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The Research documents have been prepared by Jamnadas Virji Advisory and is meant for sole use by the recipient and not for circulation. The information and opinions contained in them have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guarantee, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness.

All such information and opinions are subject to change without notice. The documents are for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and the documents are not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments. 

For Research Analyst related disclosure, you may refer the specific Research Report as published.

The reports are not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject Jamnadas Virji Advisory or its affiliates or associates to any registration or licensing requirement within such jurisdiction. 

 

If any of the reports are inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. The documents may not be reproduced, distributed or published for any purposes without prior written approval of Jamnadas Virji Advisory.

 

Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk. 

 

It should not be considered to be taken as an offer to sell or a solicitation to buy any security.

 

Jamnadas Virji Advisory and its affiliates, partners, associates and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned in the documents or (b) be engaged in any other transaction involving such securities discussed in the documents or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. 

 

Jamnadas Virji Advisory and its affiliates, partners, associates and employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on basis of the documents, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc. 

Jamnadas Virji Advisory and its affiliates, partners, associates and employees may have various positions in any of the stocks, securities and financial instruments dealt in the documents, or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in the documents.

 

Jamnadas Virji Advisory and its affiliates, partners, associates and employees might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. 

 

Jamnadas Virji Advisory and its affiliates, partners, associates and employees or its analysts did not receive any compensation or other benefits from the companies mentioned in the documents or third party in connection with preparation of the research documents. Accordingly, neither Jamnadas Virji Advisory nor Research Analysts have any material conflict of interest at the time of publication of the research documents. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Jamnadas Virji Advisory may have issued other research documents that are inconsistent with and reach different conclusion from the information presented in any particular research document. 

Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the research documents.

 

The returns, performance & capital safety mentioned in the products offered under the brand “Tradonomy” are a combination of historical back testing & actual performance observed in various accounts.

 

Backtested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance.

 

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