Registration, research and conflicts.

Research provided by AlgoGreek Research, proprietor Chander Navani, is prepared and disseminated as research under the SEBI (Research Analysts) Regulations, 2014, as applicable, and not as investment advice under the SEBI (Investment Advisers) Regulations, 2013.

• All research outputs, including trade ideas and model portfolios, are standardized and non-personalized and do not consider the specific investment objectives, financial situation, or risk profile of any individual investor.
• No assessment of suitability, risk profiling, or personalized recommendation is undertaken.
• Model portfolios, where provided, are illustrative research constructs and do not represent recommended allocations for any specific investor.
• No assurance or guarantee of returns is provided.
• Past performance of any model, strategy, or research output is not indicative of future performance.
• Investors are advised to exercise independent judgment and consult a SEBI registered Investment Adviser before making investment decisions.
• Coverage, where provided, may include equities, exchange traded funds (ETFs), derivatives and indices listed on recognised stock exchanges. Dissemination is through digital platforms including this web-based desk.
• This website is not an invitation to transact in securities. AlgoGreek Research does not execute trades, warehouse inventory, or act as a portfolio manager.

AlgoGreek Research is a SEBI-registered Research Analyst, SEBI Registration No. INH000030588, enlisted with BSE Limited as the Research Analyst Administration and Supervisory Body (Enlistment No. 7570, enlisted 02 October 2026). SEBI registration, enlistment with the RAASB, and NISM certification do not guarantee performance or assure any returns.

This is the conflict-of-interest policy submitted to SEBI on 4 June 2026 with the research-services statement, and followed by AlgoGreek Research as a SEBI-registered Research Analyst. Material conflicts, where they exist, are disclosed in the individual research report. This policy does not state that no conflict exists.

Arms-length and independence

The Research Analyst shall maintain an arms-length relationship between its research activity and other activities. A ‘Chinese Wall’ policy separates research activities from other business activities. Employees working as research analysts shall not communicate unpublished research information to anyone in another department. Research activities remain independent of any commercial technology-platform operations, marketing partnerships, or third-party client solicitation activities.

As a sole proprietorship, the proprietor, Chander Navani, structurally fulfils the regulatory role of the Compliance Officer until a separate officer is appointed.

Objective of the policy

• Establish internal control procedures governing dealing and trading by any research analyst.
• Address actual or potential conflict of interest arising from dealings or trading in securities of a subject company, and promote objective research that reflects an unbiased view.
• Prevent the use of a research report or research analysis to manipulate the securities market.
• Implement mechanisms to keep research independent of other business activities of the Research Analyst.
• Ensure compliance with SEBI rules and regulations.

Limitations on personal trading

• Personal trading of individuals employed as research analysts, if any, shall be monitored, recorded and, where necessary, subject to a formal approval process.
• The Research Analyst shall not deal or trade in any securities that the analyst recommends or follows within 30 days before and 5 days after publication of a research report on the subject company, and shall not deal or trade in a manner contrary to an outstanding recommendation.
• The Research Analyst shall not purchase or receive securities of an issuer before that issuer’s IPO if the issuer is principally engaged in the same types of business as companies that the analyst follows or recommends.
• The above restrictions shall not apply in case of significant news or event concerning the subject company, or based upon an unanticipated significant change in the personal financial circumstances of the research analyst, subject to complete internal written documentation and compliance logging.

Compensation

Research analysts in the employment of AlgoGreek Research shall not be entitled to any bonus, salary or other form of compensation that is based on specific brokerage-services transactions. Compensation of research analysts shall be reviewed, documented and approved annually. Research analysts shall perform their duties independently.

Publication, public appearance and conduct of business

Research reports issued by Chander Navani, proprietor of AlgoGreek Research, or any employed research analyst, shall be based on adequate documentary research evidence. The Research Analyst shall not provide any promise or assurance of favourable review in a research report to a company or industry as consideration to commence or influence a business relationship or for the receipt of compensation or other benefits.

Research analysts shall not engage in sales or marketing related to brokerage-service divisions, shall not participate in business activities designed to solicit investment banking, merchant banking or brokerage-services business (such as sales pitches and deal road shows), and shall not communicate with a current or prospective client in the presence of brokerage personnel about such transactions.

A Research Analyst shall not publish or distribute a research report or analysis, or make a public appearance, about a subject company for which the Research Analyst has acted as manager, co-manager or underwriter, unless the Compliance Officer has given prior written approval, during:

• 40 days immediately following the day on which the securities are priced, in an IPO; or
• 10 days immediately following the day on which the securities are priced, in an FPO.

Where the Research Analyst is an underwriter of an IPO or FPO, it shall not publish or distribute a research report, or make a public appearance, about that issuer for 25 days from the first date of the public offering.

Where the Research Analyst is a manager or co-manager of an IPO or FPO, it shall not publish or distribute a research report, or make a public appearance, about that issuer during the 15 days before it enters into a lock-up or similar agreement, or during the 15 days after that agreement expires, is waived, or is terminated, unless the Compliance Officer has given prior written approval.

AlgoGreek Research is registered as an individual Research Analyst (Chander Navani, sole proprietor), not as a corporate research entity engaged in merchant banking or underwriting. Rules that apply only to that corporate structure apply if the structure changes with prior SEBI approval.

Ownership, financial interest and relationships with subject companies

In research reports and public appearances, AlgoGreek Research shall disclose, as applicable:

• whether the Research Analyst, an associate or a relative has any financial interest in the subject company, and the nature of such financial interest;
• whether the Research Analyst, associates or relatives have actual / beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication or public appearance;
• any other material conflict of interest at the time of publication or public appearance;
• whether compensation has been received from the subject company in the past 12 months;
• whether the Research Analyst or associates have managed or co-managed a public offering of the subject company in the past 12 months;
• whether compensation has been received for investment banking, merchant banking or brokerage services from the subject company in the past 12 months;
• whether compensation has been received for products or services other than the above from the subject company in the past 12 months;
• whether compensation or other benefits have been received from the subject company or a third party in connection with the research report;
• whether the Research Analyst has served as an officer, director or employee of the subject company;
• whether the Research Analyst has been engaged in market-making activity of the subject company.

Applicable material conflicts will be disclosed in individual research reports. Absence of a disclosure on this page is not a representation that no conflict exists in respect of any particular subject company.

Code of conduct (extract)

• Honesty and good faith.
• Diligence: research reports shall be prepared after thorough analysis.
• Conflicts of interest shall be addressed and disclosed so as not to affect impartiality.
• No insider trading, front running, or front running of own research reports.
• Confidentiality of a report until it is made public.
• High professional standard while preparing research reports.
• Compliance with all applicable regulatory requirements.

This page describes the general research methodology of AlgoGreek Research. It does not disclose proprietary source code, confidential parameters, or live model weights.

Quantitative research

Research outputs may be prepared using quantitative, algorithmic, mathematical, statistical and data-driven methodologies, used independently or together with traditional fundamental and technical analysis. The process is systematic and rules-based, designed to minimize discretionary bias. Coverage may include equities, ETFs, derivatives and indices listed on recognised stock exchanges.

Statistical analysis

Statistical analysis is used to describe distributions of returns, volatility, breadth, factor exposures and related market observations drawn from publicly available information and known observations. Statistical description is not a prediction of future prices.

Algorithmic research

Algorithmic components encode rules for ranking, simulation, position-sizing logic and risk controls. PlutusQuant, as described on the house page, evaluates names in the investable universe using a systematic simulation that incorporates volatility, position sizing and risk controls; names with the strongest simulated performance are ranked and the top ten are selected for the model portfolio. A separate global Regime model classifies risk-on, neutral or defensive climate and sets risk for the books. Model portfolios hold those books; they are illustrative research constructs.

Model development

Absolute controls are maintained over the lifecycle of model development, code testing, historical verification, systematic implementation, subsequent modifications and periodic reviews. All material modifications, mathematical parameter adjustments or structural rule modifications to active research models are documented and logged, including model identifier, version, release date, methodology version, research universe, description of changes and reason for change.

Model validation

Before a model version is used to produce research for clients, it is subject to validation appropriate to its design: theoretical review of the rule set, checks against data quality, and comparison of in-sample behaviour with the model’s stated objective. Validation does not guarantee out-of-sample results.

Historical testing and backtesting

The desk distinguishes three different records. They must not be mixed.

• Backtest. A historical simulation of how a model version would have behaved on past data. Backtested results are not actual investor performance, are not a track record of client accounts, and must never be labelled as such. They are sensitive to assumptions on fills, costs and look-ahead.
• Live model. The model version that is currently in production for the day’s book. Its identifier and version are stored with each published research output.
• Actual research recommendation history. The immutable record of what was published to clients: instrument, rating, target, timestamp, model version and disclosure version. Corrections create a new revision; they do not overwrite the original.

Backtested results are not presented on this website as marketing performance, including as a rupee path or a CAGR. A backtest is not a track record of client accounts.

Out-of-sample testing

Where used, out-of-sample tests evaluate a frozen rule set on data that was not used to specify the rules. Passing an out-of-sample test is not a forecast of live results.

Walk-forward validation

Where used, walk-forward validation rolls the estimation window forward in time and re-evaluates. It is a research-control technique, not a live trading account.

Data quality

Inputs are taken from market data and company information believed to be reliable. AlgoGreek Research does not warrant completeness or absence of error in third-party data. Corporate actions, missing prints and delayed feeds can affect ranks.

Transaction costs and slippage

Simulations may include stylised costs. Actual investor costs, taxes, impact and slippage will differ. Model portfolios are not executable orders.

Model limitations

Models can fail when regimes change, when liquidity disappears, or when the data-generating process shifts. Rankings can cluster. A top-ten book is concentrated. Derivatives, if covered, have additional path-dependent risk. AI / ML tools, where used, are subject to the limitations in the AI disclosure on this page. Quantitative outputs remain fully subject to disclosure, conflict management, personal-trading bars and compliance requirements applicable to research reports.

Periodic model review

Active models are reviewed periodically. Retirement of a version is recorded. Historical research reports continue to reference the model version that existed when the report was published. Updating a model does not modify historical reports. Research reports, recommendations and the rationale for recommendations are retained for a minimum of five years.