Most Important Terms and Conditions (MITC)

Last updated: 25 September 2026

SEBI requires every Research Analyst to give clients a short set of Most Important Terms and Conditions. The wording is standardised for all RAs by the Industry Standards Forum with RAASB and SEBI, and forms part of our Terms of service. Below, each standard term is reproduced exactly, followed by what it means in practice at Markov.

Research Analyst

Name: Yash Mahesh Jaiswal
Brand: Markov
SEBI RA Reg. No.: INH000027353
Registration valid: May 19, 2026 – May 18, 2031
Grievance Officer: Yash Mahesh Jaiswal
Email: support@markov.in

Verify this registration on the SEBI intermediaries register.

At a glance

Research only

We publish recommendations. We never place trades for you.

SEBI-capped fees

Maximum ₹1,51,000 a year per family. Our plans cost a small fraction of that.

Pro-rata refunds

End a plan early and get back the unused days — no breakage fee.

No guaranteed returns

Nobody can promise profits. Markets carry risk; losses are possible.

Official channels only

Pay only through the checkout on markov.in or in the Markov app.

Your OTPs stay yours

We will never ask for your trading, demat or bank login or OTP.

The terms

Standard text as issued by SEBI (Annexure A to circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20, 17 February 2025), with clause 3 updated for circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/48 (2 April 2025). Headings and the At Markov notes are ours and do not change the terms.

1.We never trade on your behalf

These terms and conditions, and consent thereon are for the research services provided by the Research Analyst (RA) and RA cannot execute/carry out any trade (purchase/sell transaction) on behalf of, the client. Thus, the clients are advised not to permit RA to execute any trade on their behalf.

At Markov · Markov publishes research only. Neither the app nor the website can place an order — every trade is placed by you, in your own broker account, if and when you choose to.

2.Fees are capped by SEBI

The fee charged by RA to the client will be subject to the maximum of amount prescribed by SEBI/ Research Analyst Administration and Supervisory Body (RAASB) from time to time (applicable only for Individual and HUF Clients).

Note:

2.1. The current fee limit is Rs 1,51,000/- per annum per family of client for all research services of the RA.
2.2. The fee limit does not include statutory charges.
2.3. The fee limits do not apply to a non-individual client / accredited investor.

At Markov · Our main plans are Starter at ₹999/month and Pro at ₹1,999/month, GST included — far below the annual cap. The exact price and billing period are always shown before you pay.

3.Advance fees and pro-rata refunds

RA may charge fees in advance if agreed by the client. Such advance shall not exceed the period stipulated by SEBI; presently it is one year. In case of pre-mature termination of the RA services by either the client or the RA, the client shall be entitled to seek refund of proportionate fees only for unexpired period.

At Markov · The one-year limit comes from SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/48 (2 April 2025), which replaced the earlier one-quarter limit. Markov bills one billing period at a time. To end a plan early, go to Settings → Subscription → Cancel renewal in the app and choose Cancel now: access ends that day and the unused days are refunded pro-rata to your original payment method, with no breakage fee.

4.How fees can be paid

Fees to RA may be paid by the client through any of the specified modes like cheque, online bank transfer, UPI, etc. Cash payment is not allowed. Optionally the client can make payments through Centralized Fee Collection Mechanism (CeFCoM) managed by BSE Limited (i.e. currently recognized RAASB).

At Markov · Pay Markov only through the checkout on markov.in or inside the Markov app. Payments are processed by our payment gateway (currently Razorpay). See Pay safely below.

5.Conflicts of interest

The RA is required to abide by the applicable regulations/ circulars/ directions specified by SEBI and RAASB from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. The RA will endeavor to promptly inform the client of any conflict of interest that may affect the services being rendered to the client.

At Markov · Our conflict-of-interest disclosure is in section 3 of the Disclaimer & risk disclosure.

6.No guaranteed-return schemes

Any assured/guaranteed/fixed returns schemes or any other schemes of similar nature are prohibited by law. No scheme of this nature shall be offered to the client by the RA.

At Markov · Anyone promising you fixed or guaranteed returns in Markov’s name is not us. Report it to support@markov.in.

7.No guarantee of returns or accuracy

The RA cannot guarantee returns, profits, accuracy, or risk-free investments from the use of the RA’s research services. All opinions, projections, estimates of the RA are based on the analysis of available data under certain assumptions as of the date of preparation/publication of research report.

8.Investments carry market risk

Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client’s own judgement and assessment of the conclusions contained in the research report.

At Markov · Every Markov recommendation carries a stop-loss, but a stop-loss limits risk — it does not remove it. Prices can gap past a stop.

9.Registration is not a performance guarantee

The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.

10.Grievance redressal

For any grievances,

Step 1: the client should first contact the RA using the details on its website or following contact details:
Grievance Officer: Yash Mahesh Jaiswal
Email: support@markov.in

Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI’s SCORES platform at www.scores.sebi.gov.in

Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in

At Markov · The full escalation matrix — support, Grievance Officer, Compliance Officer, Principal Officer, then SCORES and SmartODR — is on our Grievance redressal page. You can also raise a grievance from the app (Settings → File a grievance).

11.Keep your contact details current

Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.

At Markov · You can change your email and verify your mobile number in the app under Settings. We use them for login, alerts and regulatory communication.

12.Never share passwords or OTPs

The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account Demat Account and Bank Account. Never share such information with anyone including RA.

At Markov · The only one-time passwords Markov sends are for signing in to Markov, verifying your mobile number and confirming your consent — all typed into the Markov app by you. Nobody from Markov will ever ask you to read one out.

Pay safely

Pay only through the checkout on markov.in or inside the official Markov app. Both are processed by our payment gateway.
CeFCoM — the optional Centralised Fee Collection Mechanism run by BSE Limited as RAASB — lets investors pay SEBI-registered RAs through a verified channel and track those payments. It is optional; Markov’s standard route is the checkout above.
If anything about a payment request looks off, stop and write to support@markov.in first.

Protect yourself from impersonation scams

Fraudsters pose as registered analysts to sell “tips” or collect payments. Common tactics:

Unsolicited invitations to WhatsApp or Telegram groups offering trading tips, free courses or “sure-shot” calls.
Fake profiles impersonating market experts, SEBI-registered intermediaries, company CEOs or public figures.
Screenshots of huge profits and fake testimonials used to pressure you into transferring money quickly.

How to check you are dealing with Markov:

Search for registration number INH000027353 on the SEBI intermediaries register and match the name to Yash Mahesh Jaiswal.
Our official website is markov.in and our email addresses end in @markov.in. Treat anything else claiming to be Markov as suspect.
Report suspected impersonation to support@markov.in. You can also contact SEBI through SCORES or its toll-free helpline 1800 22 7575 / 1800 266 7575.

Your consent

When you take a paid plan, the Markov app shows these terms after your KYC and asks you to confirm them with a one-time password sent to your registered mobile number. We keep a record of that consent as SEBI requires.

MITC version sebi_ra_mitc_2025_04_02. Sources: SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/20 dated 17 February 2025 (Annexure A); SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/48 dated 2 April 2025 (advance fee, clause 3). Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.