive of complaints pending as on the last day of the year.
A full Investor Charter document is available for download in PDF format on request to info@caajaymaurya.com.
The RA maintains the prescribed deposit with a scheduled bank, lien-marked in favour of BSE Limited (RAASB), as per the slab structure below:
| No. of Clients | Deposit Required | Acceptable Forms |
|---|---|---|
| Up to 150 clients | ₹ 1,00,000 | Fixed Deposit (5+ yrs, auto-renew) OR Liquid/Overnight Mutual Fund (Demat / Non-Demat) |
| 151 to 300 clients | ₹ 2,00,000 | Fixed Deposit OR Liquid/Overnight Mutual Fund |
| 301 to 1,000 clients | ₹ 5,00,000 | Fixed Deposit OR Liquid/Overnight Mutual Fund |
| 1,001 and above | ₹ 10,00,000 | Fixed Deposit OR Liquid/Overnight Mutual Fund |
Current status: The RA maintains a deposit of ₹1,00,000 (within the up-to-150-clients slab). The deposit is reviewed and revised as required by 30 April each year, based on the maximum number of clients serviced on any single day during the previous financial year.
In compliance with the applicable provisions of the RA Regulations, the RA undergoes a mandatory annual compliance audit:
The RA holds NISM-Series-XV: Research Analyst Certification (Cert. No. NISM-202600007814; valid until 21 January 2029). In compliance with the applicable provisions of the RA Regulations, the RA shall obtain the NISM-Series-XV-B: Research Analyst (Renewal) Certification Examination from NISM before the expiry of the existing certification, to ensure continuity in compliance with applicable certification requirements.
The RA submits half-yearly periodic reports to RAASB (BSE Limited) via the BSE portal as follows:
In compliance with applicable SEBI / RAASB directions, the RA collects client fees via a SEBI-validated UPI ID:
<ra-name>.ra@valid<bankname> (actual UPI ID will be obtained from the RA's scheduled bank on grant of SEBI registration and updated here)
Genuine SEBI-validated UPI IDs display a thumbs-up icon within a green triangle during transaction confirmation in your UPI app. Absence of this icon indicates the handle is not SEBI-validated and should not be used.
The RA does not disseminate any past performance data on this website, social media, or to the general public. Where past performance data is requested by a client (or prospective client), such data shall:
Within three (3) months of the operationalisation of the Past Risk and Return Verification Agency (PaRRVA), the RA shall enrol with PaRRVA. Post-PaRRVA, all past performance / risk-return claims shall be PaRRVA-verified only.
The automated subscription portal at www.caajaymaurya.com is available only to Individual, HUF, and Sole Proprietorship clients who are not Accredited Investors. Non-individual clients (Corporates, Trusts, LLPs, Partnership firms), Accredited Investors, and institutional investors shall onboard offline by emailing info@caajaymaurya.com, with bilaterally negotiated contractual terms. The standard fee cap of ₹1,51,000 per family per annum, pro-rata refund, one-year advance fee limit, and no-breakage-fee provisions apply only to Individual/HUF clients on the automated portal.
On all Social Media Platforms used by the RA (LinkedIn, Twitter/X @ajaymauryaca, future YouTube), the RA prominently displays its professional name (CA Ajay Maurya) and SEBI Registration Number [INH00000XXXX] in the bio/profile section, in compliance with applicable SEBI directions on Ease of Doing Investment.
Pursuant to the Rights of Persons with Disabilities Act, 2016, and applicable SEBI directions, the RA's website is being designed to comply with WCAG 2.1 Level AA accessibility standards. Status of Digital Platforms has been submitted to BSE/RAASB via the IARA portal. See the dedicated Digital Accessibility Statement.
The RA operates as an Individual Research Analyst without any employees or persons engaged in research services. Accordingly, the requirement to constitute an Internal Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is not currently applicable. The RA shall comply with the SH Act and SHe-Box portal requirements as and when employees are engaged in future.
GST is not currently applicable; once applicable, this will be updated and 15 days' prior notice will be issued to existing clients. The threshold under the GST law is based on aggregate annual turnover across all taxable supplies under the same PAN (RA research fees, CA practice receipts, and any other taxable supplies combined), not on RA research fees alone. When GST is applied, the tax structure will be:
If you have a complaint regarding the research, the agreement, the payment, or any other aspect of this practice, use the channels below in the order shown.
In compliance with applicable SEBI / RAASB directions, the RA displays the following escalation matrix. For an Individual Research Analyst operating without staff, all five designations are held by the same individual; this is a deliberate compliance disclosure, not a redundancy.
| Designation | Contact Person | Address | Contact No. | Working Hours | |
|---|---|---|---|---|---|
| Customer Care | CA Ajay Maurya | Office No. 212, 2nd Floor, Grohitam Building, Sector-19, Vashi, Navi Mumbai 400703 | +91 97393 16564 | info@caajaymaurya.com | Mon–Fri, 10:00–18:00 IST |
| Head of Customer Care | CA Ajay Maurya | Same as above | +91 97393 16564 | info@caajaymaurya.com | Mon–Fri, 10:00–18:00 IST |
| Compliance Officer | CA Ajay Maurya | Same as above | +91 97393 16564 | info@caajaymaurya.com | Mon–Fri, 10:00–18:00 IST |
| CEO / Senior Most Officer | CA Ajay Maurya | Same as above | +91 97393 16564 | info@caajaymaurya.com | Mon–Fri, 10:00–18:00 IST |
| Principal Officer | CA Ajay Maurya | Same as above | +91 97393 16564 | info@caajaymaurya.com | Mon–Fri, 10:00–18:00 IST |
All five designations are vested in CA Ajay Maurya as an Individual Part-Time Research Analyst with no employees. As and when staff is engaged, separate persons will be designated, this matrix updated, and clients notified.
The RA shall strive to resolve every complaint immediately, but not later than 21 days from the date of receipt. If unresolved within 21 days, escalate to SEBI's SCORES (SEBI Complaints Redress System) at scores.sebi.gov.in. Two-level review: first by RAASB, then by SEBI per SCORES 2.0 timelines.
If still unsatisfied, you may file the complaint on the SMART ODR (Online Dispute Resolution) portal for resolution through online conciliation or arbitration at smartodr.in.
"Investment in securities market are subject to market risks. Read all the related documents carefully before investing."
SEBI Registered Research Analyst — Registration No. [INH00000XXXX] (awaited; will be updated on grant). Type: Part-Time Individual Research Analyst. RAASB: BSE Limited.
The Analyst maintains a Personal Trade Register with timestamped pre-clearance for every personal trade. The Analyst observes a strict 30/5 cooling-off rule:
The Analyst does not receive commissions, brokerage, referral fees, or any consideration from issuers, brokers, mutual funds, or any third parties. Compensation is derived solely from subscription fees.
AI tools, where used, are limited to non-substantive support functions (data formatting, language polish, scheduling). AI tools are NOT used to generate research opinions, recommendations, entry/exit levels, or any substantive investment thesis. All recommendations are the Analyst's personal professional judgement.
Subscription fees: ₹7,500 monthly / ₹20,000 quarterly / ₹37,500 half-yearly / ₹70,000 annual (all inclusive). GST not currently applicable. SEBI cap: ₹1,51,000 per family per annum. Maximum advance fees: 1 year per applicable SEBI / RAASB directions.
Pro-rata refund of unexpired subscription period on premature termination. NO breakage fee. Refunds processed within 7 working days to originating account.
The Analyst also operates a Chartered Accountancy practice as the proprietor of Ajay Maurya & Associates. The two engagements are operated at arms-length as required under SEBI's part-time RA framework — separate banking, separate billing, separate communications. The CA practice is unrelated to securities markets and does not involve handling of client funds. Invoices raised in the CA capacity carry a prominent disclaimer that such services are NOT under the purview of SEBI.
In compliance with the applicable provisions of the RA Regulations of the SEBI (Research Analysts) Regulations, 2014, the Research Analyst undergoes a mandatory annual compliance audit conducted by a member of the Institute of Chartered Accountants of India (ICAI), the Institute of Company Secretaries of India (ICSI), or the Institute of Cost Accountants of India (ICMAI). The audit covers adherence to the RA Regulations, internal controls, segregation of activities, conflict-of-interest framework, record retention, and grievance redressal. The audit report is submitted to RAASB (BSE Limited) within the prescribed timeline.
| Particular | Status / Detail |
|---|---|
| FY 2026-27 Audit | Scheduled — to be conducted within 6 months of FY closure (i.e., by 30 September 2027) per SEBI/RAASB requirements. |
| Audit Conducted By | To be appointed from RAASB-empanelled CA / CS / CMA firms. Auditor name will be disclosed here once appointed. |
| Audit Report Status | To be updated upon completion — clean / qualified / adverse with brief commentary. |
| Audit Report Submission | Submitted to RAASB (BSE Limited) per prescribed timeline. |
| Next Audit Due | FY 2027-28 — within 6 months of FY closure. |
| Audit Coverage | RA Regulations adherence · KYC & risk profiling · agreement execution · record retention (5 years) · personal trade register & 30/5 rule · grievance redressal SLA · conflict-of-interest policy · arms-length CA-RA segregation · AI tools disclosure · website mandatory disclosures. |
The Research Analyst is registered with BSE Limited as the Research Analyst Administration and Supervisory Body (RAASB) per applicable SEBI / RAASB directions. The Analyst maintains the prescribed deposit per the applicable provisions of the RA Regulations, lien-marked in favour of RAASB.
Deposit Slab Structure (per applicable SEBI / RAASB directions)
| No. of Clients | Deposit Required | Acceptable Forms |
|---|---|---|
| Up to 150 clients | ₹ 1,00,000 (₹ 1 lakh) | Fixed Deposit (5+ yrs, auto-renew) OR Liquid / Overnight Mutual Fund units (Demat / Non-Demat) — lien-marked to RAASB |
| 151 to 300 clients | ₹ 2,00,000 (₹ 2 lakh) | |
| 301 to 1,000 clients | ₹ 5,00,000 (₹ 5 lakh) | |
| 1,001 clients and above | ₹ 10,00,000 (₹ 10 lakh) |
Current Compliance Status
| Particular | Status |
|---|---|
| RAASB | BSE Limited |
| Current Slab | Up to 150 clients |
| Deposit Maintained | ₹ 1,00,000 (₹ 1 lakh) |
| Deposit Form | Lien-marked Fixed Deposit with a scheduled commercial bank in favour of RAASB |
| Annual Review | Reviewed and revised (if required) by 30 April each year based on the maximum number of clients serviced on any single day during the previous financial year |
| Net Worth Maintenance | Net worth maintained as per the applicable provisions of the RA Regulations |
Note: The deposit form shall be consistent — any additional deposit required on moving to a higher slab shall match the form of the earlier deposit (FD or Liquid/Overnight MF).
As at the date of this disclosure:
This statement is reaffirmed at the time of each annual compliance audit and at the time of execution of every Research Services Agreement.
| Question | Answer |
|---|---|
| Is the Research Analyst related to any issuer / company currently covered in research? | No. The Analyst has no familial or business relationship with the management or promoters of any company currently covered in research. |
| Is the Research Analyst a Director or Officer of any company covered in research? | No. |
| Has the Research Analyst received any compensation (other than subscription fees from clients) from companies covered in research in the past 12 months? | No. |
| Does the Analyst's CA practice (Ajay Maurya & Associates) provide any professional service to companies covered in research? | No. Where any such overlap arises in future, that company will be excluded from research coverage to avoid conflict of interest. |
| Has the Research Analyst served as an officer, director, or employee of the subject company at any time in the past 12 months? | No. |
All records relating to KYC, agreements, communications, research reports, personal trades, payments, and audit logs are retained for a minimum period of five (5) years per applicable SEBI / RAASB directions. In the event of a regulatory investigation or dispute, records may be retained for longer periods as required.
The RA complies with the Telecom Commercial Communication Customer Preference Regulations, 2018 (TCCCPR-2018) and applicable TRAI directions:
In compliance with applicable SEBI / RAASB directions, the RA prominently displays its professional name (CA Ajay Maurya), logo, SEBI registration number, BSE enlistment number, complete office address, and telephone number on:
The SEBI logo is NOT used by the RA in any material, publication, or communication. The RA's enlistment with BSE Limited (RAASB) is disclosed alongside the SEBI registration.
On all Social Media Platforms used by the RA, the registered name and SEBI Registration Number are prominently displayed in the bio / profile section:
Every social media post that relates to research or solicits clients carries the standard SEBI disclaimer. Advertisements (paid promotions, sponsored posts) receive prior BSE/RAASB approval before publication.
The RA complies with the SEBI / RAASB Advertisement Code for Research Analysts:
The RA has chosen not to opt in to the optional CeFCoM at this stage. Client fees are collected exclusively via the SEBI-validated UPI ID (<ra-name>.ra@valid<bankname>) and Razorpay payment gateway. The RA's decision is reviewable annually; clients will be informed if CeFCoM is enabled in future.
In compliance with applicable SEBI / RAASB directions, the RA does not associate — by way of referral, sponsorship, paid promotion, or content collaboration — with: (i) unregistered investment advisers; (ii) finfluencers making unauthorised securities recommendations; (iii) persons promising guaranteed, assured, or risk-free returns; (iv) operators of unauthorised collective investment schemes; or (v) operators of schemes / leagues / competitions inducing securities investment.
As the RA operates as an Individual (not a body corporate), no shareholding-based change in control is applicable. In the event of (a) the RA's death, (b) permanent incapacity, (c) voluntary surrender of registration, or (d) any material change in the RA's business structure or category, prior approvals as required under applicable SEBI directions shall be obtained, and clients shall be notified within 7 days.
GST is not currently applicable; once applicable, this will be updated and 15 days' prior notice will be issued to existing clients. Threshold under the GST law is computed on the aggregate annual turnover across all taxable supplies under the same PAN, not on RA research fees alone. The RA's GST registration status, GSTIN, and effective date will be displayed here once registration is obtained. Tax calculations will then auto-apply: CGST 9% + SGST 9% for Maharashtra clients · IGST 18% for clients in other states/UTs · SAC 999293. Existing subscribers will receive 15 days' prior notice before GST is added to billing.
These disclosures are updated whenever there is a material change. The next scheduled review is due upon receipt of SEBI Registration No. [INH00000XXXX] and at the time of the FY 2026-27 annual compliance audit. For any clarifications regarding these disclosures, contact info@caajaymaurya.com.
As prescribed by SEBI, the following Most Important Terms & Conditions are presented to every client at onboarding and re-confirmed at each renewal. The MITC is also accepted via affirmative click-wrap consent before payment is processed.
"The terms and conditions and the consent thereon are for the research services provided by the RA and RA cannot execute / carry out any trade (purchase / sell transaction) on behalf of the client. Thus, you are advised not to permit RA to execute any trade on your behalf."
<ra-name>.ra@valid<bankname> on grant of SEBI registration), or optional CeFCoM. NO cash. NO cheques to personal accounts.This MITC is accepted via affirmative click-wrap consent before any payment is processed, and is re-confirmed at each renewal. All click-wrap consents are logged with timestamp, IP address, and user ID for the SEBI-mandated 5-year retention period.
This Privacy Notice explains how CA Ajay Maurya, in capacity as a SEBI Registered Research Analyst, collects, uses, and protects personal data of clients and prospective clients. Issued in compliance with the Information Technology Act, 2000 (and rules thereunder), the Digital Personal Data Protection Act, 2023 (as applicable), and applicable SEBI / RAASB directions.
Personal data is processed solely for: (i) onboarding and KYC verification through a SEBI-registered KRA; (ii) execution of the Research Services Agreement and delivery of research; (iii) statutory and regulatory compliance under the RA Regulations, including 5-year record retention; (iv) grievance redressal; and (v) where applicable, GST invoicing.
Personal data is NOT sold, rented, or shared for marketing. Limited sharing only with: (i) SEBI-recognised KRAs (NSDL / CVL) for KYC; (ii) Digio or equivalent for Aadhaar-based e-Sign; (iii) Razorpay for payment processing and refunds; (iv) Telegram (for invite-link delivery only, no PII shared); (v) SEBI, RAASB (BSE Limited), or any other competent authority on lawful demand; and (vi) the RA's auditor (ICAI / ICSI / ICMAI member) under confidentiality for the annual compliance audit.
Client data, KYC records, agreements, payment records, research reports, audit logs, and grievance records are retained for not less than five (5) years from the date of the relevant record or from termination of services, whichever is later, per the applicable provisions of the RA Regulations. In the event of a dispute, records are retained till final resolution.
HTTPS / TLS encryption for all client communications; password hashing (bcrypt/Argon2); two-factor authentication on the admin portal; IP whitelisting for sensitive admin operations; AES-256 encryption at rest for KYC documents; append-only audit logs with SHA-256 hash chain; daily off-server backups; rate limiting on login / OTP / payment endpoints.
You may request access to, correction of, or erasure of your personal data (subject to the 5-year regulatory retention obligation). To exercise these rights, email info@caajaymaurya.com. Withdrawal of consent for marketing communications is honoured; however, consent for service-related communications cannot be withdrawn while the subscription is active.
For any privacy-related concern, write to the Data Protection Officer / Grievance Officer at info@caajaymaurya.com. Resolution within 21 days.
This policy governs pre-mature termination, refunds, and breakage charges for Individual, HUF, and Sole Proprietorship clients on the automated subscription portal. Non-individual clients and Accredited Investors are governed by separately negotiated terms.
The client may cancel the subscription at any time, with or without reason, by clicking the "Cancel Subscription" button in the client dashboard, or by emailing info@caajaymaurya.com. A confirmation modal will display the calculated pro-rata refund before the cancellation is confirmed.
If GST was charged on the original payment, GST is refunded proportionately. The refund is processed to the originating payment account within seven (7) working days.
| Plan | Paid | Period | Cancel On | Days Used / Remaining | Refund |
|---|---|---|---|---|---|
| Monthly | ₹7,500 | 31 days | Day 15 | 15 / 16 | ₹3,871 |
| Quarterly | ₹20,000 | 90 days | Day 45 | 45 / 45 | ₹10,000 |
| Half-Yearly | ₹37,500 | 183 days | Day 90 | 90 / 93 | ₹19,057 |
| Annual | ₹70,000 | 365 days | Day 120 | 120 / 245 | ₹46,986 |
If GST was charged, an additional proportionate GST refund is applied on top of the figures above.
In compliance with applicable SEBI / RAASB directions, no breakage fee is charged on pre-mature termination. The pro-rata refund is the full amount due to the client for the unexpired period.
The RA may terminate services on 7 days' written notice in case of (i) material breach by the client (including the redistribution prohibition), (ii) failure to pay, or (iii) any conduct compromising the integrity of the service. Pro-rata refund applies.
If the RA's registration is suspended for more than 60 days or cancelled by SEBI, the RA refunds fees on a pro-rata basis for the period from the effective date of cancellation/suspension to the end of the subscription period.
All refund computations and Razorpay refund references are logged in the append-only audit trail and retained for not less than five (5) years. Refund records form part of the Annual Compliance Audit submitted to RAASB.
Published in compliance with the applicable provisions of the RA Regulations. The Conflict of Interest Policy governs how potential and actual conflicts are identified, disclosed, and mitigated in the conduct of research services.
Every personal securities transaction of the RA (and immediate family, where applicable) is logged in the Personal Trade Register with pre-clearance status, timestamp, broker reference, and rationale. The register is reviewed during the annual compliance audit.
The RA observes a strict 30/5 cooling-off rule: 30 days BEFORE publication of research no personal trade is initiated in the subject security, and for 5 days AFTER publication no personal trade is executed in the subject security. The publishing module enforces this rule: any attempt to publish research on a security with active cooling-off is blocked unless an explicit disclosure is checked on the report.
Every research report carries written disclosure of: (i) any holding by the RA or family in the subject security; (ii) any trade by the RA in the subject security in the past 30 days; (iii) any other material financial interest of the RA in the issuer.
The RA also operates a Chartered Accountancy practice as proprietor of Ajay Maurya & Associates. The two engagements are operated at arms-length with separate banking, separate billing, separate communications. The CA practice does NOT handle securities, does NOT make security-specific recommendations to clients, and does NOT handle client funds in the securities market context.
The RA's compensation is derived solely from subscription fees paid by clients via Razorpay or (optionally) CeFCoM. The RA does NOT receive commission, brokerage, or any other remuneration from issuers, brokers, mutual funds, or third parties in respect of recommended securities. The RA does NOT engage in merchant banking, investment banking, portfolio management, distribution of financial products, or proprietary trading.
In compliance with applicable SEBI / RAASB directions on association with persons engaged in prohibited activities, the RA shall NOT associate (by way of referral, sponsorship, paid promotion, or content collaboration) with unregistered investment advisers, finfluencers making unauthorised recommendations, persons promising guaranteed returns, or operators of unauthorised collective investment schemes.
AI tools, where used by the RA, are limited to non-substantive support functions (data aggregation, language polish, operational tasks). AI tools are NOT used to generate research opinions, recommendations, entry/exit levels, or any substantive investment thesis. The RA is solely responsible for the accuracy, integrity, and confidentiality of all research output and client data, irrespective of AI involvement at any step.
A public notice for investors dealing with a SEBI Registered Research Analyst, published in compliance with applicable SEBI / RAASB directions.
Investment in securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI, enlistment of RA with Exchange, and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
In compliance with applicable SEBI / RAASB directions on Standardised, Validated and Exclusive UPI IDs for SEBI Registered Intermediaries, the RA collects all client fees through a SEBI-validated UPI handle. This page exists so you can independently verify the handle.
Unscrupulous parties impersonate SEBI registered intermediaries and request payment to unauthorised UPI handles. The SEBI-validated UPI format <ra-name>.ra@valid<bankname> with the thumbs-up green-triangle indicator is a public-safety mechanism to identify genuine intermediary payments.
<ra-name>.ra@valid<bankname>) in your UPI app (Google Pay, PhonePe, Paytm, BHIM, etc.)In addition to the SEBI-validated UPI ID, you may pay via Razorpay (Net Banking / Debit Card / Credit Card / NACH eMandate / UPI Autopay). The RA does NOT accept cash. The RA does NOT accept cheques or transfers to any account other than the registered RA bank account.
Issued in compliance with the Rights of Persons with Disabilities Act, 2016, and applicable SEBI / RAASB directions on Digital Accessibility for Regulated Entities.
The RA is committed to making its digital platforms — including this website (www.caajaymaurya.com), the subscriber portal, all PDF research reports, the client agreement workflow, and all communications — accessible to persons with disabilities.
The website is being designed to comply with WCAG 2.1 Level AA. The current implementation provides:
Status of the RA's Digital Platforms has been submitted to BSE / RAASB via the IARA portal under the Digital Accessibility module (Case ID 44847).
If you experience any accessibility barrier on this website, or if you need a research report in an alternative format (large print, plain text, screen-reader-friendly), please write to info@caajaymaurya.com. The RA will respond within 21 days and is committed to providing alternative-format material as far as reasonably practicable.
Preview shown below is the SEBI-mandated structure. Actual agreement will be auto-populated with your name, PAN, address, selected plan, and registration details before e-Sign.
Aligned to applicable SEBI / RAASB directions
| Agreement Reference No. | [Auto-generated on e-Sign] |
| Date of Execution | [Auto-stamped at e-Sign] |
1. The Research Analyst — CA Ajay Kumar Maurya, ICAI Membership No. 537141, SEBI Registration No. [INH00000XXXX], PAN BYSPM1795H, NISM Series-XV: NISM-202600007814 (valid 22.01.2026 to 21.01.2029), with registered office at Office No. 212, 2nd Floor, Grohitam Building, Sector-19, Vashi, Navi Mumbai 400703.
2. The Client — [Your full legal name as per PAN], [your KYC address], PAN [XXXXX0000X], DOB [DD/MM/YYYY]. All Client particulars auto-populated from your verified KYC at the moment of e-Sign.
Clause 1. Availing the Research Services — Client confirms voluntary subscription at sole discretion. RA confirms services rendered per RA Regulations.
Clause 2. Obligations on the RA — Both Parties bound by SEBI Act 1992, RA Regulations 2014, and applicable circulars.
Clause 3. Client Information & KYC — Client to furnish KYC details. RA to verify with KRA. Client to update RA within 15 days of any material change.
Clause 4. Standard Terms of Service — Includes SEBI verbatim consent: "I/We are subscribing to the research services for our own benefits and consumption... Recommendations in the research report do not provide any assurance of returns... There is no recourse to claim any losses incurred on the investments..."
Clause 5. Consideration & Mode of Payment — Fees via Razorpay (NACH eMandate / Card / UPI Autopay) or optional CeFCoM. Maximum advance fees: 1 year. SEBI fee cap: ₹1,51,000 per family per annum (your plan: [M ₹7,500 / Q ₹20,000 / H ₹37,500 / A ₹70,000]).
Clause 6. Risk Factors — Statutory warning: "Investment in securities market are subject to market risks. Read all the related documents carefully before investing." Plus 6 explicit risk acknowledgements.
Clause 7. Conflict of Interest — Personal Trade Register maintained. 30/5 cooling-off rule: no personal trade in subject security 30 days before publication, 5 days after. On-report disclosure mandatory.
Clause 8. Termination & Refund — Pre-mature termination → pro-rata refund of unexpired period, no breakage fee (per applicable SEBI / RAASB directions).
Clause 9. Grievance Redressal — Resolution within 21 days. Escalation: SEBI SCORES (scores.sebi.gov.in), SMART ODR (smartodr.in). Arbitration seat: Mumbai.
Clause 10. Additional Clauses — All voluntary clauses (Part B) compliant with SEBI rules. 15-day notice for any changes.
Clause 11. Mandatory Notice — Reference to applicable SEBI / RAASB directions Do's and Don'ts.
Clause 12. Most Important Terms (MITC) — SEBI verbatim: "RA cannot execute / carry out any trade on behalf of the client. Thus, you are advised not to permit RA to execute any trade on your behalf."
Clause 13. Optional CeFCoM — Centralised Fee Collection Mechanism guidance.
Clause 14. Scope of Services — Equity (cash), F&O, indices research via website + private Telegram. Methodology: Price Action + ICT.
Clause 15. AI Tools Disclosure — Limited to non-substantive support (formatting, polish). NOT used for research opinions or recommendations.
Clause 16. Records & Client Interactions — All interactions retained 5 years (telephone, email, SMS, Telegram, signed records).
Clause 17. Term & Renewal — Risk profile reviewed every 12 months; KYC every 24 months; fresh agreement every 3 years or on material change.
Clause 18. Confidentiality & Data Protection — Per DPDP Act 2023; data only used for service + compliance.
Clause 19. IP & Non-Redistribution — Reports for personal use only. Sharing/forwarding/screenshotting prohibited.
Clause 20. Indemnity & Limitation — RA's liability capped at fees paid in last 3 months (excludes fraud/willful misconduct).
Clause 21. Force Majeure — Acts of God, regulatory action, market closure, etc.
Clause 22. Notices — All notices via registered email.
Clause 23. Governing Law & Jurisdiction — Indian law; Mumbai courts; SEBI Act 1992 + RA Regulations 2014.
Clause 24. Electronic Execution — DigiLocker Aadhaar e-Sign per IT Act 2000.
Annexure A — Subscription Details, Fee Schedule, SEBI Fee Cap Compliance (auto-populated with your selected plan)
Annexure B — Client Risk Profile Summary (auto-populated from your Step 03 questionnaire response)
Annexure C — Click-Wrap Acknowledgements (8 mandatory checkboxes captured pre-payment)
Annexure D — Standard Disclosures by the Research Analyst
Annexure E — Analyst Identity & Contact Particulars