Disclosures

Research analyst disclosures · effective 18 October 2026

Draft for review by your compliance professional. Items marked [confirm] need their check before public launch.

What is published

Intraday and short-term calls on index options (NIFTY and BANK NIFTY) with an entry, stop-loss, target, the reasons for the call, and the risk per lot. Calls come from a rules-based model reviewed by the analyst. Each call, change and exit is kept in a permanent record.

Conflicts of interest

• Own trading: the analyst trades index options, including the same instruments covered in calls, in a personal account. [confirm: trading restrictions around publication, and how they are applied and recorded]
• The analyst and associates receive no compensation from the exchanges, issuers or brokers for any call.
• The analyst does not act as a market maker and is not a broker. UPXALE does not handle client money or securities.
• No director or employee of an issuer is involved in preparing calls (index derivatives have no issuer). [confirm]

Risk

• Options trading is high risk; an option can lose 100% of its premium. SEBI found that 9 out of 10 individual traders in equity F&O made net losses.
• Calls are not personalised to your finances and are not a guarantee of profit. Past performance is not indicative of future results.
• Registration with SEBI and certification from NISM do not guarantee performance or assure returns.

Track record

The results shown in the app are counted from every published call, wins and losses alike, from the permanent record. [confirm: any required format or third-party validation of performance claims]

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