Terms of Service for Eastern Finance Stacks

The Research Analyst is a SEBI registered Research Analyst bearing registration no. INZ000193733 for carrying on the business of providing research analysis on a non-binding and non-discretionary basis.

Research Analyst, inter alia, is in the business providing non-binding and non-discretionary Research Analysis across the globe. Its aim is to provide a research recommendation to the Recipient on asset allocation globally.

The recipient is desirous of availing the services provided by the Research Analyst. Therefore, the Research Analyst and the Recipient are agreeing to the terms of services as per this document. This document records the scope and extent of services to be rendered by the Research Analyst to the Recipient. Correspondingly, this terms of service document (also referred as Agreement) also intends to record the rights and obligations of both the Parties.

For the sake of clarity, it is mentioned herein, that, both the Research Analyst and the Recipient shall be collectively referred to as “Parties” and individually as a “Party”. 

All schedules attached to this Agreement shall form an integral part of this Agreement, and, shall be read in conjunction therewith.

DEFINITIONS

“Applicable Law(s)” means all applicable statutes, enactments, laws, ordinances, bye-laws, rules, regulations, guidelines, notifications, notices and/or judgments, decrees, injunctions, awards, writs or orders of any court, statutory or regulatory or taxation authority, Securities and Exchange Board of India (SEBI), tribunal, arbitral tribunal, board or stock exchange rules in India, as may be in force and effect during the subsistence of this Agreement, or, as maybe amended from time to time. 

“Research Analysis” refers to the non-binding and non-discretionary Research Analysis provided by the Research Analyst to the Recipient for investing in the Securities. 

“Research Analyst Services” shall have the meaning ascribed to it in Schedule 1 of this Agreement.

“Research Analyst Service Fee” shall have the meaning ascribed to it under Clause 6 hereto to be read in conjunction with Schedule 2 of this Agreement.

“Securities”  shall  mean and include  equity  and  equity  related  securities,  fixed  income  securities, including debt, money market and securitised debt, stocks, bonds, options, warrants, notes, mutual funds, collective investment schemes, alternative investment funds, other investment vehicles or in derivatives of any of the above, as maybe permissible as per the rules and regulations of the countries in which the Recipient desires to make the investment(s) in accordance with the report provided by the Research Analyst. 

Pursuant to the provisions of this Agreement and in accordance with Applicable Law, the Recipient hereby agrees to avail of non-binding and non-discretionary Research Analysis from the Research Analyst for the purposes of making investment in the Securities.

It is agreed between the Parties, that, the Recipient shall have full discretion to decide the manner in which it desires to utilize the Research Analysis provided by the Research Analyst. The Recipient is not obliged to utilize the Research Analysis, in whole or in part, for making investments in the Securities.

It is agreed between the parties, that, if any information provided by the recipient is incorrect or if the recipient acts in a manner inconsistent with the risk profiling and/or suitability analysis and/or research analysis services provided then this agreement shall be void. The recipient shall be solely responsible for his/her actions and agrees to indemnify and hold the Research Analyst harmless against any potential loss, claims, damages arising related to Research Analysis services. 

Research Analyst shall provide Research Analysis Services in a professional and reasonably diligent manner

Research Analyst shall make such disclosures to the Recipient as maybe applicable to it from time to time, and, as maybe required by it under the Applicable Law.

Save and except as provided under the Applicable Law, the provision of Research Analyst Services hereunder cannot be called in question or be open to review at any time during the currency of this Agreement or any time thereafter, except, on the grounds of malafide intention, fraud, conflict of interest or gross negligence.

Notwithstanding anything stated in this Agreement, the Research Analyst, its affiliates and their respective directors, employees and agents shall not be liable to the Recipient for transacting, or omitting to transact in the Securities based on the Research Analyst Services provided by the Research Analyst. It shall be the Recipient’s sole responsibility to ensure that it independently assesses the manner in which it desires to utilize the Research Analysis and apportion it accordingly for making investments in the Securities. The Research Analyst shall not be responsible for the manner in which the Recipient chooses to utilize the Research Analysis. 

The Research Analyst Services provided under this Agreement do not assure or guarantee any minimum or fixed or assured return when such Research Analysis is utilized for making investments in the Securities.

It is agreed that if any information provided by the recipient is incorrect or if the recipient acts in a manner inconsistent with his/her risk profiling and/or suitability analysis and/or Research Analysis services provided then the Research Analysis services agreement entered with the recipient shall be void and the he/she shall ceases to be an Research Analysis services client. The recipient shall be solely responsible for his/her actions and agrees to indemnify and hold the Research Analyst harmless against of any potential loss, claims, damages arising related to Research Analysis services.

Research Analyst and the Recipient, each represents and warrants to the other, as of the date hereof that:

it is a duly organised legal entity, validly existing under the laws of the jurisdiction under which it has been incorporated

it has taken and will continue to take all legal steps required under the law of its incorporation and any agreement to which it is party, to enter into this Agreement and perform all of its obligations set out herein;

the execution, delivery and performance of this Agreement by it are within its corporate powers or legal capacity and have been duly authorised by any and all necessary corporate action;

its entry into and performance of its obligations under this Agreement do not contravene, violate or constitute a default under any provision of law or regulation or any legal requirements in the jurisdiction under which it was established or any agreement, judgement, injunction, order, decree or other instrument binding upon such party, as of the date hereof; and

upon obtaining all requisite governmental approvals (if any), this Agreement will constitute its valid and binding obligation enforceable in accordance with its terms.

6.    Asset Allocation Assessment and Investment Selection

total Stacks under the Research Analysis services;

the total Research Analyst fees payable for the month to Research Analyst (collectively referred to as the “Research Analysis Portfolio Summary”).  

Recipient acknowledges and agrees that Research Analyst may at its sole discretion, and, on terms and conditions it deems fit, provide Research Analyst Services to other third party recipients, as, the Research Analyst Services provided by Research Analyst herein are non-exclusive in nature. Similarly, The Research Analyst acknowledges and agrees that Recipient is free to avail Research Analyst services from other Research Analysts of its choice even during the subsistence of this Agreement.

Recipient agrees and understands, that, the Research Analyst, its affiliates, and their respective directors, employees, agents and research analysis may have investments in various Securities from time to time, and, such conflicts of interest would be inherent when making investment in such Securities. It is intended for such conflicts to be managed primarily by complying with the laws applicable in the jurisdiction in which the aforementioned persons are investing, and also, complying with the laws of the countries in which the Research Analyst and the Recipient are incorporated.

The Research Analyst Services hereunder are exclusive and for the sole benefit of the Recipient, and, the Recipient agrees and acknowledges that it will not disclose the Research Analysis provided by the Research Analyst to any other third-party entity or person. The Research Analysis cannot be sold, marketed and/or reproduced in any manner whatsoever by the Recipient without the prior written express permission of the Research Analyst.

The Recipient hereby agrees & undertakes to strictly adhere to “non-cloning” of the Research Analysis. The term “non-cloning” of the Research Analysis means that the Recipient or its relatives, affiliates, directors, agents, research analysiss &employees cannot leverage the Research Analysis hereunder and make trades either in their personal account or accounts where they can be considered direct or an in-direct beneficiary of such Research Analysis. The Research Analyst shall have a right to require the Recipient to provide a certification confirming that there has not been any cloning of the Research Analysis by any of its relatives, affiliates, directors, agents, research analysiss and employees.

The Recipient agrees that the Research Analyst shall have the right at its sole discretion to audit Recipient’s books of account only pertaining to the scope of this Agreement at least once in every quarter at the cost of Research Analyst. Such audit of the books of accounts shall be conducted by an external auditor appointed by the Research Analyst, and, the Recipient undertakes to fully co-operate and render all assistance required by the auditor while conducting such audit.

The Research Analyst and the Recipient, during the continuance of this Agreement and after its termination for a period of 3 years, shall not disclose to any person, firm, fund or entity whatsoever, any information relating to the business, investments, finances or any other matter of a confidential nature of any Party to this Agreement (“Confidential Information”), except with the authority of that other Party or unless ordered to do so by a court or authority of competent jurisdiction or disclosure of such information is required under the applicable laws.

Notwithstanding what has been mentioned hereinabove, neither Party shall be restricted from disclosing Confidential Information under the following circumstance: 

Such Confidential Information of either Party is in public domain other than by a breach of this Agreement; or

Subject to the provisions of Clause 9 above, such Confidential Information which may be required to be disclosed by any Party under the laws under which that Party has been incorporated, or, by any order of any governmental, statutory and/or regulatory authority to whose jurisdiction that Party is subject; or

In so far as such Confidential Information is disclosed to the employees, officers, directors, or professional research analysiss, including affiliates of such Party, provided that the Party disclosing such information shall procure that the aforementioned persons shall treat this information as Confidential Information in accordance with the terms of this Agreement.

This Agreement shall come into effect from the date of its execution and shall be valid until terminated by either Party in accordance with the terms set out in this clause.

Any fees charged before the explicit confirmation shall be considered as advance against the fees payable for the proposed Research Analysis services. EFL holds the right to refuse to get into any kind of Research Analysis service agreement as proposed by the recipient through the online platform or directly or otherwise.

Notwithstanding what has been mentioned in Clause 10.1 above, this Agreement may be terminated by either Party with a 30 days' prior written notice given to the other Party concerned.

Notwithstanding the foregoing, this Agreement can forthwith be terminated by either Party upon the occurrence of any of the following events:

The other Party commits a serious breach of this Agreement and (in the case of any breach which is capable of remedy) fails to remedy such breach within 30 days of being required to do so by notice in writing from the non-breaching Party; or

The other Party is unable to pay its debts or is insolvent or deemed to be insolvent or if a receiver is appointed in respect of any of its assets; or 

The other Party ceases to be permitted by the applicable laws in the jurisdiction in which they are incorporated, to act as an Research Analyst or a Recipient, as applicable.

The termination of this Agreement shall be without prejudice to the rights and obligations of the Parties which have arisen on or prior to the effective date of termination, including but not limited to, discharge by the Recipient of the Research Analyst Services Fees, and, any other expenses to be reimbursed under this Agreement up to the date of termination of this Agreement.

This Agreement shall be construed in accordance with the laws of India. In the event of any disputes, differences, claims and questions (hereinafter referred to as “Dispute”) between the Parties hereto arising out of this Agreement, or, in any way relating to any term, condition or provision herein mentioned, or, the construction or interpretation thereof, or, otherwise in relation hereto, the Parties shall by a written notice to other Party (hereinafter referred to as “Settlement/Conciliation Notice”) first endeavor to settle such differences, disputes, claims or questions through mutual settlement. 

Failing such settlement, the dispute shall be resolved through arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996. The language of proceedings shall be English & seat of such arbitration shall be Kolkata, India before a sole arbitrator mutually appointed by the Research Analyst and the Recipient. In the event of disagreement between the parties on appointment of a sole arbitrator, each of the parties hereto shall appoint its arbitrator and the two appointed arbitrators shall appoint third arbitrator who shall act as an umpire.

Relationship: The relationship between the Research Analyst and the Recipient shall be governed exclusively by this Agreement and no presumption of any relation in the nature of partnership, joint venture or agent or any like relationship shall be presumed to exist between the Parties hereto.

Alteration: Any amendment or variation to this Agreement shall not be effective unless made in writing and agreed by all Parties hereto, and thereupon, such altered, varied, changed or amended terms and conditions shall apply as if the same were expressly incorporated herein.

Assignment: Neither Party shall assign this Agreement to any third party except with the express written consent of the other Party. Notwithstanding what has been mentioned herein, such restrictions shall not be applicable for an affiliate of either Party. 

No Waivers: No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall, any single or partial exercise of any other right, power or privilege preclude such Party's further exercise of any other right or remedy. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Entire Agreement, No Third-Party Rights: This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and, supersedes all prior written agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter of this Agreement. No representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied upon by any Party hereto while entering into this Agreement. Neither this Agreement nor any provision hereof is intended to confer upon any person other than the Parties to this Agreement any rights or remedies hereunder.

Further Assurances: In connection with this Agreement, as well as all transactions contemplated by this Agreement, each Party agrees to execute and deliver such additional documents and to perform such additional actions as may be necessary, appropriate or reasonably requested to carry out or evidence the transactions contemplated hereby.

Severability: The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of this Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the Parties hereunder shall be enforceable to the fullest extent permitted by law. Any invalid or unenforceable provision of this Agreement shall be replaced with a provision which is valid and enforceable, and, most nearly reflects the original intent of the unenforceable provision within reasonable time to ensure that the agreed objectives of the Parties under this Agreement are met.  

Survival: Termination of this Agreement shall not affect those provisions hereof that by their nature are intended to survive such termination, (including without limitation, its obligations to maintain the confidentiality of information, to cooperate with the Research Analyst regarding any potential investigations and/or litigations which may arise, and,  to make payment of the Research Analyst Service Fees, and, any other expenses reimbursable under this Agreement up to the date of termination of this Agreement).

Change in Law, etc.: In case of any change in applicable laws in India, that has an effect on the terms of this Agreement, the Parties agree that the Agreement would be reviewed, and if deemed necessary by the Parties, renegotiated in good faith to give full force and effect to the commercial intent of the Parties mentioned in this Agreement.

Counterparts: This Agreement may be signed in any number of counterparts by the Parties, each of which when so executed shall be an original, but, all such counterparts taken together shall constitute one and the same document.