{{LEGAL_ENTITY_NAME}}(“Markov”, “we”, “us”) is registered with the Securities and Exchange Board of India (“SEBI”) as a Research Analyst under the SEBI (Research Analysts) Regulations, 2014, vide registration number {{SEBI_RA_REG_NO}}. We are a member of the BSE Administration and Supervision Limited (BASL), Member ID {{BASL_MEMBERSHIP_NO}}.
1. Statutory disclaimer
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of BASL and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
The securities/instruments quoted in research recommendations are for illustrative purposes only and are not recommendatory for any specific investor. Past performance is not indicative of future results. Investors should consult their financial, tax, and legal advisors before acting on any information contained in our recommendations.
2. Scope of services
Markov provides general-purpose research recommendations on listed Indian equities through a software-as-a-service mobile application and website. Specifically:
- We do not act as your portfolio manager, investment adviser or distributor.
- We do not hold, custody, or have any authority over client funds or securities.
- We do not execute trades on your behalf. Every order is placed by you, on your own broker account.
- Our recommendations are research opinions, not personal advice. They are not tailored to your individual financial situation, risk appetite, or investment goals.
- For personal financial advice, please consult a SEBI Registered Investment Adviser (RIA).
3. Conflict-of-interest disclosure
As required under the SEBI (Research Analysts) Regulations:
- Neither Markov, its principal officer, nor its research personnel hold any financial interest in the subject companies of their research recommendations, beyond what is disclosed at the time of recommendation.
- Neither Markov nor its associates have received any compensation from the subject company in the preceding twelve months in connection with research services.
- Markov does not engage in market-making activities for any subject company.
- Where any actual or potential conflict of interest exists in respect of a particular recommendation, the same shall be disclosed alongside that recommendation.
4. Risk factors
The following are some, but not all, of the risks of acting on our research:
- Market risk: equity prices can move sharply against a recommendation. Stop losses may be filled at prices materially worse than indicated, especially in gap-down or low-liquidity scenarios.
- Execution risk: the price you actually receive may differ from the entry zone in our recommendation due to slippage, brokerage, latency, or unfilled orders.
- Concentration risk: our risk framework caps single-trade and sector exposure, but if you ignore those caps the risk to your portfolio is materially higher.
- Behavioral risk:the strategy assumes adherence to stops and position sizing. Deviation from either typically erodes or eliminates the strategy's edge.
- Technology risk: the Markov app, your broker, and the exchanges all depend on technology that can fail. We are not liable for losses arising from third-party outages or your own connectivity.
5. Performance representation
We do not publicly display past performance, hit-rates, profit factors, Sharpe ratios, equity curves or other return metrics for our strategies on this website or in the application. Under SEBI's Past Risk-and-Return Verification Agency (PaRRVA) framework, any such figures may only be displayed after independent certification; until such certification is in place, we do not represent or imply any specific past or expected performance.
6. No guarantee
We do not guarantee any specific return, win rate, or outcome. A meaningful share of individual recommendations in any rule-based portfolio will lose money. Profitability over time depends on disciplined adherence to stops, position sizing, and the methodology's rules — none of which is within our control once a recommendation is delivered.
7. Jurisdiction
Markov's recommendations are intended for residents of India and for trading on Indian recognised stock exchanges only. Distribution or use of these recommendations in jurisdictions where it would be unlawful is prohibited.
For grievances, please refer to our Grievance Redressal page.