Laurel Financial Services is a SEBI Registered Research Analyst vide Registration Number INH000023904, dated on March 10, 2025.

In accordance with Regulation 24 (2) of the SEBI (Research Analyst) Regulations, 2014, we shall maintain the following Code of Conduct:

Honesty and Good Faith:
We will act honestly and in good faith.

Diligence:
We will act with due skill, care, and diligence and will ensure that the research report is prepared after thorough analysis.

Conflict of Interest:
We will effectively address conflicts of interest that may affect the impartiality of research analysis and research reports and will make appropriate disclosures to address the same.

Insider Trading or Front Running:
We will not engage in insider trading or front running of our own research reports.

Confidentiality:
We will maintain the confidentiality of reports until they are made public.

Professional Standards:
We are engaged in research analysis and will observe high professional standards while preparing research reports.

Compliance:
We will comply with all regulatory requirements applicable to the conduct of our business activities.

Responsibility of Senior Management:
We will bear the primary responsibility of senior management for ensuring the maintenance of appropriate standards of conduct and adherence to proper procedures.

All Rights Reserved.