Terms & Conditions

1. Who we are, and what you are agreeing to

These Terms & Conditions ("Terms") are an agreement between EquiResearch Private Limited, a private limited company incorporated in India on 17 August 2026 under Corporate Identity Number (CIN) U66301WB2026PTC289277, having its registered office at 2nd Floor, 197 Sahid Hemanta Kumar Bose Sarani, LP-62/10/3/1, Kolkata 700074, West Bengal, India ("EquiResearch", "we", "us") and you, the person or firm subscribing to or using the EquiResearch platform at www.equiresearch.com (the "Platform").

By creating an account or signing in — with an email code, a password or Google — you agree to these Terms and enter into a legally binding electronic contract with EquiResearch under the Information Technology Act, 2000. The sign-up and sign-in forms say so, with a link to these Terms, next to the button you use. Your acceptance is recorded electronically with a server timestamp (IST), your IP address and how you agreed, against the version of these Terms in force at the time. If you do not agree, do not create an account or use the Platform. You can read the current version at any time at www.equiresearch.com/terms, and ask us for a copy of the version you accepted together with its acceptance record.

These Terms apply to everyone who uses the Platform — on paid plans, free or trial plans, complimentary access and any demonstration access alike.

2. What the Platform is — and what it is not

The Platform is a research and analytics tool intended for financial professionals — mutual fund distributors, investment advisers, research analysts and similar intermediaries — for use in their professional work. It provides market data, mutual fund analytics, proprietary measures (including the EQ Score and EquiResearch Quantile Analysis), portfolio and attribution tools, AI features (section 4) and related research features.

We do not check or verify any registration you hold. By using the Platform you confirm that you hold, and will keep valid, every registration, licence or empanelment your own activities require (for example, AMFI registration as a mutual fund distributor, or SEBI registration as an investment adviser or research analyst), and that you will use the Platform only in ways the rules that apply to you allow.

EquiResearch is not registered with SEBI as an investment adviser, research analyst, portfolio manager or in any other capacity, and nothing on the Platform is investment advice, a research recommendation, an offer, or a solicitation of any kind. Scores, rankings, analytics, AI-generated content and any other output of the Platform are informational tools only. They are inputs for your own professional judgment — not recommendations to you, and not advice to be passed through to your clients as ours.

You remain solely responsible for any advice you give your clients, for the decisions you make using the Platform, and for your own regulatory compliance, including any SEBI, AMFI or other registrations your activities require. EquiResearch is not your adviser or fiduciary and has no fiduciary, advisory or agency relationship with you. EquiResearch has no relationship with, and owes no duty to, your clients.

3. Data accuracy — please read this carefully

Data on the Platform is sourced from third parties, including AMFI, stock exchanges, asset management companies and data vendors, and is processed and presented on a best-effort basis. Despite our efforts, data may be delayed, incomplete or contain errors, and we give no warranty as to its accuracy, completeness, timeliness or fitness for any purpose. You must independently verify any data before acting on it or sharing it with your clients.

By accepting these Terms, you acknowledge that data errors can occur despite good-faith efforts, and you agree that you will not hold EquiResearch liable, and waive any claim against EquiResearch, for any loss or damage — including any investment loss suffered by you or your clients — arising from errors, delays or omissions in data presented on the Platform, where EquiResearch has acted in good faith. This clause is a fundamental part of the bargain: the Platform is priced and provided on the basis that investment risk stays with you and your clients, not with EquiResearch. It applies equally to AI-generated content, as section 4 explains.

4. AI-generated content — please read this carefully

Some features of the Platform use artificial intelligence ("AI"): large language models operated by third-party AI model providers (currently reached through OpenRouter). At present these features are:

• the AI Analyst — the chat that answers questions about funds, categories, flows and holdings using the Platform's data;
• the AI Dashboard — dashboards built by AI from a description you type, which can show illustrative figures made up by the AI rather than real data;
• research report summaries — the summary, key takeaways, outlook, key figures, charts, themes and quality rating shown for each research report, and the tailored view that lays a report out as a dashboard;
• the screener query assistant, which turns a plain-English request into screener filters;
• the support assistant (the help chat); and
• where offered, risk-profile reports (the interview and the reading of the answers) and the reading of documents you upload, such as account statements, to extract holdings.

AI-generated content is labelled as AI-generated where it appears. Everything these features produce is AI-generated content for the purposes of these Terms, whether or not a label is visible on a particular screen, in a copy or in a printout.

4.1 It can be wrong. AI output can be wrong, incomplete, out of date, or invented outright ("hallucinated") — even when it looks precise, quotes exact numbers, names a source or sounds confident. It can misread a report or a question, mix up funds, periods or figures, or leave out a point that matters. Some features run automated checks (for example, the figures in a tailored research view are compared with the report's text), but automated checks do not catch every error, and no person at EquiResearch reviews AI output before you see it.

4.2 Check it before you rely on it, and before you share it. Before you rely on any AI output, check it against the underlying data on the Platform or against the source document — for a research summary, the original report. Before you share any part of it with a client, a prospective client or any other investor — in any form, whether copied, paraphrased or summarised, put into a report, presentation, email or message, or read out — you must verify it yourself. Anything AI-assisted that you share is your own communication and your responsibility. Never present it as advice, research or a recommendation from EquiResearch, or as something EquiResearch has reviewed or approved.

4.3 It is not advice. AI output is not investment advice, a research report or a recommendation from EquiResearch or anyone else, and every disclaimer in these Terms applies to it. Even where an AI feature appears to answer a question about what to buy, sell or hold, its output remains information for your own professional judgment.

4.4 Keep personal data out of AI chats. What you type into an AI feature is sent to third-party AI model providers to produce the answer, and some of them may process it outside India. Do not type the identifying details of clients or anyone else — names, PAN, Aadhaar, phone numbers, email addresses, or bank, folio or demat account numbers — into the AI Analyst, the AI Dashboard, the screener query assistant or the support assistant. A feature that needs client information in order to work, such as reading an uploaded statement, sends it to an AI model provider only for that purpose; use such features only with your client's consent (section 6).

4.5 What we keep. AI Analyst chats are saved to your account so that you can return to them: your questions, the answers, a title for each chat and a short running summary the Analyst keeps of a long chat (its "memory"). You can delete a chat, or clear its memory, at any time; deleted chats may remain in our backups for a limited period. Support-assistant chats are not saved by us unless you raise a ticket, in which case the chat so far is attached to the ticket. For every AI feature we also record usage (the feature, the AI model, the amount used and its cost) and keep request and technical logs, which can contain parts of a request or an answer when something goes wrong. We keep these to provide the feature, enforce usage limits, investigate errors and prevent misuse. Our Privacy Policy (www.equiresearch.com/privacy) has more.

4.6 Our liability for AI content. The waiver in section 3 applies in full to AI-generated content: you agree that you will not hold EquiResearch liable, and waive any claim against EquiResearch, for any loss or damage — including any investment loss suffered by you or your clients — arising from errors, omissions or invented content in AI output, or from your reliance on it or sharing of it, where EquiResearch has acted in good faith.

4.7 Availability and limits. AI features may be available only on some plans or to some users, are subject to usage limits (such as a daily allowance), and may be changed, limited, suspended or withdrawn at any time — including by changing the AI models or providers used — without notice and without any refund or credit.

5. Your licence, your login

Your subscription gives you a personal, non-transferable licence to use the Platform for the subscribed period, for your own professional use. Each licence is for one named individual. If more than one person in your firm needs access, each needs their own subscription.

• One active session. Your account can be signed in on one device or browser at a time. Signing in somewhere else ends the earlier session at once, without notice. This is a deliberate safeguard, not a defect, and is no ground for a complaint or a refund.
• No credential sharing. Login credentials are personal to you and must not be shared, resold or used by anyone else.
• No scraping, bulk export, redistribution, resale or repackaging of Platform data, scores or content, whether manually or by automated means.
• No reverse engineering of the Platform, its scores or its methodologies.
• No misuse of AI features — for example, trying to get around their usage limits or built-in instructions, or using them to extract Platform data in bulk.

You may generate reports (for example, PDF reports carrying your branding) and share outputs as the Platform expressly permits — see section 6 for your responsibilities when you do, and section 4 before you share anything AI-generated.

6. Client data you upload, and content you share onward

You may upload your clients' personal and financial data — portfolio holdings, names, PANs, contact details, account statements — to use the Platform's features. You warrant that you have each client's consent to upload their data and that doing so complies with your obligations under applicable law, including the Digital Personal Data Protection Act, 2023.

EquiResearch processes uploaded client data only to provide the service to you. We keep it confidential, we do not sell it, and we do not use it for any purpose unrelated to the Platform. Your uploaded data remains yours. Where a feature reads a document you upload — for example an account statement, to extract holdings — the document's contents are sent to a third-party AI model provider for that purpose only, and what comes back is AI-generated content: check it against the document before you rely on it (section 4). Our Privacy Policy (www.equiresearch.com/privacy) explains what we collect, who processes it and how long we keep it.

Reports and links you generate and share are your communication, not ours. They may carry your branding, you choose who receives them, and you are solely responsible for their contents and distribution. Your clients acquire no rights against EquiResearch by receiving them or by viewing a shared link.

7. Plans, fees and refunds

The plans on offer, what each includes and their prices are shown on the Plans page (www.equiresearch.com/plans) when you choose a plan. Prices are in Indian rupees and exclusive of GST, which is charged in addition at the prevailing rate. Fees are payable in advance, by the payment methods offered when you buy.

• Early Bird (free): free for 30 days, available once per account. It ends automatically, and we may change, shorten or withdraw it at any time.
• Paid plans run for the period shown when you buy (for the Professional plan, 12 months). Any introductory or launch price applies only as stated on the Plans page and only while it lasts, and may be withdrawn at any time.
• If you buy a paid plan while a free plan is running, the paid plan starts when the free plan ends.
• No automatic renewal, no automatic charges. A plan ends at the end of its term. We never charge you automatically, so there is nothing to cancel. To continue, you buy a new plan at the price then in force.
• Free, trial and complimentary access is provided as is, with no commitment that it will continue, and may be changed or withdrawn at any time.
• Non-payment of any amount due leads to suspension of access.

No refunds, in any case. All fees paid are final and non-refundable in every circumstance, including — without limitation — dissatisfaction with the Platform, change of mind, partial use or non-use, downtime or interruptions, data errors or delays, errors in AI-generated content, changes to or removal of any feature, data or plan, closure of your account by you, and suspension or termination of your access under section 11. We do not give pro-rata refunds, credits, extensions or exchanges in place of a refund, and GST charged is not refunded.

No satisfaction guarantee. We offer no satisfaction or money-back guarantee of any kind. Use the free Early Bird plan, while it is offered, to evaluate the Platform before you pay.

8. No guarantees, no promises

The Platform and everything on it is provided "as is" and "as available". To the fullest extent permitted by law, EquiResearch makes no promise, guarantee, representation or warranty of any kind, express or implied, including about:

• any investment result, return or outcome for you or your clients;
• the accuracy, completeness or timeliness of any data, score, analysis or AI-generated content;
• the Platform being available, uninterrupted, error-free or secure;
• any feature, data set, plan or price continuing to be offered.

Features described as planned, upcoming or "coming soon", and anything said in our marketing, demonstrations, emails or support conversations (including by the support assistant), or by anyone acting for us, are not commitments and do not form part of these Terms. We may add, change, suspend or remove any part of the Platform at any time.

We use reasonable efforts to keep the Platform running, but maintenance, upgrades and failures of third-party data feeds, AI model providers or infrastructure can interrupt the service. None of these gives rise to any claim, refund or credit.

9. Intellectual property

The Platform, its software, design, scores (including the EQ Score and EquiResearch Quantile Analysis), methodologies, analytics and content are and remain the property of EquiResearch. Your subscription grants use, not ownership. Data you upload remains yours, as set out in section 6.

Research reports shown on the Platform belong to their publishers; our summaries of them are for your reference and are no substitute for the original. Output the Platform generates for you — including reports and AI-generated content — may be used in your own professional work under these Terms, subject to section 4 and to the rights of third parties in the underlying data and reports.

10. Limitation of liability and indemnity

To the fullest extent permitted by law:

• EquiResearch is not liable for any investment outcome, or for any decision made by you or your clients using the Platform, including decisions based on its data or on AI-generated content;
• EquiResearch is not liable for any indirect, incidental or consequential loss, or for loss of profits, revenue, business, goodwill or data;
• EquiResearch's total aggregate liability arising out of or in connection with the Platform, on any basis, is capped at the subscription fees you actually paid to EquiResearch in the twelve (12) months preceding the event giving rise to the claim (and for free or trial users, at zero).

You will indemnify EquiResearch against losses, damages and reasonable costs arising from your misuse of the Platform, your breach of these Terms, your uploading of data without proper consent, your sharing of Platform output or AI-generated content with others, or any claim brought against EquiResearch by your clients or any recipient of your reports, messages or shared links.

Nothing in these Terms excludes liability that cannot lawfully be excluded, including for fraud or wilful misconduct.

11. Suspension and termination

We may suspend or terminate your access, without refund, if you breach these Terms — including credential sharing, scraping, redistribution of data, misuse of AI features, non-payment, or use of the Platform to provide services you are not lawfully permitted to provide. On termination or expiry, your access ends; you may request export of your uploaded client data within thirty (30) days, after which we may delete it.

12. Changes to these Terms

These Terms are versioned, and the version number and effective date are shown with them. If we revise them materially, we will tell you on the Platform, and may also tell you by email. Signing in, or continuing to use the Platform, after the revised version takes effect means you accept it; if you do not agree, stop using the Platform and you may ask us to close your account. Each version you accepted, with its timestamp, IP address and how you agreed, is retained in our records, and a copy is available to you on request.

13. Governing law and jurisdiction

These Terms are governed by the laws of India. The courts at Kolkata, West Bengal have exclusive jurisdiction over any dispute arising out of or in connection with these Terms or the Platform.

14. Grievances and contact

For any question, complaint or grievance — including about AI-generated content or how your data is handled — write to the Grievance Officer at contact@equiresearch.com. Our registered office is EquiResearch Private Limited, 2nd Floor, 197 Sahid Hemanta Kumar Bose Sarani, LP-62/10/3/1, Kolkata 700074, West Bengal, India. We will acknowledge your grievance and work to resolve it within the time required by applicable law.