Final Order in the matter of Stock Recommendations using Social Media Channel Telegram

Under Sections 11 (1), 11 (4), 11 (4A), 11B (1) and 11B (2) of the Securities and Exchange Board of India Act, 1992

In respect of: Noticee no. Name of the Noticee PAN 1. Himanshu Mahendrabhai Patel BEHPP8092K 2. Raj Mahendrabhai Patel DDNPP8715E 3. Jaydev Zala ABTPZ5894K 4. Mahendrabhai Bechardas Patel ABNPP4581B 5. Kokilaben Mahendrabhai Patel DAUPP2977L 6. Avaniben Kirankumar Patel CQIPP0707R (Collectively referred to as “Noticees”)

In the matter of Stock Recommendations using Social Media Channel (Telegram)

Summary of the case: 1. Noticee nos. 1, 2 & 3 were the Administrators of a Telegram Channel named “@bullrun2017 (Bull Run Investment Educational Channel)”, which had more than 49,000 subscribers, and were engaged in dissemination of false and misleading messages recommending specific stocks in the said Telegram Channel. Noticee nos. 1, 2 & 3 purchased specific stocks using their own trading accounts as well as the trading accounts of family members of Noticee nos. 1 & 2 (i.e., Noticee nos. 4, 5 and 6), and then circulated buy recommendation messages for those specific

Final Order in the matter of Stock Recommendations using Social Media Channel (Telegram)

stocks in the Telegram channel, without disclosing their own interest and intent to sell the stocks instead. Subsequently, contrary to their own recommendations, the Noticees sold their stocks at inflated prices to unsuspecting investors who had followed their advice, thereby booking unlawful profits. The relationship among the Noticees, based on statements made by the Noticees to the Investigating Authority and from KYC records, is depicted below in Image no.1. Image no. 1

Background: 2. Securities and Exchange Board of India (hereinafter referred to as “SEBI”) received two undated complaints on July 30, 2021 and October 11, 2021 wherein it was inter alia alleged that certain entities used the social media platform Telegram, to artificially inflate the stock prices and make illegal profits. Based on the aforesaid complaints, SEBI initiated an investigation in the present matter against the Noticees. Pursuant to the investigation, the Noticees were prima facie alleged to have engaged in the acts of devising and implementing a manipulative scheme to make unlawful profits. An Interim ex-parte order cum Show Cause Notice dated January 12, 2022 (hereinafter referred to as “SCN”) was passed in the matter,

Final Order in the matter of Stock Recommendations using Social Media Channel inter alia restraining the Noticees from dealing in securities, either directly or indirectly, in any manner whatsoever till further orders.

3. The SCN also alleges that Noticee nos. 1, 2 and 3, by employing a scheme to artificially inflate the price and volume of certain scrips, have acted in a fraudulent manner and such actions were alleged to be in violation of Section 12A (a), (b), (c) of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”) and Regulations 3 (a), (b), (c) and (d), 4(1) and 4(2)(a),(d),(e),(k),(o) and (r) of SEBI (Prohibition of Unfair Trade Practices relating to Securities Market) Regulations, 2003 (hereinafter referred to as “PFUTP Regulations”). The SCN further alleges that the Noticee nos. 4, 5 and 6 aided and abetted the fraudulent scheme by facilitating the use of their trading accounts for execution of trades by Noticee nos. 1 and 2 and were alleged to be in violation of Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations.

4. Vide the said Interim Order cum SCN, the Noticees were called upon to show cause as to why suitable directions under sections 11(1), 11(4)(d) and 11B(1) of the SEBI Act including disgorgement of an amount equivalent to the alleged unlawful profits made on account of the fraudulent scheme and direction to refrain from accessing the securities market and prohibiting them from buying, selling or otherwise dealing in securities, for an appropriate period, should not be issued against them for the alleged violations of provisions of the SEBI Act and PFUTP Regulations. Further, the Noticees were called upon to show cause as to why appropriate penalty under sections 11B (2) and 11(4A) read with section 15HA of SEBI Act should not be imposed on them for the aforesaid alleged violations.

5. Further, vide the said Interim Order cum SCN, the Noticees were jointly and severally held to be liable for the proceeds alleged to have been unlawfully earned by them by carrying out the alleged fraudulent scheme. Accordingly, the Noticees were directed to deposit an amount of INR 2,84,29,948, which was prima facie alleged to be the proceeds unlawfully earned by them, in an escrow account. It is noted that the Noticees have only partially complied with the directions issued

Final Order in the matter of Stock Recommendations using Social Media Channel under the Interim Order cum SCN and only INR 98,84,427. 86 has been deposited in an escrow account.

6. The brief facts of the case as contained in the SCN and the documents provided to the Noticees, are as under:

6.1. SEBI initiated an investigation, based on the complaints received on July 30, 2021 and October 11, 2021, in respect of the Telegram channel “bullrun2017/ Bull Run Investment Educational Channel” (hereinafter referred to as the "Telegram Channel”), for the period of January 01, 2021 to November 12, 2021 (hereinafter referred to as “Investigation period”).

6.2. The said Telegram channel allowed only one-way communication from the administrators of the channel who post messages while the subscribers can only view such messages. The number of subscribers of the Telegram Channel was gradually increasing and the channel had more than 49,000 subscribers as on January 12, 2022.

6.3. The description on the Telegram Channel read as: “We are team of 4 Research Analysts with combined experience of 40 years. All calls are for study purpose only. Taking any trade consultant your financial advisor. We are in the process of getting SEBI Research Analyst Registration.” (sic.) (emphasis supplied).

6.4. The aforesaid Telegram Channel provided recommendations to its subscribers for trading in both Cash as well as Derivatives segments, for both intra-day as well as positional trades. The recommendations issued with respect to the cash segment were majorly focused on small cap scrips. The said Telegram Channel was promoted through Facebook, WhatsApp, Instagram etc.

6.5. Analysis of the Telegram channel led to the investigation into the activities of a WhatsApp group viz., “Stock Gujrati 3” and based on the information provided by Telecom Service Providers, it was found that the administrators of Final Order in the matter of Stock Recommendations using Social Media Channel the said WhatsApp Group were Noticee nos. 1, 2 and 3. Further, it was prima facie found that the aforesaid Noticees were the Administrators of the Telegram Channel.

6.6. In order to gather more information/ evidence, search and seizure operation was simultaneously carried out at two different locations, one at the address of Noticee nos. 1 and 2 (Mahesana, Gujarat) and the other at the address of Noticee no. 3 (Ahmedabad, Gujarat), by SEBI on December 01, 2021. Mobile phones and data storage devices found in possession of the Noticees and their relatives were seized from the aforesaid locations.

6.7. Later, as a part of SEBI’s investigation, the statement of Noticee no. 1 was recorded under oath on December 02, 2021 while Noticee nos. 2 and 3 were deposed under oath on December 03, 2021. Based on their statements and the Forensic Audit of the electronic devices seized, it was observed that the Telegram channel named as “bullrun2017” was primarily operated and managed by Noticee nos. 1, 2 and 3 and the trades in different scrips have been executed through the accounts of all the six Noticees before and after making recommendations on those scrips to thousands of subscribers to the said Telegram channel.

6.8. The examination of the trades executed by the Noticees revealed that they used their trading accounts to first buy the shares of the concerned companies, followed by making buy recommendations with respect to those scrips through the Telegram channel so as to induce thousands of subscribers to deal in those scrips and eventually, after making such recommendations to the subscribers, Noticees used to sell the shares in the market accumulated by them in the first leg of transaction for a profit. Further, Investigation revealed that they had carried out the said modus operandi in different scrips on a routine basis during the Investigation period.

Final Order in the matter of Stock Recommendations using Social Media Channel

6.9. As an illustration of the modus operandi adopted, the Noticees’ activities with respect to 2 scrips namely, Total Transport Systems Limited and Metro Global Limited are discussed in the following paragraphs of the Order.

A. Total Transport Systems Limited (“Total Transport”) 6.10. It was seen that buy recommendations were made on multiple days on/ around April 26, 2021, May 17, 2021, June 07, 2021, July 19, 2021 and July 20, 2021 in the scrip of Total Transport. A sample of the recommendation is given below: IMAGE No. 2

6.11. From the image no. 2 above, it is noted that a recommendation was made under the name of “Jackpot Delivery” on July 19, 2021, recommending the subscribers to purchase 5000-7000 shares of Total Transport at a price range of INR 65-70 with targets of INR 100, 150, 200 and a stop loss of INR 50. The message further asserts that the buying interest in the said scrip would be so strong that the price would stop only at 20% hike, which was the buyer cap as per the said message.

6.12. It is noted that the price and volume of the scrip witnessed significant impact as soon as buy recommendations were made about the said scrip in the Telegram channel. The price-volume impact is summarized in the following table:

Final Order in the matter of Stock Recommendations using Social Media Channel

Table no. 1

Recomm Recommendation Price Impact Post Recommendation Volume Impact Post endation Levels Recommendation Date (R) Entry Target Daily Daily High/ Daily High/ Daily Trading Vol Daily Avg. Price Price High/ Low Variation Low Variation Avg. on the day of Trading (₹) (₹) Low % on date of % in Trading the Vol. on Variation % Recomme immediately Vol. in Recomme succeeding in preceding ndation succeeding 10 Preceding 10 ndation 10 days 10 days days days (1) (2) (3) (4) (5) (6) (7) (8) (9) 26/04/21 45.00 60 7.64 9.16 7.67 26,297 1,96,600 49,472 17/05/21 45.50 49 7.20 11.92 4.77 54,071 1,42,487 19,460 07/06/21 46.00 50 4.44 20.05 11.55 20,091 5,65,758 85,347 20/07/21 66.0 75 - 77 7.78* 10.59 7.94 1,88,817* 14,97,586 98,049 *-includes the trades executed by the Noticees prior to the recommendation messages posted after-market hours on July 16, 2021 and July 19, 2021

6.13. A comparison of figures in column (5) vis-à-vis column (4) & (6) in Table no. 1 above reveals that whenever recommendations were made in the Telegram Channel, the scrip of Total Transport witnessed an increase in price fluctuations, on a high to low basis, as compared to the average fluctuation in its price witnessed during the preceding as well as the succeeding 10 days. Similarly, a comparison of the figures in column (8) vis-à-vis columns (7) & (9) in Table no. 1 above shows that the volume of the scrip also witnessed an increase on the recommendation day, as compared to the days preceding as wells as the succeeding 10 days of the date on which the recommendations about the scrip were made in the said Telegram Channel.

6.14. The date wise details of the said trades executed by the Noticees vis-à-vis the time when the recommendations were made through the Telegram Channel are brought out in the following table:

Final Order in the matter of Stock Recommendations using Social Media Channel

Table no. 2

Trade Details

Trade Trade Buy Trade Sell Trade Limit Buy Trade Trade Limit Trade Trade Recomm Buy Price Start Buy End Sell Price Sell Start Sell End endation Date Name Qty. (₹) Time Time Qty. (₹) Time Time Time (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Raj (Noticee 42.80 - 44.55 -no. 2) 5103 44.00 10:23:26 10:27:09 5103 44.85 10:32:45 10:42:13 10:35:47 26- Avaniben 10:37:06 Apr- (Noticee 44.20 - 10:38:58 21 no. 6) 3000 44.00 10:28:40 10:28:40 3000 44.60 10:42:23 10:51:02 10:39:54 Raj (Noticee 43.40 -no. 2) 1000 44.20 10:55:48 10:55:48 1000 46.00 11:04:43 11:04:43 Jaydev Zala (Noticee 45.50 - 45.80 -no. 3) 2500 47.00 10:58:27 11:00:30 2500 46.05 11:05:01 11:06:19

17- Avaniben May- (Noticee 42.90 - 46.20 - 21 no. 6) 8000 46.00 10:55:40 10:58:40 8000 47 10:59:57 11:04:22 10:58:51 Raj (Noticee 46.00 -no. 2) 2296 45.00 09:53:53 09:53:53 2296 46.05 09:56:27 09:56:27 Himanshu (Noticee 42.45 - 45.50 -no. 1) 5200 43.80 09:51:32 09:52:20 5200 46.20 09:55:33 09:59:13 Jaydev (Noticee 45.90 - 44.45 -no. 3) 6300 46.20 09:56:15 10:16:50 6300 46.20 09:58:13 10:17:27

07- Avaniben Jun- (Noticee 43.80 - 46.00 - 21 no. 6) 2104 44.00 09:52:43 09:52:43 2104 46.05 09:57:44 09:57:57 09:57:45

Final Order in the matter of Stock Recommendations using Social Media Channel

Trade Details

Trade Trade Buy Trade Sell Trade Limit Buy Trade Trade Limit Trade Trade Recomm Buy Price Start Buy End Sell Price Sell Start Sell End endation Date Name Qty. (₹) Time Time Qty. (₹) Time Time Time (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Raj (Noticee 58.70 - 62.70 -no. 2) 46029 65.40 10:19:40 15:44:28 31000 64.50 14:27:49 14:55:32 Himanshu (Noticee 57.00 - 59.05 -no. 1) 54871 65.85 11:14:49 15:25:38 27109 64.45 12:29:38 14:36:14 Jaydev Zala (Noticee 58.35 - 56.50 -no. 3) 35360 65.35 13:41:04 15:29:50 28165 65.85 09:18:15 15:26:19 Kokilaben (Noticee 57.00 - 63.00 -no. 5) 28700 65.00 10:51:49 15:28:56 17000 65.80 14:32:13 15:05:10 19- Avaniben Jul- (Noticee 63.40 - 21 no. 6) 3500 64.95 14:35:19 15:19:53 - - - - 21:05:00* Raj (Noticee 68.30 - 69.00 -no. 2) 57500 72.95 09:18:46 09:51:33 72529 73.50 09:06:44 09:52:53 Himanshu (Noticee 67.60 -no. 1) 1 67.90 11:06:53 11:06:53 41250 69.30 09:16:41 11:07:02 Jaydev Zala (Noticee 2760 68.05 -no. 3) - - - - 0 70.50 09:15:29 09:19:39 Kokilaben (Noticee 09:24: 1470 69.00 -no. 5) 3000 69.70 44 09:24:44 0 72.25 09:15:40 09:38:16 20- Avaniben Jul- (Noticee 69.25 - 09:24: 1850 69.00 - 21 no. 6) 15000 72.80 08 09:53:17 0 73.10 09:20:56 10:47:38 08:07:56* *- Profit booked using Buy Today Sell Tomorrow (BTST) Strategy

Final Order in the matter of Stock Recommendations using Social Media Channel

6.15. The details of the volume of shares traded by the Noticees in their respective trading accounts and the profits made by them from such trades are also highlighted in the following table: Table no. 3 % of Notice % of Traded e’s Value by the Gross Noticee to the Traded Gross Traded Gross Gross Gross Sell Net Qty. to Value of the Buy Gross Buy Sell Value Trade Market Noticee Date Name Vol Value (₹) Vol. (₹) Vol. Profit (₹) Volume across scrips (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

26/04/2021 5103 221866.20 5103 228517 0 6,651 2.60 10.79

17/05/2021 1000 43881.05 1000 46000 0 2,119 0.70 1.28 Raj (Noticee 07/06/2021 2296 103320.00 2296 105620 0 2,300 0.41 3.28 no. 2) 19/07/2021 46029 2857858.65 31000 1967773 15029 - 4.09 80.53

20/07/2021 57500 4077925.15 72529 5166917 -15029 155,868 4.34 74.14

07/06/2021 5200 224466.50 5200 239820 0 15,354 0.92 16.18 Himanshu 16/07/2021 82000 4434837.70 68513 3970328 13487 - 9.55 72.28 (Noticee no. 1) 19/07/2021 54871 3316259.40 27109 1706036 27762 - 4.35 52.24

20/07/2021 1 68 41250 2847783 -41249 406,441 1.38 28.16

17/05/2021 2500 115646 2500 114714 0 -932 1.75 12.14

07/06/2021 Jaydev 6300 289594 6300 285803 0 -3,791 1.11 14.52 Zala 16/07/2021 (Noticee 20405 1162845 0 0.00 20405 - 1.29 23.17 no. 3) 19/07/2021 35360 2195482 28165 1676259 7195 - 3.37 92.77

20/07/2021 0 0.00 27600 1905592 -27600 249,464 0.92 66.25

Final Order in the matter of Stock Recommendations using Social Media Channel

% of Notice % of Traded e’s Value by the Gross Noticee to the Traded Gross Traded Gross Gross Gross Sell Net Qty. to Value of the Buy Gross Buy Sell Value Trade Market Noticee Date Name Vol Value (₹) Vol. (₹) Vol. Profit (₹) Volume across scrips (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Kokilaben 19/07/2021 28700 1801645 17000 1098911 11700 - 2.42 57.11 (Noticee no. 5) 20/07/2021 3000 209100 14700 1034444 -11700 90,875 0.59 100.00

26/04/2021 3000 132000 3000 133464 0 1,464 1.53 100.00

17/05/2021 8000 352382 8000 370845 0 18,463 5.61 14.64 Avaniben (Noticee 07/06/2021 2104 92430 2104 96838 0 4,368 0.37 2.97 no. 6) 19/07/2021 3500 224374 0 0.00 3500 - 0.19 37.35

20/07/2021 15000 1068493 18500 1302180 -3500 9,314 1.12 73.69

6.16. From a conjoint reading of information provided in Table no. 2 and Table no. 3 above, it is understood that the Administrator(s) of the said Telegram channel were repeatedly issuing recommendations to buy shares of Total Transport in the Telegram channel. Such recommendations were made on April 26, 2021, May 17, 2021, June 07, 2021, July 19, 2021 and July 20, 2021, as can be seen from the Table no. 2. Table no. 3 depicts the trades executed by the Administrators/ Noticees themselves in the said scrip prima facie with a view to earn profits.

6.17. To illustrate the modus operandi adopted by the Noticees, the transactions done by the Noticees post a buy recommendation message in the scrip of Total Transport issued on July 19, 2021, at 09:05 pm in the Telegram Channel is elaborated below:

Final Order in the matter of Stock Recommendations using Social Media Channel

Noticee no. 1

6.17.1. As can be seen from the Table no. 3 above, Noticee no. 1 on July 19, 2021 (i.e. before issuing the said recommendation), has purchased 54,871 shares and sold 27,109 shares, with net buying of 27,762 shares. The traded value of the said trades of Noticee no. 1 in the scrip of Total Transport constituted 52% of his total gross traded value during that particular day. By following the premeditated scheme as has been explained above, Noticee no. 1 is seen to have been successful in churning out a quick profit of INR 4.06 Lakhs (approx.), as he sold 41,249 shares of Total Transport on the next day.

Noticee no. 2

6.17.2. Similarly, Noticee no. 2 is also seen to have purchased 15,029 shares of Total Transport on July 19, 2021 (before the recommendations were made to the subscribers), and sold all the 15,029 shares on July 20, 2021 and thereby earned a profit of INR 1.55 Lakh (approx.).

Noticee no. 4 6.17.3. Noticee no. 4 (Mother of Noticee nos. 1 and 2) has purchased a total of 11,700 shares of Total Transport on July 19, 2021 and on the very next day, she has sold all 11,700 shares and earned a profit of INR 90,875.

Noticee no. 6 6.17.4. Noticee no. 6 (Sister of Noticee nos. 1 and 2) has also sold all 3,500 shares on July 20, 2021 which she had purchased one day before, i.e., on July 19, 2021 and thus earned INR 9,314.

Final Order in the matter of Stock Recommendations using Social Media Channel

B. Metro Global Limited (“Metro Global”) 6.18. The same modus operandi was followed in the scrip of Metro Global on July 20, 2021, July 26, 2021 and July 28, 2021. The impact caused by the aforesaid recommendation issued by the Administrators/ Noticees through the Telegram Channel on the price variation and the volume of the said scrip is given in the following table: Table no. 4

Recomme Recommendation Price Impact Post Recommendation Volume Impact Post Recommendation ndation Levels Date Entry Target Daily Daily Daily High/ Daily Trading Vol Daily Avg. Price Price High/ High/ Low Avg. on the day of Trading (₹) (₹) Low Low Variation % in Trading the Vol. on Variation % Variation % immediately Vol. in Recommen succeeding in preceding on date of succeeding Preceding 10 dation 10 days 10 days Recomme 10 days days ndation (1) (2) (3) (4) (5) (6) (7) (8) (9) 20-Jul-21 85 95 7.20 25.21 11.54 6,22,637 1,14,07,569 83,31,813 26-Jul-21 90 97 9.10 19.57 10.36 22,63,719 39,03,182 75,47,794 28-Jul-21 113 124 11.53* 8.34 7.77 49,56,114* 3,75,17,704 15,57,826 *-includes the trades executed by the Noticees prior to recommendation messages posted after-market hours on July 27, 2021.

6.19. Further, the details of the time when the Noticees executed their trades in the scrip of Metro Global show that the buy transactions were always done by them before making bullish recommendation for the said scrip in the said Telegram Channel, as can be observed from the table below:

Final Order in the matter of Stock Recommendations using Social Media Channel

Table no. 5

Trade Details Recomme ndation Trade Trade Trade Trade Trade Trade Trade Trade Time Buy Buy Buy Buy End Sell Sell Sell Sell Qty. Limit Start Time Qty. Limit Start End Price Time Price Time Time Date Name (₹) (₹) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Avaniben 82.20- 86.50- 15:23:03 (Noticee 86.50 87.95 no. 6) 199 15:21:14 15:21:14 199 15:23:03 20/07/2021 Raj 85.45- 15:22:21 (Noticee 85.95 no. 2) 5,000 83 15:20:50 15:20:50 5000 15:22:21 15:22:00 26/07/2021 Raj 85.40- 90.00- 10:10:49 (Noticee 860 90.70 no. 2) 1,000 10:09:52 10:09:52 1000 10:10:49 10:11:12 Jaydev 84.00- (Noticee 111.95 no. 3) 8,100 14:18:05 14:39:49 - - - - Jaydev 84.00- 27/07/2021 (Noticee 111.95 no. 3) 4,000 14:18:05 14:39:49 - - - - Himanshu 95.00- 109.80- 14:24:3 (Noticee 111.95 111.85 0 no. 1) 56,933 12:57:52 14:17:27 56933 14:14:58 Raj 111.10- 14:24:2 (Noticee 111.95 8 no. 2) 3,225 14:20:57 - - - - 20:56:53* Jaydev 110.00- (Noticee 122.80 no. 3) - - - - 8100 9:06:55 9:15:38 28/07/2021 Jaydev 110.00- (Noticee 122.80 no. 3) - - - - 4000 9:06:55 9:15:38 Himanshu 114.15- 120.30- (Noticee 120.50 122.45 no. 1) 7,200 9:22:05 9:24:35 7200 9:22:56 9:29:00 08:15:51*

Final Order in the matter of Stock Recommendations using Social Media Channel

Trade Details Recomme ndation Trade Trade Trade Trade Trade Trade Trade Trade Time Buy Buy Buy Buy End Sell Sell Sell Sell Qty. Limit Start Time Qty. Limit Start End Price Time Price Time Time Date Name (₹) (₹) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Avaniben 119.50- 119.80- (Noticee 121.00 120.50 no. 6) 5,000 9:21:21 9:21:27 5000 9:24:08 9:25:04 Raj 118.95- 111.95- (Noticee 122.70 122.45 no. 2) 11,871 9:19:35 9:29:11 15096 9:15:00 9:48:35 *- Profit booked using Buy Today Sell Tomorrow (BTST) Strategy

6.20. It is noted that the transactions carried out by the Noticees in the scrip of Metro Global is similar to the pattern followed in the scrip of Total Transport.

6.21. The details of the volume of shares traded by the Noticees in their respective trading accounts and the profits made by them from such trades in the scrip of Metro Global are provided in the following table: Table no. 6

Name Date Gross Gross Gross Gross Net Profit % of % of Traded Buy Buy Sell Sell Trade (₹) Noticee’s Value by the Vol. Value (₹) Vol. Value (₹) Vol. Gross Noticee to the Traded Gross Traded Qty. to Value of the Market Noticee across scrips (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 27/07/2021 8100 906606 0 0.00 8100 - 1.83 29.17 Jaydev 28/07/2021 0 0.00 8100 965963 -8100 59,357 1.28 29.67 (Noticee 27/07/2021 4000 447800 0 0.00 4000 - 0.90 14.41 no. 3) 28/07/2021 0 0.00 4000 476408 -4000 28,608 0.63 14.63 27/07/2021 56933 5689301 56933 6372149 0 - 25.70 64.60

Final Order in the matter of Stock Recommendations using Social Media Channel

Name Date Gross Gross Gross Gross Net Profit % of % of Traded Buy Buy Sell Sell Trade (₹) Noticee’s Value by the Vol. Value (₹) Vol. Value (₹) Vol. Gross Noticee to the Traded Gross Traded Qty. to Value of the Market Noticee across scrips (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Himanshu (Noticee 18.92 no. 1) 28/07/2021 7200 867251 7200 872790 0 5,539 2.28 Avaniben 20/07/2021 199 16577 199 17273 0 696 0.15 1.05 (Noticee no. 6) 28/07/2021 5000 600433 5000 604035 0 3,602 1.58 61.55 Raj 20/07/2021 5000 414750 5000 429750 0 15,000 3.66 6.77 (Noticee 26/07/2021 1000 85959 1000 90600 0 4,641 2.40 1.78 no. 2) 27/07/2021 3225 361036 0 0.00 3225 - 0.73 2.91 28/07/2021 11871 1433968 15096 1816003 -3225 20,998 4.26 36.37

6.22. Further, the recommendation messages posted by the Noticees were in an ingenious manner intended to allure and entice the subscribers to buy the recommended stocks. To illustrate, the buy recommendation messages circulated in the Telegram channel with respect to the scrip of Metro Global on July 20, 2021 are given below: Image no. 3

Final Order in the matter of Stock Recommendations using Social Media Channel

6.23. On July 20, 2021, the recommendation to buy shares of Metro Global at a price of INR 85-86 was made with a strategy of BTST, i.e., “Buy Today-Sell Tomorrow”. The buy recommendation made at 03:22 pm also projected a target price of above INR 95. It is observed that immediately thereafter, within a span of one minute, another message was posted stating that the prevailing market price of the shares of Metro Global at that point of time was INR 88, followed by a symbolic image of fire in the same message to indicate how the interest in the scrip is heating up in the market. After a gap of 03 minutes, the market price was disseminated to be at INR 90 and to emphasis on the prospect of a sky rocketing growth, symbolic images of jets were used in the said message. Finally, at 03:30 pm, the message about the scrip price hitting the buyer cap (upper cap or a situation with a scrip having only buyers) was also posted in the Channel followed by representative symbols money bags in the same message prima facie to create a hype amongst the investors/ subscribers that those who have bought the said scrip will stand to earn lots of money.

6.24. It was observed from the trades data of the Noticees that Noticee nos. 2 and 6 purchased the shares of Metro Global, just few seconds before the aforesaid enticing messages and recommendations were circulated in the said Telegram Channel. The investigation revealed that Noticee no. 2 had purchased 5000 shares at INR 83 at 15:20:50, whereas, Noticee no. 6 had purchased 199 shares at 15:21:14 at price range of INR 82.20-86.50, i.e., just a few seconds before the Noticees commenced their stock recommendations about Metro Global at 15:22:00 in the said Channel, which was seen by more than 20,000 persons (as signified by the symbol of ‘eye’ at the bottom of the message). It was also seen that immediately thereafter Noticee no. 2 was able to sell all 5000 shares at 15:22:21 at a price range of 85.45-85.95 while Noticee no. 6 has successfully sold her 199 shares at 15:23:03 at a price range of 86.50-87.95 and earned a profit.

Final Order in the matter of Stock Recommendations using Social Media Channel

6.25. The aforesaid modus operandi followed by the Noticees as unearthed during the investigation and as corroborated by the depositions made in the statements of Noticee nos. 1, 2 and 3 recorded during the investigation, was seen to be used in the scrips of Total Transport and Metro Global, through which the Noticees are seen to have accumulated the shares of said scrips in large quantities before making their recommendations on the said scrips and thereafter eventually squared off their position by earning a substantial profit in a quick span.

6.26. The investigation revealed that Noticee nos. 4, 5 and 6 are the family members of the Noticee nos. 1 and 2 and that all of them reside at the same address where search & seizure proceedings were conducted. Noticee no. 3 is a friend of Noticee no. 2, as per the deposition of Noticee nos. 2 and 3.

6.27. Further, investigation revealed that the mobile nos. and email ids of Noticee nos. 1 and 2 have been provided in the KYC details in respect of trading accounts of Noticee nos. 4, 5 and 6.

6.28. The materials collected during investigation also show that the trading accounts of Noticee nos. 4, 5 and 6 were being managed and operated by Noticee nos. 1 and 2, and the confirmation with respect to execution of trades in those trading accounts were also received on the mobile nos. and email ids belonging to Noticee nos. 1 and 2. These facts were admitted by Noticee no.1 in his statement recorded on oath before the Investigating Authority of SEBI on December 02, 2021.

6.29. Insofar as the Noticee no. 3 is concerned, it is noticed from the WhatsApp Chat that was exchanged between Noticee nos. 1 and 2 on July 19, 2021 (as retrieved from their seized mobiles) that Noticee no. 3 used to receive the information about the impending recommendation of stocks proposed to Final Order in the matter of Stock Recommendations using Social Media Channel be made on the said Telegram Channel from Noticee no. 1. In this regard, the extract of the said WhatsApp chat is reproduced hereunder:

[2021/07/19 13:10] Jaydev: Koi share bhai

[2021/07/19 14:01] Himanshu: TOTAL TRANSPORT BHEGA KARO

[2021/07/19 14:01] Himanshu: Jackpot ma

[2021/07/19 14:01] Himanshu: 58-59

[2021/07/19 13:10] Jaydev: kk

6.30. It is observed that subsequent to the above WhatsApp conversation, Noticee no. 3 followed a trading pattern similar to the trading pattern followed by Noticee no. 1 in the scrip of Total Transport. The details of the trades executed by Noticee no. 3 in the scrip of Total Transport vis-à-vis the time when the recommendations were made in the said scrip through the Telegram channel are brought out in the following table: Table no. 7

Date Trade details Recommend ation Time Buy Qty. Buy Limit Buy Start Buy End Sell Qty. Sell Limit Sell Start Sell End Price Time Time Price Time Time 19/07/2021 35360 58.35 - 56.50 - 65.35 13:41:04 15:29:50 28165 65.85 9:18:15 15:26:19 21:05:00* 20/07/2021 - 68.05 - - - - 27600 70.50 9:15:29 9:19:39 08:07:56* *- Profit booked using Buy Today Sell Tomorrow (BTST) Strategy

6.31. It is noted from the afore cited extract of WhatsApp chat that the information about the impending recommendation was conveyed to Noticee no. 3 on July 19, 2021 at 14:01. On the said day, Noticee no. 3 purchased a total of 35,360 shares, and sold a total of 28,165 shares of Total Transport. However, almost 98% of such purchased quantity amounting to 34,898 shares

Final Order in the matter of Stock Recommendations using Social Media Channel were purchased by Noticee no. 3 only after 14:01 pm, i.e., after getting the information from the WhatsApp chat. Further, out of 28,165 shares sold on the said day, only 7,760 shares were sold after the time of receipt of aforesaid information, consequently, the net buying position in the scrip after receipt of information remained as 27,138 shares, which he disposed of subsequently as discussed in the next para.

6.32. The recommendation to purchase the shares of Total Transport on the Telegram Channel was made by Noticee no. 1 on July 19, 2021 at 21:05:00 and also at 08:07:56 on July 20, 2021. On the very next day, Noticee no. 3 successfully offloaded as much as 27,600 shares of Total Transport in merely 4 minutes of market opening (09:15:29 to 09:19:39), consequently netting a profit of INR 2.49 Lakh (approx.).

6.33. The aforesaid events which got unfolded between Noticee nos. 1 and 3 are depicted in the following pictorial representation: Image no. 4

6.34. The aforesaid pattern of exchange of information between Noticee nos. 1 and 3 and the consequent profitable trades executed by Noticee no. 3 were followed while trading in other scrips as well. The aforesaid modus operandi have specifically been observed in 2 other scrips – Metro Global Limited and Alkali Metals Limited. The details of trades executed by Noticee no. 3 vis-à-vis the time when the information was shared on WhatsApp and the time when

Final Order in the matter of Stock Recommendations using Social Media Channel the recommendations were made in the Telegram Channel are mentioned in the following table: Table no. 8

Sr. Name of the Timing of Timing of making Timing of selling Profit No. scrip sharing of recommendation on Telegram shares by made information on Channel Noticee no. 3 (in INR) WhatsApp between Noticee No.1 and 3. 1. Metro July 27 at 14:17 (i) July 27 at 20:56:53 July 28 87,965.50 Global 09:06:55 to (ii) July 28, 2021 at 08:15:51 Limited 09:15:38 2. Alkali July 15 at 14:28 (i) July 15 at 21:47:00 July 16 18,412.90 Metals Ltd. 09:07:55 to (ii) July 16, 2021 at 08:55 09:17:28

6.35. In view of the facts brought out above, the following observations can be made:

6.35.1. A social media Channel named as “bullrun2017” was started in Telegram and the Administrators of the said Telegram Channel were Noticee nos. 1, 2 and 3.

6.35.2. The said Telegram Channel was promoted amongst general public through other Social media channels like Facebook, Instagram etc. and the channel had more than 49,000 subscribers as on January 12, 2022.

6.35.3. Noticee nos. 1, 2 and 3 posted messages recommending buying shares of various scrips in the said Telegram channel for high returns in short time thereby inducing investors to trade in those scrips.

Final Order in the matter of Stock Recommendations using Social Media Channel

6.35.4. Noticee nos. 1, 2 and 3 who were the Administrators of the Telegram channel have made a patently false claim of having a team of 4 experienced Research Analysts who are running the said Telegram Channel whereas in reality, the stock specific recommendations were being made by a person (Noticee no.1) who held an educational qualification of Masters in Tourism Management and had some experience of working in a Hotel and did not possess any qualification whatsoever related to the securities market. Further, they have also made a false declaration that they were in the process of seeking registration with SEBI as a Research Analysts.

6.35.5. The modus operandi typically being followed by the Noticees, particularly Noticee no. 1 to 3, was that they would first buy shares of selected scrips in their trading accounts (as well as in the trading accounts of family members of Noticee nos. 1 and 2), then they would circulate favorable messages about those scrips through the Telegram Channel amongst the thousands of subscribers thereby enticing and inducing them to purchase those scrips, and immediately thereafter the Noticees would sell their pre-acquired shares of those specific scrips (about which they had circulated buy recommendations to the subscribers) thereby pocketing large amounts of profits for themselves.

6.35.6. It was also noted from the texts of the messages being circulated by the Noticees that the recommendations about the specific scrips were being made in an ingenious and breathless manner so as to create a ‘Fear of Missing Out’ amongst the subscribers.

6.35.7. As discussed earlier, by consistently implementing the aforesaid scheme of first buying shares of specific scrips, then recommending the scrips to their Telegram channel subscribers (without disclosing their own perverse interest), and then selling those shares into the frenzy induced

Final Order in the matter of Stock Recommendations using Social Media Channel by their own ‘buy’ recommendations, the Noticees were successful in raking in large amount of profits at the cost of other investors.

7. It is noted from the records that the SCN was served on the Noticees through email and Speed Post Acknowledgment Due. Pursuant to the service of SCN, Noticee nos. 1, 2 and 3 vide their separate letters dated February 3, 2022 have inter alia made the following submissions:

7.1. The Noticees do not have any registration under SEBI’s prescribed Investment Adviser License and never claimed to have such licenses. 7.2. The Noticees have not charged any fee from any of the followers of their Telegram channel against their posted views or forced anybody to take the position. 7.3. The Noticees had issued a disclaimer that this was for study purposes only and before buying the subscribers should consult their financial advisor. 7.4. The information which was shared was readily available and based on other information which were indicating that its peers in same category were gaining momentum and nothing was misleading or incorrect. There was no artificial inflation of stock prices. The investors who may have participated in the trades actually profited from their views. 7.5. The Noticees have submitted that mandating every person expressing a view on a security to get registered with SEBI would be a case of regulatory overreach and stifling of free speech. 7.6. The Noticees had studied the trend and movement of its peers and expressed their views that the shares would move positively through their channel. 7.7. The order does not provide a single instance where their information was wrong. 7.8. The Noticees have shared information with their family members and their family members do not have any role in sharing the messages in social media. The number of followers increased because they were reaping benefits from their posts.

Final Order in the matter of Stock Recommendations using Social Media Channel

7.9. The Noticees have submitted that the factual observation of the order is not challenged but the way the entire thing is being construed is not correct. The Noticees have stated that they have made profit but there was never any design and speculation. 7.10. The Noticees have not denied that they have not shared the information and also submitted that there was never any intention to manipulate the market. 7.11. The Noticees have submitted that people viewing their channel might have found something material in their posts and so the number of subscribers were increasing. 7.12. The Noticees have stated that SEBI has alleged that they had provided unfounded stock recommendation but SEBI did not provide how the information shared was false or misleading. 7.13. SEBI had not shown that the investors were suffering rather they had also profited from the information. SEBI had failed to identify if there was any rumour in their information. 7.14. The Noticees have stated that regulating persons who are neither the issuers of financial products nor in the business of financial intermediation is akin to regulating a relative or personal acquaintance having opinion on a specific brand of TV. Further, the Noticees have stated that SEBI’s proposal to regulate any person who opines on the securities market, as an investment advisor falls in this category. 7.15. The Noticees have denied that the Noticees have done any act of fraud and unfair acts. The allegations and findings are mere cases of regulatory overreach. The Noticees have submitted that it is not practically possible for everybody to obtain a license from SEBI to post any stock specific recommendation. This may also be seen as statutory overreach and infringement of fundamental right to express their views freely. 7.16. The Noticees have mentioned the example that academic research on valuation of a company published on a public platform would not trigger the mandate of registration or authorization as the opinion was not voiced in the course of carrying on a business of providing financial service or a product.

Final Order in the matter of Stock Recommendations using Social Media Channel

Similarly, someone endorsing and tweeting the opinion of an economist on oil prices in a seminar, also falls under the same category. 7.17. It has not been brought out that the investors have suffered or were first time investors. The Noticees have submitted that they have not done anything to manipulate the market. 7.18. Noticee nos. 4, 5 and 6 are their relatives and they have no role in these allegations. Further, the Noticees have submitted that the Noticee nos. 4, 5 and 6 have not given the control of their demat accounts to Noticee nos. 1, 2 and 3. Noticee nos. 4, 5 and 6 were just like the other followers of the Telegram group.

8. Noticee nos. 4, 5 and 6, through separate letters dated February 07, 2022, have inter alia submitted the following: 8.1. They have denied all the allegations and submitted that this is overreach of statutory power by SEBI. 8.2. All the trades executed in their trading accounts were executed with their knowledge and they had taken trading consultation from Noticee no. 1, who is the son of Noticee no. 4 and 5, and brother of Noticee no. 6. 8.3. They have submitted that the trade confirmations were being received in Noticee no. 1 and 2’s mobiles as they were not tech savvy. 8.4. Further, they have stated that each of them have separate trading accounts and they have booked profits in the said accounts.

9. Subsequently, Noticee no. 1 had sought inspection of documents vide email dated June 06, 2022. The authorized representative of Noticee no. 1 inspected the documents on June 13, 2022. Further, the authorized representative was also provided with copies of the relevant documents including trading profile of the Noticees (calculation of unlawful gains), analysis of price-volume impact on the recommended scrips and the recommendations posted in the Telegram channel in digital format.

Final Order in the matter of Stock Recommendations using Social Media Channel

10. Though an opportunity of personal hearing was granted to the Noticees on October 11, 2022, the Noticees sought adjournment. Subsequently, another opportunity of personal hearing was granted to the Noticees on November 10, 2022 and the Noticees again sought adjournment. Thereafter, the Noticees were provided another opportunity of personal hearing on November 25, 2022. On the said date, a different set of Authorized representatives (ARs) representing all the Noticees viz., Advocates – Deepak Dhane and Rasika Ghate, appeared before me through video conferencing and contended that no documents were provided to support the allegations made in the SCN dated January 12, 2022. ARs were informed that the relevant documents were already provided to the Noticees by way of Inspection of documents on June 13, 2022. On learning of this, the ARs stated that they had not been appraised of this by the Noticees. Pursuant to the conclusion of hearing on November 25, 2022, vide email dated November 25, 2022, all the relevant documents including calculation of unlawful gains were once again provided to the Noticees and the ARs were advised to file their reply within 14 days. Thereafter, the Noticees sought additional time and they were granted time till January 16, 2023. No reply was received from the Noticees by the specified date. Subsequently, the Noticees were provided with a last opportunity to file their written submissions by March 15, 2023, however, the Noticees failed to make their submissions.

11. In this regard, I place reliance on the judgement of the Hon’ble Securities Appellate Tribunal (SAT) in the matter of Classic Credit Ltd. V. SEBI [2007] SCL 51 (SAT- MUM.), wherein it was, inter alia, held that, “...The appellants did not file any reply to second show-cause notice. This being so, it has to be presumed that the charges alleged against them in the show-cause notice were admitted by them.”. Further, the Hon’ble SAT in the matter of Sanjay Kumar Tayal & Others vs SEBI (Appeal no. 68 of 2013 decided on February 11, 2014), had held that. “… appellants have neither filed reply to show cause notices issued to them nor availed opportunity of personal hearing offered to them in the adjudication proceedings and, therefore, appellants are presumed to have admitted charges leveled against them in the show cause notices…”.

Final Order in the matter of Stock Recommendations using Social Media Channel

12. I note that the Noticees have been given sufficient opportunities and therefore, the principles of natural justice have been duly complied with, and I now proceed to consider the matter on merits.

Consideration of Issues and Findings 13. As noted earlier, no submissions have been made before me after the hearing held on November 25, 2022. I have also taken into account the replies dated February 03, 2022 and February 07, 2022 submitted by the Noticees. After going through the material available on record, I find that the following issues arise for determination in the present matter: 13.1. Issue 1: Whether the Noticees have engaged in a scheme or device or artifice in violation of the provisions of SEBI Act and PFUTP Regulations? 13.1.1. Issue 1 (a): Whether the Noticees posted the recommendations/ messages/ tips in the Telegram Channel? 13.1.2. Issue 1 (b): Whether the recommendations/ messages/ tips posted in the Telegram Channel were false or misleading? 13.1.3. Issue 1(c): Whether the recommendations/ messages/ tips posted in the Telegram Channel impacted the price and volume of the scrips recommended? 13.1.4. Issue 1(d): Whether the trading pattern of the Noticees is a fraudulent scheme/ unfair trade practice in terms of PFUTP Regulations? 13.2. Issue 2: If the answers to the aforesaid questions are in affirmative, whether this warrants issuance of directions and/ or penalty under Sections 11(1), 11(4), 11(4A), 11A, 11B (1) and 11B (2) of the SEBI Act? 13.2.1. Issue 2(a): Whether the Noticees are liable to disgorge the unlawful gains made from their manipulative scheme? 13.2.2. Issue 2(b): Whether the violations attract monetary penalty under section 15HA of the SEBI Act?

14. In order to evaluate the charges made against the Noticees on merit, it is relevant to first refer to the provisions of SEBI Act and PFUTP Regulations, that have been allegedly contravened by the Noticees.

Final Order in the matter of Stock Recommendations using Social Media Channel

The said provisions are reproduced hereunder for ready reference:

SEBI Act Prohibition of manipulative and deceptive devices, insider trading and substantial acquisition of securities or control Section 12A.No person shall directly or indirectly— (a) use or employ, in connection with the issue, purchase or sale of any securities listed or proposed to be listed on a recognized stock exchange, any manipulative or deceptive device or contrivance in contravention of the provisions of this Act or the rules or the regulations made thereunder; (b) employ any device, scheme or artifice to defraud in connection with issue or dealing in securities which are listed or proposed to be listed on a recognized stock exchange; (c) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person, in connection with the issue, dealing in securities which are listed or proposed to be listed on a recognized stock exchange, in contravention of the provisions of this Act or the rules or the regulations made thereunder;

Penalty for fraudulent and unfair trade practices. 15HA. If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher.

PFUTP Regulations: Regulation 3. Prohibition of certain dealings in securities “No person shall directly or indirectly (a) buy, sell or otherwise deal in securities in a fraudulent manner; (b) use or employ, in connection with issue, purchase or sale of any security listed or proposed to be listed in a recognized stock exchange, any

Final Order in the matter of Stock Recommendations using Social Media Channel manipulative or deceptive device or contrivance in contravention of the provisions of the Act or the rules or the regulations made there under; (c) employ any device, scheme or artifice to defraud in connection with dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange; (d) engage in any act, practice, course of business which operates or would operate as fraud or deceit upon any person in connection with any dealing in or issue of securities which are listed or proposed to be listed on a recognized stock exchange in contravention of the provisions of the Act or the rules and the regulations made there under.

Regulation 4. Prohibition of manipulative, fraudulent and unfair trade practices (1) Without prejudice to the provisions of regulation 3, no person shall indulge in a manipulative, fraudulent or an unfair trade practice in securities markets. (2) Dealing in securities shall be deemed to be a manipulative, fraudulent or an unfair trade practice if it involves any of the following, namely: — …… (a) knowingly indulging in an act which creates false or misleading appearance of trading in the securities market; . . (d) inducing any person for dealing in any securities for artificially inflating, depressing, maintaining or causing fluctuation in the price of securities through any means including by paying, offering or agreeing to pay or offer any money or money's worth, directly or indirectly, to any person; (e) any act or omission amounting to manipulation of the price of a security including, influencing or manipulating the reference price or bench mark price of any securities; …

Final Order in the matter of Stock Recommendations using Social Media Channel (k) disseminating information or advice through any media, whether physical or digital, which the disseminator knows to be false or misleading in a reckless or careless manner and which is designed to, or likely to influence the decision of investors dealing in securities; … (o) fraudulent inducement of any person by a market participant to deal in securities with the objective of enhancing his brokerage or commission or income; … (r) knowingly planting false or misleading news which may induce sale or purchase of securities.

Issue No. 1(a): Whether the Noticees posted the recommendations/ messages/ tips in the Telegram Channel?

15. The primary issue that requires to be addressed in the present matter is whether the Noticees have issued the allegedly false or misleading recommendations/ messages/ tips in the Telegram channel recommending its subscribers to deal in specific scrips.

16. It is noted from the records that the Noticee nos. 1, 2 and 3 were the administrators of the Telegram Channel and the same has been admitted by the said Noticees in their statements made before the Investigating Authority.

17. During the statement recording before the Investigating Authority, Noticee nos. 1, 2 and 3 stated that the recommendations were posted by Noticee no. 1. Further, Noticee nos. 2 and 3 stated that they promoted the Telegram channel through social media platforms such as Facebook, Instagram etc. Although the messages were posted in the Telegram Channel by Noticee no. 1, who is one of the three administrators, the other two administrators namely, Noticee no. 2 and 3, had also actively promoted the Telegram Channel for wider reach. Therefore, all the said three Noticees are collectively responsible for the recommendation messages

Final Order in the matter of Stock Recommendations using Social Media Channel posted in the Telegram Channel. Moreover, the aforesaid Noticees, in their replies, have acknowledged their responsibility for the issuance of recommendation messages in the Telegram Channel.

Issue No. 1(b): Whether the recommendations/ messages/ tips posted in the Telegram Channel were false or misleading?

18. The SCN alleges that the Noticee nos. 1, 2 and 3 had falsely claimed that they were a team of 4 experienced Research Analysts who were running the said Telegram Channel and that they were in the process of seeking registration with SEBI as Research Analysts. As confirmed during deposition, Noticee no. 1 who used to issue the stock specific recommendations held an educational qualification of Masters in Tourism Management and had some experience of working in a Hotel. Further, Noticee nos. 2 & 3 have a diploma in Automobile engineering. I note that none of the Noticees possess any qualification or experience related to the securities market. Further, available records reveal that there was no pending application from the Noticees for registration with SEBI as Research Analyst/ Investment Advisor. The aforesaid allegations have not been disputed by the said Noticees. It appears that by holding themselves out as experts on picking stocks, and claiming that they were in the process of seeking registration with SEBI as Research Analyst, the Noticees sought to infuse a sense of confidence in the credibility to their stock recommendations. Such messages would have the obvious effect of misleading the subscribers to the Telegram channel.

19. In their replies filed in February 2022, the Noticee nos. 1 to 3 have stated that there was a disclaimer in their Telegram channel that all their recommendations were for academic purposes only and that they were expressing their opinion based on available information. On perusal of one of the recommendation messages posted in the Telegram Channel for the scrip of Total Transport shown at image no. 2, it is noted that on July 19, 2021, the subscribers to the Telegram Channel were recommended to buy quantities ranging from 5000 to 7000 shares when the market price was INR 65 to 70 with target price of INR 100/ 150/ 200 and stop loss of INR

Final Order in the matter of Stock Recommendations using Social Media Channel

50. Further, the said recommendation was issued under the name of “Jackpot Delivery” and projected that the scrip would hit the upper circuit the next day. This clearly shows that Noticees were making stock specific explicit recommendations urging the subscribers of the Telegram Channel to buy the stocks when they were not authorized or qualified to do so. Although the description of the Telegram Channel purported to provide educational content about trading, by using the aforementioned statements, the Noticees have created a hype that the price of the scrip would rise and urged their subscribers to buy the scrips for profits. Such statements indicate that the recommendations were intended to entice and induce the subscribers to the Telegram Channel to purchase the shares of the recommended scrip for profits. Similar worded messages were also posted regarding the scrip of Metro Global as shown at image no. 3. The one-way communication provided by the Telegram Channel also had enabled them to avoid any negative counter views to their recommendations.

20. The Noticee nos. 1, 2 and 3 have also stated that they have not charged any fee from the followers of the Telegram Channel and mandating every person expressing a view to be registered with SEBI would be a case of regulatory overreach. In this regard, I note that the charge against the Noticees is that they were alleged to have engaged in a fraudulent scheme which involves issuing false and misleading recommendation messages. Any conduct that fraudulently induces a person to invest in securities market would necessarily be subject to PFUTP Regulations. Consequently, SEBI would be not only the competent authority to take necessary action but would also be duty bound to do so.

21. The Noticees had a repeated pattern of buying shares which were then recommended in their Telegram channel followed by immediately selling their shares, contrary to their recommendations. A few instances of the same is explained below.

21.1. From Table no. 2, it is noted that on April 26, 2021, Noticee nos. 2 and 6 bought shares in the scrip of Total Transport at a Limit buy price of INR 42.80

Final Order in the matter of Stock Recommendations using Social Media Channel to 44 by 10:28:40. Thereafter, buy recommendation messages were issued at 10:35:47, 10:37:06, 10:38:58 and 10:39:54 in the Telegram channel with entry price at INR 45 and target price at INR 60. The said Noticees then sold their shares at a Limit sell price of INR 44.2 to 44.85 by 10:51:02 and booked a profit.

21.2. From Table no. 5, it is noted that on July 20, 2021, Noticee nos. 2 and 6 bought shares in the scrip of Metro Global at a Limit buy price of INR 82.2 to 86.50 by 15:21:14. Thereafter, buy recommendation message was issued at 15:22:00 with an entry price of INR 85 and a target price of INR 95. Then immediately, the said Noticees sold their shares at a Limit sell price of INR 85.45 to 87.95 by 15:23:03 and booked a profit.

21.3. From the observations made above, it is noted that the Noticees bought shares in the scrips in which the recommendations were to be given. Then, the Noticees recommended the subscribers to the Telegram channel to buy shares of those scrips at a certain entry price. Subsequently, the Noticees placed limit sell orders at around the recommended entry price and exited the scrip after booking profits.

22. The veracity of each and every message is not required to be tested in the facts and circumstances of this case. The Noticees were executing trades, contrary to their recommendation messages, repeatedly in 148 scrips over a span of 11 months. If the Noticees truly believed the accuracy of the information they published, it is highly unlikely that such contrary trades would have been executed repeatedly and consistently by the Noticees.

23. The aforesaid illustrations lead to the necessary inference that the Noticees did not believe their own recommendations and the recommendations were made in a disingenuous manner. Therefore, it can be reasonably concluded that the recommendations were false and were intended to mislead the subscribers to the Final Order in the matter of Stock Recommendations using Social Media Channel

Telegram channel and induce them to buy the stocks in which the recommendations were made. Similar messages were circulated in 146 other scrips and their details are provided in Annexure A. The details of all the 148 scrips were provided to the Noticees by way of inspection and once again pursuant to the personal hearing, by way of email, as noted in paragraph no. 10 above, however, the Noticees have not made any submissions regarding the same.

Issue No. 1(c): Whether the recommendations/ messages/ tips posted in the Telegram Channel impacted the price and volume of the scrips recommended?

24. On perusal of the price-volume impact of the recommended scrips provided at Table nos. 1 and 4, the following observations are made.

Total Transport: 24.1. On April 26, 2021, the traded volume in the scrip was around 7.5 times the average daily traded volume of preceding 10 trading days. 24.2. On May 17, 2021, the traded volume in the scrip was around 2.6 times the average daily traded volume of preceding 10 trading days and the daily high/ low variation percentage in the scrip was 1.7 times the average daily high/ low variation percentage in the preceding 10 days. 24.3. On June 07, 2021, the traded volume in the scrip was around 28 times the average daily traded volume of preceding 10 trading days and the daily high/ low variation percentage in the scrip was 4.5 times the average daily high/ low variation percentage in the preceding 10 days. 24.4. On July 20, 2021, the traded volume in the scrip was around 7.9 times the average daily traded volume of preceding 10 trading days and the daily high/ low variation percentage in the scrip was 1.4 times the average daily high/ low variation percentage in the preceding 10 days.

Metro Global: 24.5. On July 20, 2021, the traded volume in the scrip was around 18 times the average daily traded volume of preceding 10 trading days and the daily

Final Order in the matter of Stock Recommendations using Social Media Channel high/ low price percentage variation in the scrip was around 3.5 times the average daily high/ low price percentage variation in the preceding 10 days. 24.6. On July 26, 2021, the traded volume in the scrip was around 1.8 times the average daily traded volume of preceding 10 trading days and the daily high/ low price percentage variation in the scrip was around 2 times the average daily high/ low price percentage variation in the preceding 10 days. 24.7. On July 28, 2021, the traded volume in the scrip was around 7.5 times the average daily traded volume of preceding 10 trading days.

25. It is further observed that there were no material relevant price sensitive corporate announcements on the recommendation days and the days immediately before the recommendation days. The price-volume impact of the recommendations made in 148 scrips is provided in Annexure A.

26. The observations made above show that there was a significant increase in price and volume of the aforesaid scrips on the days of the recommendation, which could only be attributed to the impact of the recommendations. Hence, repeated recommendations made in various scrips demonstrate that the Noticees had an expectation and confidence that their recommendations would lead to an increase in price and traded volume of those scrips.

Issue No. 1(d): Whether the trading pattern of the Noticees is a fraudulent scheme/unfair trade practice in terms of PFUTP Regulations?

27. The impugned trades have been executed from the trading accounts of all the Noticees and all the Noticees are inter-alia connected with each other as being part of a family and/ or as friends. Neither the execution of orders from the trading accounts of Noticee nor the inter-se connections amongst the Noticees, have been disputed by the Noticees. Given the said fact, I now proceed to examine whether the Noticees have employed a manipulative scheme by executing the impugned trades.

Final Order in the matter of Stock Recommendations using Social Media Channel

28. To examine whether the trades executed from the trading accounts of Noticees were part of a manipulative scheme, I find it essential to determine whether the trades executed in the trading accounts of the Noticees were influenced by the impending recommendations to be made in any specific scrips on the Telegram channel so as to take advantage of the movement of price and volume.

29. Noticee no. 1 had deposed at the time of investigation that he used to buy shares in his trading account as well as the trading accounts of his family members (i.e., Noticee nos. 2, 4, 5 and 6) before issuing any recommendation related to those shares on the said Telegram channel and after making the recommendation he used to sell the shares, previously purchased in his account and his family members’ accounts, either on the same day or in the following days after making the recommendation. Noticee no. 3 had also deposed that he used to follow the same pattern after receiving information from Noticee nos. 1 & 2.

30. In addition to the trading pattern of Noticee no. 3 explained in 3 scrips at paragraphs 6.29 to 6.34, an illustration of the same pattern in another scrip is discussed below.

Mahamaya Steel Limited (“Mahamaya Steel”) 30.1. On analysis of the WhatsApp chat between Noticee no. 1 and Noticee no. 3 for July 19, 2021, it was observed that Noticee no. 1 had recommended Noticee no. 3 to buy Mahamaya Steel. An extract of the chat is given below. [2021/07/22 14:33] Himanshu: < IMG-20210722-WA0028.jpg> <Image Displaying market depth of Mahamaya Steel Ltd.> [2021/07/22 14:33] Himanshu: Buy 10k

30.2. It is observed that subsequent to the above WhatsApp conversation, Noticee no. 3 deployed the scheme followed by other Noticees. The details of trades executed by Noticee no. 3 in the scrip of Mahamaya Steel vis-à-vis the time when the recommendations were made in the said scrip through the Telegram channel are brought out in the following table.

Final Order in the matter of Stock Recommendations using Social Media Channel

Table no. 9 Date Trade details Recommend ation Time Buy Qty. Buy Limit Buy Start Buy End Sell Qty. Sell Limit Sell Start Sell End Price Time Time Price Time Time 14:58 (Entry: INR 95.95 – 98.25 – 99.5-100, Target: 22/07/2021 25583 104.2 14:33:32 15:24:07 17583 103.95 14:36:09 15:23:26 INR 110+) - 23/07/2021 - - - - 8000 109.15 09:07:59 09:07:59

30.3. From the above, it is noted that the information about the impending recommendation was informed to Noticee no. 3 on July 22, 2021 at 14:33. On the said day, Noticee no. 3 purchased a total of 25,583 shares and sold a total of 17,583 shares of Mahamaya Steel thereby net buying 8,000 shares at an average buy price of INR 100 after receiving the information from Noticee no. 1. The recommendation to purchase the shares of Mahamaya Steel was made by Noticee no. 1 at 14:58 and the closing price of Mahamaya Steel was INR 103. On the very next day, Noticee no. 3 offloaded 8000 shares of Mahamaya Steel immediately on market opening at 09:07:59, at a sell price of around INR 109 and booked a profit of INR 75,035.

31. A comparison of profits made by the Noticees on days when recommendations were made vis-à-vis the days when no recommendations were made is given below. Table no. 10 No. of Profit as a days when Avg. Gross percentage S. the scrip Gross Trade Trade Value Profit/ Loss of Gross No Name Particulars was traded Value (₹) (₹) (₹) traded value Overall Trades 1,037 116,27,64,303 11,21,277 2,01,18,395 1.730 Himanshu Trades around the 465 83,20,16,255 1,66,65,883 Mahendra bhai recommendation days (44.84%) (71.56%) 17,89,282 (82.84%) 2.003 Patel (Noticee Trades other than around 572 33,07,48,049 34,52,512 1 no. 1) the recommendation days (55.16%) (28.44%) 5,78,231 (17.16%) 1.044 Raj Mahendra Overall Trades 1,578 94,31,05,847 5,97,659 72,20,959 0.766 bhai Patel Trades around 508 50,21,29,296 50,02,834 2 (Noticee no. 2) recommendation days (32.19%) (53.24%) 9,88,443 (69.28%) 0.996

Final Order in the matter of Stock Recommendations using Social Media Channel

No. of Profit as a days when Avg. Gross percentage S. the scrip Gross Trade Trade Value Profit/ Loss of Gross No Name Particulars was traded Value (₹) (₹) (₹) traded value Trades other than around 1,070 44,09,76,551 22,18,125 the recommendation days (67.81%) (46.76%) 4,12,128 (30.72%) 0.503 Overall Trades 1,544 24,93,34,436 1,61,486 27,74,226 1.113 Trades around the 478 17,57,63,599 23,32,253 recommendation days (30.96%) (70.49%) 3,67,706 (84.07%) 1.327 Jaydev Zala Trades other than around 1,066 7,35,70,837 4,41,973 3 (Noticee no. 3) the recommendation days (69.04%) (29.51%) 69,016 (15.93%) 0.601 Overall Trades 1,262 10,96,67,861 86,900 10,41,569 0.950 Mahendra bhai Trades around the 173 6,38,19,321 7,71,010 Bechardas recommendation days (13.71%) (58.19%) 3,68,898 (74.02%) 1.208 Patel (Noticee Trades other than around 1,089 4,58,48,539 2,70,559 4 no. 4) the recommendation days (86.29%) (41.81%) 42,102 (25.98%) 0.590 Overall Trades 388 11,11,39,166 2,86,441 15,94,425 1.435 Kokilaben Trades around the 166 7,27,19,227 9,72,328 Mahendra bhai recommendation days (42.78%) (65.43%) 4,38,068 (60.98%) 1.337 Patel (Noticee Trades other than around 222 3,84,19,939 6,22,097 5 no. 5) the recommendation days (57.22%) (34.57%) 1,73,063 (39.02%) 1.619 Overall Trades 667 39,54,65,276 5,92,901 37,78,527 0.956 Avaniben Trades around the 339 26,19,37,496 26,85,640 Kirankumar recommendation days (50.82%) (66.24%) 7,72,677 (71.08%) 1.025 Patel (Noticee Trades other than around 328 13,35,27,781 10,92,887 6 no. 6) the recommendation days (49.18%) (33.76%) 4,07,097 (28.98%) 0.819 Note-I: The table is based on those scrips where the Noticees as a group have made a profit of ₹50,000 or more during the Investigation period. Note-II: The profit calculation for scrips in which recommendations were made does not include the intra-day profits on days when no recommendations were made.

32. From the table no. 10 above, the following observations are made. 32.1. The Gross Trade Value of the Noticees was higher (around 1.8 times on average) around the recommendation days compared to the other days even though the number of trading days corresponding to the recommendation days were considerably lower (around 0.6 times on average) compared to the other days. 32.2. The profit made by all the Noticees around the recommendation days were significantly higher than the profit made on the other days (around 3.5 times on average). 32.3. The profit made by the Noticees as percentage of the Gross Traded Value around the recommendation days was almost double (around 1.95

Final Order in the matter of Stock Recommendations using Social Media Channel times on average) of the profit made by the Noticees as a percentage of Gross Traded value on the other days.

33. The observations made above show that the majority of the profits made by the Noticees were around the recommendation days which could only be attributed to price and volume impact of the recommendations posted on the Telegram channel. The Noticees had also undertaken higher value trades around the recommendation days to take advantage of the increased price and volume resulting from the misleading messages posted on the Telegram channel.

34. Further, from the Table nos. 2 and 3, it is noted that on July 16, 2021, Noticee nos. 1 and 3 contributed to 10.84% of the gross traded quantity to the market volume and took a net buy position of 33,892 shares in the scrip of Total Transport. On July 19, 2021, all the Noticees except Noticee no. 4 contributed to 14.42% of the gross traded quantity to the market volume and had taken a net buy position of 65,186 shares in the scrip of Total Transport at a limit buy price range of INR 57 to 65.85. Thereafter, a buy recommendation message was issued at 21:05:00 on the said date. On July 20, 2021, another buy recommendation message was issued at 8:07:56 with an entry price of INR 66 and target price range of INR 75 to 77. Further, on July 20, 2021, the said Noticees together bought 75,500 shares at a limit buy price range of INR 68.30 to 72.95 by 09:53:17. Subsequently, the Noticees exited their position at a limit sell price range of INR 67.60 to 73.50 by 11:07:02 on the same day. The aforesaid Noticees together contributed 8.35% of the gross traded quantity to the market volume in the scrip of Total Transport on July 20, 2021 and booked a total profit of over INR 9 lakh on the said date.

35. The price-volume chart in the scrip of Total Transport for the period of July 2019 to September 2019 is given below.

Final Order in the matter of Stock Recommendations using Social Media Channel

IMAGE no. 5

36. On perusal of the image no. 5 given above, the following observations are made. 36.1. There was a significant increase in the price and volume of Total Transport on July 16, 2021, July 19, 2021 and July 20, 2021. 36.2. On July 16, 2021, the day on which Noticee nos. 1 and 3 together net bought 33,892 shares contributing 10.84% of the gross traded quantity to the total market volume, the scrip price increased by around 20% on open to close basis. The volume on the said date was also substantially higher i.e., around 38 times the average volume on the preceding 10 days. 36.3. On July 19, 2021, the day on which all the Noticees except Noticee no. 4 net bought 65,186 shares contributing 14.42% of the gross traded quantity to the total market volume, the scrip price increased by around 19% on open

Final Order in the matter of Stock Recommendations using Social Media Channel to close basis. The volume on the said date was also substantially higher i.e., around 45 times the average volume on the preceding 10 days excluding the days on which the Noticees traded. 36.4. On July 20, 2021, the day on which all the Noticees except Noticee no. 4 bought 75,500 shares followed by complete exit from the scrip after issuing buy recommendation, the scrip price decreased by around 4% on open to close basis. The volume on the said date was also substantially higher i.e., around 72 times the average volume on the preceding 10 days excluding the days on which the Noticees traded. 36.5. On the days following the recommendation, the price and volume of the scrip declined to level that existed before the Noticees traded/ issued recommendations in the scrip.

37. From Table nos. 5 and 6, it is noted that on July 27, 2021, the Noticee nos. 1, 2 and 3 together contributed 29.16% of the gross traded quantity to the market volume and took a net buy position of 15,325 shares at a limit buy price range of INR 84 to 111.95 in the scrip of Metro Global. Thereafter, a buy recommendation message was issued at 20:56:53 on the said date, with an entry price of INR 112 and target price of INR 150. On July 28, 2021, another buy recommendation message was issued at 8:15:51 with an entry price of INR 113 and target price of INR 124. Further, on July 28, 2021, Noticee nos. 1, 2 and 6 together bought 24,701 shares at a limit buy price range of INR 114.15 to 122.70 by 9:29:11. Subsequently, all the aforesaid Noticees exited their position at a limit sell price range of INR 110 to 122.80 by 9:48:35. The aforesaid Noticees together contributed 10.03% of the gross traded quantity to the market volume in the scrip of Metro Global on July 28, 2021 and booked a total profit of over INR 1 lakh.

38. The price-volume chart in the scrip of Metro Global for the period of July 2019 to October 2019 is given below.

Final Order in the matter of Stock Recommendations using Social Media Channel

IMAGE no. 6

39. On perusal of the image no. 6 given above, the following observations are made. 39.1. There was a significant increase in the price and volume of Metro Global on July 20, 2021, July 26, 2021, July 27, 2021 and July 28, 2021. 39.2. On July 20, 2021, the day on which the Noticees made a buy recommendation and also traded contrary to that recommendation, the scrip price increased by around 17% on open to close basis. The volume on the said date was also substantially higher i.e., around 14 times the average volume on the preceding 10 days. 39.3. On July 26, 2021, the day on which the Noticees made a buy recommendation and also traded contrary to that recommendation, the scrip price increased by around 9% on open to close basis. The volume on the said date was also higher i.e., around 3 times the average volume on the preceding

Final Order in the matter of Stock Recommendations using Social Media Channel

10 days excluding the day on which recommendation was made i.e., July 20, 2021. 39.4. On July 27, 2021, the day on which Noticee nos. 1, 2 and 3 together net bought 15,325 shares contributing 29.16% of the gross traded quantity to the total market volume, the scrip price increased by around 13% on open to close basis. The volume on the said date was also substantially higher i.e., around 13 times the average volume on the preceding 10 days excluding the days on which recommendations were issued i.e., July 20, 2021 and July 26, 2021. 39.5. On July 28, 2021, the day on which Noticee nos. 1, 2 and 6 bought 24,701 shares followed by complete exit by Noticee nos. 1, 2, 3 and 6 from the scrip, the scrip price decreased by around 3% on open to close basis. The volume on the said date was also substantially higher i.e., around 18 times the average volume on the preceding 10 days excluding the days on which Noticees issued recommendations / traded i.e., July 20, 2021, July 26, 2021 and July 27, 2021. 39.6. On the days following the recommendation, the price and volume of the scrip declined to level that existed before the Noticees traded/ issued recommendation in the scrip.

40. From the observations made above, it is noted that the Noticees bought shares in the scrips in which the recommendations were to be given. Then, the Noticees recommended the subscribers of the Channel to buy shares in those scrips at a certain entry price which was above their buy price. Additionally, the Noticees had executed trades above the recommended entry price to entice the investors to buy the shares of the recommended scrips. Subsequently, the Noticees placed Limit sell orders at a higher price and exited the scrip after booking profits.

41. The combined trading activity of the Noticees mentioned above was significant. In addition to taking a net buy position in the recommended scrips as a part of the modus operandi, the Noticees had repeatedly traded in the recommended scrips above the entry price on the days of recommendation and created a false and Final Order in the matter of Stock Recommendations using Social Media Channel misleading appearance of trading activity in those recommended scrips to induce investors to buy the scrip.

42. From the trading pattern of the Noticees, it is observed that the Noticees bought shares of specific scrips before making a buy recommendation in the Telegram Channel. In view of the same, an inference can be drawn that such trades were only executed to take advantage of the rising market price induced by their own misleading recommendations, and in the process, make unlawful gains. The Noticees by trading in the scrip, prior to and after the recommendations were made, had also induced investor interest in the scrip. After making the recommendation in the scrip, the Noticees sold their shares to take advantage of the increase in price and volume of the scrip resulting from their recommendations.

43. The increased trading activity in the scrip appears to justify the buy recommendation made on the Telegram channel, which leads to more interest in the scrip. However, the subscribers to the channel were not aware that Noticees themselves had taken a long position in the recommended scrips (i.e., purchased those scrips a priori) and that the Noticees were about to sell their holdings shortly. The fact that sell trades were executed after the buy recommendation was made in the Telegram channel indicates that there was a manipulative intent in making the said recommendations to take advantage of the price movement of the scrip.

44. On the basis of preponderance of probability, it can be concluded that the misleading ‘buy’ recommendation messages issued regarding certain scrips and the trades executed by the Noticees during the investigation period in those specific scrips were the pillars of the fraudulent scheme deployed through which the Noticees made unlawful gains. Consequently, the price and volume of the recommended scrips on the recommendation days were inflated or artificially created and in the absence of the fraudulent scheme deployed by the Noticees, such higher price and volume could not have been possible. Further, as observed at paragraph nos. 36 and 39, it can be seen that the price and volume of the scrips fell significantly in the days following the recommendation. Any investor who might

Final Order in the matter of Stock Recommendations using Social Media Channel have been induced by the increased trading activity to deal in those scrips would have acquired the scrip at an inflated price and suffered a loss.

45. I note that Noticee nos. 1, 2 and 3 have admitted to their involvement in this manipulative scheme during their deposition before the Investigating Authority. In this regard, I place reliance on the judgement of the Hon’ble Supreme Court of India in the matter of “Thiru John and Ors. Vs Returning Officer and Ors.” (Civil Appeal nos. 1985-1896, 1907 of 1974 decided on April 12, 1977), wherein it was inter alia held, “It is well settled that, a party’s admission as defined in Sections 17 to 20 fulfilling the requirements of Section 21, Evidence Act, is a substantive evidence proprio vigore. An admission, if clearly and unequivocally made, is the best evidence again the part making it and though not conclusive, shifts the onus on to the maker on the principle that “what a party himself admits to be true may reasonably be presumed to be so and until the presumption was rebutted the fact admitted must be taken to be established”. I also note that in addition to the Noticees’ admission, the modus operandi has been corroborated by the observations made above based on the trading activities of the Noticees.

46. A mere disclaimer in the Telegram Channel description, amidst the aforesaid false claims, stating that the subscribers should consult their financial advisor, does not exonerate them from the nefarious scheme deployed through which large sums of unlawful profits have been generated by them, without disclosure of their own interest in the scrips. Moreover, the recommendations made were in a disingenuous manner to allure the subscribers of the channel into buying the recommended scrips. Further, based on the factual findings, preponderance of probability strongly leads to the conclusion that the trades executed were with manipulative intent to take advantage of unsuspecting and innocent investors to make unlawful profits. The Noticees have also failed to provide any reasonable explanation to suggest otherwise.

47. The Noticees have also stated that the action taken by SEBI is an infringement of their fundamental right to express their views freely. Right to free speech is not

Final Order in the matter of Stock Recommendations using Social Media Channel absolute. As discussed earlier, I note that the Noticees have engaged in a fraudulent scheme by repeatedly issuing ‘buy’ recommendations on stocks, without disclosing their own contrary interest and intent. After urging and inducing their subscribers to buy, in sharp contrast to their own buy recommendation, the Noticees themselves have immediately sold these shares at advantageous terms to unsuspecting investors. One-off recommendations may well be informal and innocuous; but when such a pattern of ‘buy’ recommendations is repeated across 148 scrips, immediately followed by sale of shares contrary to their own recommendations, there can be little doubt that this is an elaborate and nefarious scheme designed to defraud investors.

48. In this regard, a reference is made to the observations of Hon’ble SC in the matter of SEBI and Ors. Vs Shri Kanaiyalal Baldevbhai Patel and Ors. 2017 SCC Online SC 1148, wherein the Hon’ble Court held as follows:

“The definition of “fraud”, which is an inclusive definition and, therefore, has to be understood to be broad and expansive, contemplates even an action or omission, as may be committed, even without any deceit if such act or omission has the effect of inducing another person to deal in securities. Certainly, the definition expands beyond what can be normally understood to be a “fraudulent act” or a conduct amounting to “fraud”. The emphasis is on the act of inducement and the scrutiny must, therefore, be on the meaning that must be attributed to the word “induce”.”

49. The scheme employed by the Noticees is fraudulent as the Noticees recommended the stocks without disclosing their intent to sell those stocks and the recommendation messages were intended to induce unsuspecting investors to deal in the recommended stocks. Many investors had relied on the recommendations given on the Telegram Channel, without being aware that such a scheme/ device has been employed for the profit of the few entities propagating these messages.

Final Order in the matter of Stock Recommendations using Social Media Channel

50. The manipulative scheme used by the Noticees in the instant case is a variation of a ‘pump and dump’ scheme known as “scalping”. In an Investor alert issued by United States (US) Securities and Exchange Commission (SEC), scalping has been defined as “recommending a stock to drive up the share price and then selling shares of the stock at inflated prices to generate profits.”. In a scalping scheme, fraudsters buy a stock and then they recommend that stock to induce others to buy the stock, without disclosing their intent to sell the stock. Subsequently, they offload their stock on unsuspecting investors, upon rise in stock price and trading volume following their recommendation, and book profits at inflated prices. Such schemes usually target small-and micro-cap stocks due to their low volume.

51. The trading accounts of the Noticees were used to first buy the shares of the concerned companies, followed by making buy recommendations on those scrips through the Telegram Channel without disclosing their own personal exposure and interest in the scrips, so as to induce thousands of subscribers to the channel to buy those shares in order to generate interest and inflate the share price and eventually, after making such recommendations to the subscribers, Noticees sold their shares accumulated in the first leg of transaction at inflated prices on unsuspecting investors for a profit. The Noticees have also mostly traded in small-and micro-cap stocks. The said trading pattern was observed in intraday and Buy Today Sell Tomorrow (BTST) trades executed by the Noticees.

52. Noticee nos. 4, 5 and 6, in their separate letters dated February 7, 2022 have submitted that the trades executed in their accounts were done with their knowledge and that they had taken consultation from Noticee no. 1. They have also stated that their trading accounts are linked to the mobile numbers of Noticee nos. 1 and 2 as they are not tech savvy. Further, they have admitted that they were the ultimate beneficiaries of the profit made out of the said trades.

53. From the allegations made in the SCN as well as the replies filed by Noticee nos. 1, 2 and 3, it appears that the Noticee nos. 4, 5 and 6 did not have a role in issuing

Final Order in the matter of Stock Recommendations using Social Media Channel the messages. It also appears that the trading and demat accounts of Noticee nos. 4, 5 and 6 could have been used by Noticee nos. 1 and 2 for executing the fraudulent scheme. Even if Noticee nos. 4, 5 and 6 were following the advice provided by Noticee no. 1 (as they claim), the same will not absolve the Noticee nos. 4, 5 and 6 from their omission and negligence to act in a prudent manner, in allowing use of their trading accounts to execute the trades which formed a part of this manipulative scheme. Moreover, the Noticee nos. 4, 5 and 6 received the unlawful profits from this scheme.

54. In this regard, I would like to place reliance on the order of the Hon’ble SAT in the matter of Mahavirsingh N Chauhan and Anr. vs. SEBI decided on October 18, 2019 wherein SAT has held as follows: “We are of the opinion that by renting their demat account, trading account etc., the appellants were concealing the identity of the fraudster and, thus, were acting not only in concert but in connivance with the said fraudster. The appellants cannot, thus escape from the liability of debarment and the wrongful gains made by them.”

55. In view of the aforesaid findings, I observe that Noticee nos. 1, 2 and 3, by employing a manipulative scheme, have acted in a fraudulent manner and have violated Section 12A (a), (b), (c) of the SEBI Act and Regulations 3 (a), (b), (c) and (d), 4(1) and 4(2)(a), (d), (e), (k), (o) and (r) of PFUTP Regulations. Further, Noticee nos. 4, 5 and 6, facilitated the use of their trading accounts for the manipulative scheme and have violated Regulations 3(a), (b), (c), (d) and 4(1) of PFUTP Regulations.

Issue 2: If the answers to the aforesaid questions are in affirmative, whether this warrants issuance of directions and /or penalty under Sections 11(1), 11(4), 11(4A), 11A, 11B (1) and 11B (2) of the SEBI Act?

Issue 2(a): Whether the Noticees are liable to disgorge the unlawful gains made from their manipulative scheme?

Final Order in the matter of Stock Recommendations using Social Media Channel

56. From the above discussion, I note that the Noticee nos. 1, 2 and 3 engaged in dissemination of false and misleading messages recommending buying specific stocks in the Telegram channel and the trading accounts of all the Noticees were used to book profits from the resulting impact on price and volume of the recommended scrip. Thus, all the Noticees have played their respective roles, which have been found to be a part of a scheme in violation of SEBI Act and PFUTP Regulations and thus are liable to disgorge the wrongful gains made by them, jointly and severally, as mentioned at Table no. 11 given below. The details of scrip wise profit made by the Noticees in 148 scrips is provided at Annexure B.

Table no. 11

Sr. Trading Accounts Profit No. (INR) 1 Himanshu Mahendrabhai Patel 1,66,65,883 2 Raj Mahendrabhai Patel 50,02,834 3 Jaydev Zala 23,32,253 4 Kokilaben Mahendrabhai Patel 9,72,328 5 Mahendrabhai Bechardas Patel 7,71,010 6 Avaniben Kirankumar Patel 26,85,640 Grand Total 2,84,29,948

57. The Noticees were provided with all the relevant documents including the calculation of unlawful gains made by them and were advised to submit their reply, however, I note that the Noticees have not filed any reply and have also deposited only a part of the unlawful gains i.e., INR 98,84,427.86 in an escrow account.

58. As the securities market regulator, it is SEBI’s bounden duty to safeguard the interests of investors and protect the integrity of the securities market. Fraudulent and manipulative practices distort fair price discovery thereby defeating one of the basic purposes of an organized securities market. Further, such activities cause

Final Order in the matter of Stock Recommendations using Social Media Channel monetary loss to investors who have been unfairly induced to trade thereby upending trust and confidence in the integrity of the securities market. This has a negative effect on the securities market and its development.

59. The conduct of the above mentioned Noticees are not in the interest of the investors and the securities market and considering the violations committed by the Noticees, I find that it becomes necessary for SEBI to issue appropriate directions against them. The fraudulent scheme employed by the Noticees resulted in unlawful gains and appropriate directions including disgorgement of the unlawful gains need to be passed against them. The Interim order cum SCN directed impounding of unlawful gains jointly and severally by all the Noticees and I do not find any reason to differ with the same.

Issue 2(b): Whether the violations attract monetary penalty under section 15HA of the SEBI Act?

60. I further note that the SCN calls upon the Noticees to show cause inter alia as to why penalty under section 15HA read with sections 11(4A) and 11B (2) of the SEBI Act should not be imposed upon them for the alleged violations of SEBI Act, 1992 and PFUTP Regulations.

61. I also note that the powers vested upon SEBI under sections 11(4A) and 11B (2) of SEBI Act is without prejudice to the powers to issue directions under sections 11(1), 11(4) and 11B (1) of the SEBI Act.

62. As it has been brought out in the present case that Noticees have executed trades which are in violation of the provisions related to fraudulent and unfair trade practices under SEBI Act and PFUTP Regulations, the same also warrants imposition of monetary penalty under Section 15HA of the SEBI Act. For imposition of penalty under the provisions of the SEBI Act and PFUTP Regulations, Section 15J of the SEBI Act provides as follows:

Final Order in the matter of Stock Recommendations using Social Media Channel “Factors to be taken into account while adjudging quantum of penalty. 15J. While adjudging quantum of penalty under 15-I or section 11 or section 11B, the Board or the adjudicating officer shall have due regard to the following factors, namely: — (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the default; (b) the amount of loss caused to an investor or group of investors as a result of the default; (c) the repetitive nature of the default. Explanation. — For the removal of doubts, it is clarified that the power to adjudge the quantum of penalty under sections 15A to 15E, clauses (b) and (c) of section 15F, 15G, 15H and 15HA shall be and shall always be deemed to have been exercised under the provisions of this section.” 63. I have taken note of the unlawful gains made by the Noticees in the extant matter. Further, I find that the Noticees, particularly Noticee nos. 1, 2 and 3, have indiscriminately engaged in and were instrumental in the fraudulent scheme repeatedly on several days in multiple scrips.

64. To reiterate, all the relevant documents were provided to the Noticees twice and multiple opportunities were provided to the Noticees to make their submission. A table showing the details of the communication with the Noticees in this regard is given below.

Table no. 12 S. No. Date Particulars 1 June 13, All the relevant documents were provided to the 2022 Noticees by way of inspection.

Final Order in the matter of Stock Recommendations using Social Media Channel

S. No. Date Particulars 2 October 11, An opportunity of personal hearing was provided, 2022 however, the Noticees sought adjournment. 3 November Another opportunity of hearing was provided and the 10, 2022 Noticees once again sought adjournment. 4 November All the relevant documents were once again forwarded 25, 2022 to the Noticees pursuant to the hearing. Further, the Noticees were advised to file their reply by December 09, 2022. 5 January 16, Noticees sought additional time till January 16, 2023, 2023 however, they did not make any submission within the specified date. 6 March 15, Noticees were provided a last opportunity to file their 2023 submissions by March 15, 2023, however, they failed to make any submission.

65. Apart from their reply to the SCN mentioned at paragraphs 7 and 8 above, the Noticees have not made any submissions with respect to the trades executed by them, calculation of unlawful gains or the documents provided to them. Further, they have also not brought out any mitigating factor to consider under section 15J of the SEBI Act.

Directions 66. In view of the foregoing, I, in exercise of the powers conferred upon me under Sections 11(1), 11(4), 11(4A), 11B (1) and 11B (2) read with Section 19 of the SEBI Act read with Rule 5 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995, pass the following directions:

66.1. Noticee nos. 1, 2 and 3 are hereby restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in any manner

Final Order in the matter of Stock Recommendations using Social Media Channel whatsoever, from the date of this Order, till expiry of 3 years from the date of payment of disgorgement amount as mentioned at paragraph 66.4.

66.2. Noticee nos. 4, 5 and 6 are hereby restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in the securities market, directly or indirectly in any manner whatsoever, from the date of this Order, till expiry of 1 year from the date of payment of disgorgement amount as mentioned at paragraph 66.4.

66.3. It is clarified that during the period of restraint, the existing holding of securities, including units of mutual funds shall remain under freeze in respect of the aforesaid debarred Noticees.

66.4. All the Noticees shall, jointly and severally, disgorge the total unlawful gains mentioned at Table no. 11 along with simple interest @12% per annum from November 12, 2021 (i.e. the date on which the last fraudulent trade was executed during the Investigation period) till the date of payment/ date of deposit in the escrow account. The Noticees have deposited INR 98,84,427.86 in an escrow account and therefore the Noticees shall, jointly and severally, disgorge the remaining unlawful gains i.e., INR 1,85,45,520.14 along with simple interest @12% per annum from November 12, 2021 (i.e. the date on which the last fraudulent trade was executed during the Investigation period) till the date of payment. Further, the Noticees shall disgorge the interest on the unlawful gains already deposited i.e., INR 98,84,427.86 calculated with simple interest @12% per annum from November 12, 2021 (i.e. the date on which the last fraudulent trade was executed during the Investigation period) till the date of deposit in the escrow account.

66.5. The Noticees shall pay the aforesaid amount to the Investor Protection and Education Fund (IPEF) as referred to in Section 11(5) of the SEBI Act within a period of 45 (forty-five) days, from the date of receipt of this order.

Final Order in the matter of Stock Recommendations using Social Media Channel

66.6. The particulars of SEBI account for making e-payment are mentioned below.

Name of Branch Name RTGS Code Beneficiary Beneficiary the Bank Name Account No. Bank of Bandra Kurla BKID0000122 Securities and 012210210000008 India Branch Exchange Board of India

66.7. Further, the amount of unlawful gains, as mentioned at paragraph 5 above, deposited by them in the escrow account along with accrued interest is hereby directed to be transferred from the escrow account to IPEF.

66.8. After taking into consideration the violations by the Noticees and the observations made at paragraph nos. 49 and 59, a penalty of two times the total unlawful gains made by all the Noticees i.e., INR 5,68,59,896 (Rupees Five Crore Sixty-eight lakh fifty-nine thousand eight hundred and ninety-six only) is hereby imposed on Noticee nos.1, 2 & 3 to be paid jointly and severally and a penalty of INR 5,00,000 (Rupees Five lakh only) each is hereby imposed on Noticee nos. 4, 5 and 6, under Section 15HA of the SEBI Act.

66.9. Noticees are directed to pay their respective penalties within a period of 45 (forty-five) days, from the date of receipt of this order, through online payment facility available on the website of SEBI, i.e. www.sebi.gov.in on the following path, by clicking on the payment link: ENFORCEMENT -> Orders - > Orders of Chairman/ Members -> PAY NOW. In case of any difficulties in online payment of penalties, the said Noticees may contact the support at portalhelp@sebi.gov.in.

66.10. The details/ confirmation of e-payment should be sent to "The Division Chief, Integrated Surveillance Department, SEC-3, Securities and Exchange Board of India, SEBI Bhavan, Plot no. C 4A, "G" Block, Bandra Kurla Complex,

Final Order in the matter of Stock Recommendations using Social Media Channel

Bandra (E), Mumbai - 400 051” and also to e-mail id: - tad@sebi.gov.in in the format as given in table below:

Case Name Name of payee Date of payment Amount paid Transaction no. Bank details in which payment is made

Payment is made for: (like penalty /disgorgement along with order details)

66.11. The Banks where Noticees are holding bank accounts, individually or jointly, are directed that no debit shall be made, except for e-payment in favour of “Securities and Exchange Board of India” as mentioned above, till further instructions from SEBI. However, credits, if any, into the accounts of the Noticees may be allowed.

66.12. The Depositories are directed to ensure that no debits or credits are made in the demat accounts of the Noticees, held individually or jointly, without the permission of SEBI.

66.13. The Noticees are also directed not to dispose of or alienate any of their assets/properties/ securities, till such time the direction of this order is complied with.

67. The Order shall come into force with immediate effect.

Final Order in the matter of Stock Recommendations using Social Media Channel

68. A copy of this order shall be forwarded to the Noticees, all the recognized Stock Exchanges, Depositories, Banks and Registrar and Transfer Agents for necessary action and compliance with the above directions.

-Sd- Date: April 26, 2023 ANANTH NARAYAN G. Place: Mumbai WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA

Final Order in the matter of Stock Recommendations using Social Media Channel

ANNEXURE – A Analysis of the price and volume impact on the scrips recommended in the Telegram channel Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days DAMODAR 01/01/2021 08:17:22 INE497D01022 38 44 37.6 38 39 35.5 36.2 10.64 9.72 8.94 389140 65989 281771 INDUSTRIES LTD NATH 01/01/2021 10:03:51 INE777A01023 INDUSTRIES 87 94 81.4 84.4 94 83 85.3 8.39 13.25 7.44 730048 3193489 1036614 LIMITED STEEL CITY 01/01/2021 11:54:36 INE395H01011 38 45.6 34.3 34.85 40.7 34.7 39.3 7.72 17.46 6.07 16981 196665 45825 SECURITIES LTD ORIENT 01/01/2021 15:17:56 INE569C01020 23 27 22.7 22.75 23.9 22.4 23.6 6.51 6.47 6.81 502236 206234 816935 ABRASIVE LTD ORIENT 04/01/2021 08:32:29 INE569C01020 24 28 23.4 24.3 25 23.6 24 6.15 5.72 8.05 394328 732375 967042 ABRASIVE LTD DEEP ENERGY 04/01/2021 10:07:31 INE677H01012 RESOURCES 46 55.2 43.3 43.65 47.1 43.1 45.5 5.14 9.41 4.45 155472 244049 398740 LIMITED Kilburn 04/01/2021 11:31:13 INE338F01015 21.3 24 19.1 19.1 21.8 18.3 20.9 7.24 19.18 13.87 142637 2710880 1057108 Engineering Ltd SHIVA MILLS 04/01/2021 13:03:56 INE644Y01017 35 45 32.4 33.8 36.5 32 36 5.51 13.91 11.66 69926 186392 658381 LIMITED SPL INDUSTRIES 04/01/2021 15:16:55 INE978G01016 36 40 33.3 33 36.6 32.6 35.7 10.84 12.12 9.16 231337 429035 410408 LIMITED SPL INDUSTRIES 05/01/2021 08:50:20 INE978G01016 36 55 36.2 36.45 39.4 36.4 37.5 10.22 8.39 9.79 185633 291622 1445716 LIMITED MAHAMAYA 05/01/2021 09:43:39 INE451L01014 100 110 96.4 99 106 99 105 4.58 6.67 5.67 133247 1172047 500951 STEEL INDS LTD ELGI RUBBER 05/01/2021 11:15:14 INE819L01012 25 30 22.5 22.4 26.5 22.3 24.7 6.8 19.1 6.38 26149 401770 67616 CO. LTD SHANTHI GEARS 05/01/2021 12:24:01 INE631A01022 125 130 122 122 127 122 124 2.24 4.35 4.36 961628 908722 2143908 LTD TOKYO PLAST 05/01/2021 15:16:04 INE932C01012 76.5 85 71.4 70.6 78.6 70.2 77.5 2.85 11.89 7.16 80583 1436583 273021 INTL LTD MMP 05/01/2021 15:23:11 INE511Y01018 INDUSTRIES 84 89 83 82.95 85.1 81 83.8 9.94 5.13 8.32 25543 34707 41755 LIMITED TOKYO PLAST 06/01/2021 08:45:18 INE932C01012 78 85 77.3 81.9 82 74.1 76.9 4.88 10.66 5.68 233202 52711 259093 INTL LTD MMP 06/01/2021 09:10:26 INE511Y01018 INDUSTRIES 84 100 83.8 85 89.7 84.2 85.1 9.29 6.6 8.17 27978 34381 39111 LIMITED

Final Order in the matter of Stock Recommendations using Social Media Channel (Telegram)

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days SHIVA MILLS 06/01/2021 10:32:50 INE644Y01017 37 60 34 34.6 38.6 34.6 37.4 6.91 11.42 11.21 169154 2395874 332654 LIMITED CL EDUCATE 06/01/2021 15:07:57 INE201M01011 69 75 66.5 66.1 70.2 64.9 69.2 2.9 8.17 8.27 61986 132146 827676 LIMITED CL EDUCATE 07/01/2021 08:07:42 INE201M01011 70 78 69.2 70.6 76.1 69.6 76.1 3.84 9.34 7.96 112924 145290 825348 LIMITED SHIVA MILLS 07/01/2021 09:28:50 INE644Y01017 0 0 37.4 37.5 40 37 37.1 8.67 8.11 11.31 432252 910039 261783 LIMITED SOMI 07/01/2021 11:17:18 INE323J01019 CONVEYOR 31 34 28.6 29.7 34.3 29 34.3 6.96 18.1 12.12 45278 280159 1352918 BELT.

LTD. PANACHE 07/01/2021 15:17:55 INE895W01019 DIGILIFE 43.5 47 40.5 42 44.5 40.8 43.9 5.06 8.95 5.98 19653 168010 34585 LIMITED Gallantt Ispat 08/01/2021 09:28:55 INE528K01029 40 60 37.7 39.8 45.2 39.1 45.2 5.53 15.6 10.92 121155 1670250 525976 Limited UMANG DAIRIES 08/01/2021 10:51:01 INE864B01027 65 90 61.7 62.2 70 61.2 66.7 10.18 14.39 6.77 1083194 2945044 638539 LIMITED ORIENT 08/01/2021 11:25:40 INE569C01020 25.5 28.5 23.7 23.25 26.9 23.3 25.5 5.89 15.7 11.74 404882 4326759 1744830 ABRASIVE LTD DAMODAR 08/01/2021 15:14:49 INE497D01022 41 45 37.6 35.3 41.5 35.3 40.7 8.17 17.42 9.75 186816 1015536 171962 INDUSTRIES LTD SHIVA MILLS 08/01/2021 15:26:32 INE644Y01017 38 45 37.5 38.45 39.5 35.3 38.6 9.53 11.9 10.88 530236 79704 244507 LIMITED DAMODAR 11/01/2021 08:33:52 INE497D01022 41 45 40.8 41.85 41.9 37.1 38.4 9.51 12.8 8.42 240915 64530 161454 INDUSTRIES LTD SHIVA MILLS 11/01/2021 09:30:03 INE644Y01017 41 45 38.8 39.7 42 38 40.2 12 10.53 8.56 573255 1037655 107629 LIMITED MMP 11/01/2021 15:13:52 INE511Y01018 INDUSTRIES 91 97 85.9 87 97.8 84 93.8 7.98 16.43 7.75 32656 166496 24699 LIMITED BHAGYANAGAR 12/01/2021 12:18:50 INE363W01018 27.5 uc 23.8 23.75 28.5 23.8 28.5 10.21 20 12.52 92113 563993 435092 PRO LTD JAYANT AGRO 12/01/2021 13:40:30 INE785A01026 125 147 121 120.5 145 121 145 3.13 20.41 10.58 182509 6823368 1764514 ORGANICS LTD SEYA 12/01/2021 13:56:02 INE573R01012 INDUSTRIES 69 80 67.7 66.25 69.7 66.1 66.7 4.64 5.53 3.82 279514 49655 275994 LIMITED SOUTH WEST 13/01/2021 09:26:47 INE980Y01015 44 UC 43 44 45.1 42.1 44.6 5.52 7.13 5.97 27912 165253 43375 PINNACLE LTD 13/01/2021 10:02:50 INE201B01022 Majestic Auto Ltd., 127 135 119 120 129 120 124 7.18 7.95 6.27 773032 6530298 458553

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Kilburn 13/01/2021 10:50:24 INE338F01015 23.5 25 21.2 22.9 24.5 20.1 22.5 9.66 21.95 11.77 602344 2494702 631132 Engineering Ltd ORIENT 14/01/2021 09:59:36 INE569C01020 26 29 24.9 25.4 29.4 23.8 28 8.16 23.32 9.48 1104202 8938250 1077475 ABRASIVE LTD NATH 14/01/2021 12:20:13 INE777A01023 INDUSTRIES 82 88 74.5 75 85 74.6 78.4 7.96 13.94 5.46 883753 5934741 529665 LIMITED TOKYO PLAST 14/01/2021 15:14:55 INE932C01012 81 87 72.5 72.55 84 72 82 5.06 16.67 7.67 141049 255675 321731 INTL LTD TOKYO PLAST 15/01/2021 08:19:28 INE932C01012 82 93 81.8 85.4 86.5 76.2 76.3 7.27 13.59 6.13 181911 1988486 99297 INTL LTD Kilburn 15/01/2021 09:44:57 INE338F01015 25.5 30.6 23.7 23 26 22 23 12.66 18.18 10.12 897983 4015586 169133 Engineering Ltd D. P. ABHUSHAN 15/01/2021 15:16:27 INE266Y01019 104.5 112 96.1 96.1 106 94 104 5.57 12.45 4.36 9689 101613 10210 LIMITED ELGI RUBBER 19/01/2021 10:26:09 INE819L01012 25 27 23.1 23.1 25.4 23.1 24.5 7.29 9.96 9.33 93400 143935 441705 CO. LTD SEYA 19/01/2021 12:08:26 INE573R01012 INDUSTRIES 66 69 63.1 64.95 66.4 63.1 64.2 3.84 5.31 2.85 278142 28174 144707 LIMITED SHANTHI GEARS 20/01/2021 09:29:50 INE631A01022 122 132 122 122 125 122 124 2.32 2.75 1.67 1100946 95536 404686 LTD SHANTHI GEARS 21/01/2021 09:17:53 INE631A01022 124.5 132 124 124.2 125 122 122 2.34 2.47 1.58 1030236 1251812 208721 LTD Gallantt Ispat 29/01/2021 11:00:39 INE528K01029 38 43 35.6 35.6 40.9 35.6 38.6 4.68 14.89 6.24 136960 107121 181553 Limited ORIENT 29/01/2021 15:02:41 INE569C01020 24.75 26.5 23.8 24.5 24.8 23.8 24.6 5.1 4.2 4.56 190443 62031 294263 ABRASIVE LTD ORIENT 01/02/2021 08:55:09 INE569C01020 24.6 26.5 24.6 25.4 26 24 25.5 4.8 8.13 3.96 143191 161542 275562 ABRASIVE LTD UCAL FUEL 02/02/2021 10:29:45 INE139B01016 128 136 126 126.7 129 125 125 4.25 3.69 3.72 226827 466512 274638 SYSTEMS LTD CL EDUCATE 02/02/2021 15:17:24 INE201M01011 69.5 74 66.6 67.1 71 65.8 69.4 5.6 7.9 6.95 181868 279300 247151 LIMITED TOKYO PLAST 03/02/2021 15:13:46 INE932C01012 76 80 69.6 71.15 78 69.8 76.8 4.05 11.75 5 85568 394781 98708 INTL LTD CHAMAN LAL 03/02/2021 15:21:50 INE419D01026 87 92 82.8 81.9 87.5 81.9 86.8 4.95 6.84 4.64 3001235 4503239 4870754 SETIA EXP LTD CHAMAN LAL 04/02/2021 08:06:41 INE419D01026 87 94 86.8 88.4 90.4 87.1 88.6 5.15 3.79 4.63 3280659 9011164 4348303 SETIA EXP LTD TOKYO PLAST 04/02/2021 09:23:36 INE932C01012 77 82 76.8 77 77.4 75.2 76.4 5.39 2.93 4.15 83104 53764 101863 INTL LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days JAYANT AGRO 04/02/2021 11:22:19 INE785A01026 143 150 135 134.1 147 134 143 5.22 9.92 4.33 129851 71084 241268 ORGANICS LTD STEEL CITY 04/02/2021 11:54:59 INE395H01011 113.5 118 36 35.3 39.3 35.3 38.4 5.55 11.19 5.53 21681 120157 19257 SECURITIES LTD MAHAMAYA 04/02/2021 11:54:59 INE451L01014 113.5 118 108 108.9 115 109 114 5.6 5.6 6.69 78023 309321 149647 STEEL INDS LTD DAMODAR 04/02/2021 12:57:28 INE497D01022 35.5 38 31.9 32.45 35.3 32 35 7.93 10.16 6.8 32609 274462 66377 INDUSTRIES LTD STEEL CITY 05/02/2021 08:56:08 INE395H01011 38.5 42 38.4 39 39.5 36.9 37.1 6.16 7.06 5.53 22020 73488 15801 SECURITIES LTD CL EDUCATE 05/02/2021 11:44:26 INE201M01011 72 77 67.3 68.5 72.5 66.9 68.8 6.1 8.45 6.85 167373 59265 180829 LIMITED BAL PHARMA 05/02/2021 12:16:59 INE083D01012 56 58.4 53.4 54.05 56.3 53.7 54.4 4.88 4.94 8.25 87143 64509 531824 LTD. DAMODAR 05/02/2021 15:13:53 INE497D01022 35.5 40 35 35.25 35.6 34.2 35.3 8.53 4.09 5.65 61428 145701 47553 INDUSTRIES LTD DAMODAR 08/02/2021 09:05:43 INE497D01022 35.5 40 35.3 35.85 35.9 34 34.4 6.97 5.59 5.59 75752 44422 44783 INDUSTRIES LTD BAL PHARMA 08/02/2021 12:48:04 INE083D01012 57 65 54.5 54.5 59.7 54.1 59 5.14 10.35 8.4 140009 1338712 589195 LTD. ALKALI METALS 09/02/2021 15:12:49 INE773I01017 59 64 56.1 57.6 60 55.7 58.7 5.35 7.82 6.05 52887 71808 171180 LTD ALKALI METALS 10/02/2021 09:07:49 INE773I01017 60 65 58.7 59.85 61.4 57.2 57.5 6.11 7.34 5.2 90482 81692 140616 LTD PANACHE 10/02/2021 15:10:38 INE895W01019 DIGILIFE 45 49 42.3 44 45.4 41.9 44.6 5.32 8.48 12.2 22820 70084 54200 LIMITED 11/02/2021 13:47:00 INE391D01019 TRF LIMITED 103 109 98.9 99.85 105 99 103 5.54 6.06 4.58 204951 43697 421287 MAHAMAYA 11/02/2021 14:18:37 INE451L01014 107 114 103 103.9 108 103 106 6.71 5.34 4.79 165101 154784 71667 STEEL INDS LTD UCAL FUEL 12/02/2021 11:39:11 INE139B01016 128 136 128 128.6 137 128 132 2.97 6.8 7.21 305876 1091811 1903375 SYSTEMS LTD MMP 12/02/2021 11:52:35 INE511Y01018 INDUSTRIES 87 90 83.2 80.5 87.8 80.5 84.1 5.94 9.07 8.32 12784 65350 97854 LIMITED CL EDUCATE 12/02/2021 15:10:33 INE201M01011 70 76 66.5 68.3 70.7 66 70 6.98 7.12 5.71 177164 95923 215958 LIMITED CL EDUCATE 15/02/2021 08:26:25 INE201M01011 71 82 70 70 72 67.6 68.6 6.74 6.51 5.73 176211 55361 182465 LIMITED PANACHE 15/02/2021 13:52:02 INE895W01019 DIGILIFE 0 0 42.7 43.9 51.2 42.5 50.2 7.13 20.49 12.97 41706 164144 40661 LIMITED

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days International 16/02/2021 10:06:17 INE575C01027 42 45 37.6 41.5 44 39.5 40.2 6.73 11.27 9.48 276257 2822807 2268013 Conveyors Ltd., Eco Recycling 17/02/2021 09:15:27 INE316A01038 63 72 60.2 64.7 71.8 53 58.2 11.9 35.38 11.64 1747994 12597747 1566815 Limited HERCULES HOI. 17/02/2021 15:10:41 INE688E01024 126 133 122 122.6 130 122 128 4.16 6.74 4.93 515529 1043904 1346470 LTD. HERCULES HOI. 18/02/2021 08:27:18 INE688E01024 128 135 128 128.4 129 125 126 4.55 3.12 4.74 480193 2435294 1408629 LTD. Gallantt Ispat 18/02/2021 11:10:03 INE528K01029 40.5 44 38.7 38 41.5 38 40.7 6.64 9.21 5.91 224482 131493 168556 Limited ORIENT 18/02/2021 12:01:11 INE569C01020 0 0 22.6 23.35 24 23 23.3 3.19 4.35 4.11 173750 499233 171338 ABRASIVE LTD RKEC 19/02/2021 11:30:19 INE786W01010 PROJECTS 60 63 53.2 53.15 63.8 51.4 63.8 8.75 24.03 8.2 36070 229738 88706 LIMITED BHARAT GEARS 23/02/2021 15:13:12 INE561C01019 81 85 77.2 77.1 81.8 77.1 81.2 5.51 6.16 5.83 146869 30476 243659 LTD. BHARAT GEARS 24/02/2021 08:27:15 INE561C01019 81 90 81.2 82.55 82.7 80 80 6.08 3.38 5.61 181140 325108 195367 LTD. BAL PHARMA 25/02/2021 11:48:51 INE083D01012 55 58 52.1 52.75 57.3 52.1 55.5 4.76 9.88 5.97 142656 115238 187862 LTD. ELGI RUBBER 25/02/2021 12:50:26 INE819L01012 29.5 31.4 28.4 28.45 30.4 27.8 29.4 6.18 9.35 6.88 54002 155173 81523 CO. LTD DYNACONS SYS 01/03/2021 10:14:13 INE417B01040 67 71.3 64.8 66.45 68.5 63.2 64.3 7.04 8.31 6.81 298076 740804 734672 & SOLN LTD JAYANT AGRO 01/03/2021 15:09:39 INE785A01026 141 155 136 139.8 143 136 142 4.27 5.38 4.32 105479 47817 370045 ORGANICS LTD JAYANT AGRO 02/03/2021 08:29:29 INE785A01026 142 155 141 141 145 139 142 4.63 4.2 4.04 183380 754899 227348 ORGANICS LTD D P WIRES 02/03/2021 10:31:33 INE864X01013 120 125 115 116 124 114 119 5.46 8.77 4.9 6459 63658 12998 LIMITED STEEL CITY 02/03/2021 15:13:07 INE395H01011 37 42 35.7 36.8 37.6 35.1 36.9 5.18 7.12 4.12 21127 326546 49444 SECURITIES LTD STEEL CITY 03/03/2021 07:51:56 INE395H01011 37.5 45 36.9 37.9 40 37.6 38.5 5.33 6.25 4.4 52756 232379 27231 SECURITIES LTD DYNACONS SYS 03/03/2021 10:11:16 INE417B01040 68 72 64.7 66.8 71.1 66.1 70.8 8.15 7.65 6.97 309172 3886891 526390 & SOLN LTD D P WIRES 04/03/2021 10:35:24 INE864X01013 121 125 122 122.9 125 120 122 5.6 4.17 5.95 15868 37502 7367 LIMITED K.P.

Energy 05/03/2021 15:05:46 INE127T01013 66 70 64.3 62 69.9 60 66.1 9.03 16.5 11.03 543402 1570614 743456 Limited

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days K.P. Energy 08/03/2021 08:12:09 INE127T01013 66.5 72 66.1 69 72.7 63.3 64.8 10.29 14.77 10.21 663740 1402190 605695 Limited BHARAT GEARS 08/03/2021 15:08:54 INE561C01019 82 88 78.6 80.15 82.5 77.6 82.2 4.54 6.25 6.34 123137 573102 459878 LTD. BHARAT GEARS 09/03/2021 08:11:19 INE561C01019 83 88 82.2 84 88.5 83.2 86.7 5.07 6.37 6.1 169791 1607478 397049 LTD. SARLA PERF. 09/03/2021 09:34:53 INE453D01025 29.5 33 29.6 29.7 31 28.6 29.1 6.84 8.58 7.11 685799 1696084 551953 FIBERS LTD JAYANT AGRO 09/03/2021 11:22:15 INE785A01026 0 180 141 143 149 142 145 3.97 4.93 7.11 298149 46889 494246 ORGANICS LTD HERCULES HOI.

10/03/2021 10:20:15 INE688E01024 128 135 124 124.4 132 124 127 2.81 6.81 4.61 606516 283686 880001 LTD. BAL PHARMA 12/03/2021 10:02:29 INE083D01012 57.5 62 55.6 56.1 59 56 56.7 6.47 5.27 9.27 455097 397742 382473 LTD. CL EDUCATE 12/03/2021 11:10:41 INE201M01011 75.5 83 70.2 72.9 84.2 72 84.2 6.03 16.88 12.7 194248 614343 4236560 LIMITED JAYANT AGRO 12/03/2021 11:27:26 INE785A01026 148 160 144 146 150 141 143 3.75 6.68 8.4 136571 48822 526873 ORGANICS LTD D. P. ABHUSHAN 12/03/2021 14:59:12 INE266Y01019 120 128 113 113.8 122 114 121 5.81 7.21 5.71 5438 28148 7499 LIMITED D. P. ABHUSHAN 15/03/2021 08:39:14 INE266Y01019 122 136 121 123 129 115 117 5.98 12.13 4.84 7442 27418 4900 LIMITED BAL PHARMA 15/03/2021 15:04:34 INE083D01012 59.5 65 56.7 60.85 61.9 55.4 60.5 7.06 11.83 9.28 476744 1069400 321417 LTD. BAL PHARMA 16/03/2021 08:01:02 INE083D01012 61.5 67 60.8 63.3 64.3 60.2 60.9 8.04 6.9 9 579923 225701 406842 LTD. ORIENT 16/03/2021 11:16:22 INE569C01020 24.5 27 22.7 22.9 25 22.8 23.7 4.65 9.67 7.27 405532 239774 224511 ABRASIVE LTD JAYANT AGRO 16/03/2021 11:57:49 INE785A01026 143 150 138 140.4 158 137 152 4.64 14.99 8.68 228934 133793 437895 ORGANICS LTD DYNACONS SYS 16/03/2021 15:06:11 INE417B01040 74 80 69.7 70 76.6 68.4 75.3 8.13 11.99 10.88 542257 137862 1020095 & SOLN LTD ELGI RUBBER 17/03/2021 09:59:40 INE819L01012 32 33.5 30.3 30.4 32.5 28.5 29.2 6.97 14.04 5.28 82732 211937 22233 CO. LTD SEYA 18/03/2021 09:30:23 INE573R01012 INDUSTRIES 61 64.5 58.5 59 63.5 59 60.6 4.8 7.72 5.22 425588 126760 434648 LIMITED CHEMFAB 18/03/2021 10:13:39 INE783X01023 133 142 126 128.1 135 123 125 2.01 9.54 5.5 28110 53849 119108 ALKALIS LIMITED STEEL CITY 19/03/2021 14:59:00 INE395H01011 39 44 34.6 33.6 40.9 32.6 39.8 4.4 25.65 7.51 27231 143772 77951 SECURITIES LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days STEEL CITY 22/03/2021 08:14:17 INE395H01011 39 45 39.8 39.85 42.5 38.9 39.5 6.41 9.4 7.08 31376 174826 63224 SECURITIES LTD PANACHE 22/03/2021 10:06:18 INE895W01019 DIGILIFE 58 65 56.3 56.2 65 52.7 61.6 10.8 23.34 13.34 61077 326902 113340 LIMITED JAYANT AGRO 22/03/2021 12:04:21 INE785A01026 146 155 138 138.7 149 136 143 8.7 9.47 4.25 402455 41030 226980 ORGANICS LTD BAL PHARMA 22/03/2021 13:55:05 INE083D01012 57 60 54.4 54 59 54 56.5 9.54 9.26 6.34 418669 96875 380910 LTD. DYNACONS SYS 22/03/2021 15:03:04 INE417B01040 78 85 73 73 78.1 71.1 78 11.66 9.92 6.21 867099 385138 459808 & SOLN LTD DYNACONS SYS 23/03/2021 08:07:43 INE417B01040 79 88 78 79.45 79.8 75.7 77.5 11.53 5.49 5.87 806576 2273049 365453 & SOLN LTD PANACHE 23/03/2021 10:08:38 INE895W01019 DIGILIFE 0 0 61.6 62.65 73.9 61 73.9 12.69 21.07 12.23 92149 399059 80588 LIMITED BAL PHARMA 23/03/2021 13:07:03 INE083D01012 57.5 62 56.5 57.8 60.7 56.2 58.1 8.88 8.01 5.5 415001 144113 274483 LTD. STEEL CITY 23/03/2021 14:57:28 INE395H01011 42 48 39.5 39.4 42.3 37.6 42 6.84 12.52 6.24 43858 212954 42934 SECURITIES LTD STEEL CITY 24/03/2021 08:31:16 INE395H01011 42.5 49 42 41.8 44.1 40.1 41.3 7.77 10.11 5.48 62172 198603 24268 SECURITIES LTD JAYANT AGRO 24/03/2021 15:03:05 INE785A01026 141 148 140 141 141 139 140 7.64 2.09 2.74 248545 93496 103781 ORGANICS LTD JAYANT AGRO 25/03/2021 08:44:48 INE785A01026 139 148 140 141.3 141 135 137 7.14 4.59 2.82 223702 27473 112450 ORGANICS LTD BHARAT GEARS 01/04/2021 10:47:55 INE561C01019 77 80 73.5 73.8 77.3 73 76 4.69 5.89 7.69 102701 288360 166005 LTD. UCAL FUEL 01/04/2021 15:16:08 INE139B01016 147 158 140 140.2 147 139 146 4.28 5.71 2.99 2617536 6483380 335334 SYSTEMS LTD PANACHE 07/04/2021 15:04:31 INE895W01019 DIGILIFE 60 66 57.3 58.4 62.3 54.8 61 14.31 13.69 8.98 134358 116721 44561 LIMITED PANACHE 08/04/2021 08:37:18 INE895W01019 DIGILIFE 61 67 61 62.7 65 59.1 61.7 13.34 9.98 8.48 113340 71541 39242 LIMITED 08/04/2021 11:14:24 INE594B01012 BSL LTD 39 43 36.5 36.8 40 36 36.8 5.94 11.27 7.49 55713 611151 70295 BHARAT GEARS 08/04/2021 12:02:36 INE561C01019 0 0 75.7 79 85.8 78 81.4 6.55 10 8.05 84072 146070 286217 LTD. BHARAT GEARS 09/04/2021 13:34:46 INE561C01019 85 92 81.4 83.5 87.5 81 84.5 7.47 8.02 7.76 185081 97596 215650 LTD.

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days PANACHE 09/04/2021 15:11:42 INE895W01019 DIGILIFE 64 72 61.7 61 65.8 58 64 12.23 13.45 7.55 80588 115219 29879 LIMITED PANACHE 12/04/2021 09:36:21 INE895W01019 DIGILIFE 61 100 64 60.1 63.7 57.6 57.8 11.79 10.59 6.73 56386 80047 24163 LIMITED BHARAT GEARS 13/04/2021 10:06:04 INE561C01019 78 84 76.2 78.25 81.8 76.6 78.6 8.82 6.79 5.26 262021 30681 124908 LTD. RKEC 16/04/2021 11:21:30 INE786W01010 PROJECTS 64 72 59.2 60.15 64.7 60 61.9 5.69 7.84 8.61 14536 45416 43505 LIMITED DYNACONS SYS 19/04/2021 08:43:44 INE417B01040 76 100 75.2 74.95 77 71.1 74.2 10.06 8.37 9.22 726994 67663 321800 & SOLN LTD Sandu 23/04/2021 10:22:54 INE751D01014 Pharmaceuticals 49 60 44.3 45.6 49.9 45.1 47.5 13.62 10.64 10.42 520228 4877760 1093192 Ltd. TOTAL 26/04/2021 10:35:47 INE336X01012 TRANSPORT 45 uc 41.8 43.95 45.9 42.1 45.9 7.64 9.16 7.67 26297 196600 49472 SYS LTD STEEL CITY 27/04/2021 08:25:15 INE395H01011 84 93 36.4 36.8 42 35.7 41 4.86 17.81 6.08 12959 169139 42309 SECURITIES LTD MAHAMAYA 27/04/2021 08:25:15 INE451L01014 84 93 83.1 88.5 99.7 88.5 99.7 8.01 12.66 8.39 147848 335411 1026932 STEEL INDS LTD DYNACONS SYS 27/04/2021 12:01:35 INE417B01040 79 89 74.6 76 88.9 74.1 80.9 8.06 19.99 8.96 283314 452528 1134364 & SOLN LTD BHARAT GEARS 27/04/2021 12:22:26 INE561C01019 81 88 73.9 74.45 86.7 73.6 79.6 4.06 17.88 5.47 75283 186934 268156 LTD. Gallantt Ispat 27/04/2021 12:53:12 INE528K01029 45 50 41.4 41.4 46.5 40.9 44.7 6.2 13.83 9.55 155689 2062486 326947 Limited D P WIRES 30/04/2021 07:32:24 INE864X01013 123 140 122 126 142 126 129 7.78 12.39 8.51 13200 226560 59831 LIMITED UMANG DAIRIES 03/05/2021 08:12:51 INE864B01027 60 68 58.9 62.4 66 60.5 61.2 5.85 9.09 8.98 125615 5138394 755460 LIMITED DE NORA INDIA 03/05/2021 11:29:28 INE244A01016 257 266 243 250 279 246 270 3.15 13.4 9.46 50600 1214031 416795 LIMITED K.P.

Energy 03/05/2021 12:52:17 INE127T01013 63 68 56.9 61 66.5 53.3 61 9.73 24.88 9.24 116645 2249829 393608 Limited SHREYANS 04/05/2021 08:13:07 INE231C01019 87 100 85.7 95.4 97.2 89.5 92.3 6.01 8.6 7.88 123706 2783465 625385 INDUSTRIES LTD Mafatlal Industries 05/05/2021 08:18:50 INE270B01027 97 112 95.8 103 115 98.1 102 8.22 17.19 6.23 412149 8046512 626754 Ltd.,

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days SUPERHOUSE 05/05/2021 10:24:19 INE712B01010 127 153 121 122.7 132 122 126 5 8.2 6.34 142730 94121 344858 LIMITED JULLUNDUR 05/05/2021 12:30:12 INE412C01023 MOT AGENCY 43 47 39.3 42 45 38.5 42 6.9 16.88 9.47 14959 225764 114008 LTD BHARAT GEARS 05/05/2021 12:46:46 INE561C01019 85 92 77.4 78 86.9 76 82.9 4.02 14.28 6.31 110903 1546659 497584 LTD. UCAL FUEL 05/05/2021 15:02:10 INE139B01016 148 158 139 139.1 159 139 156 4.29 14.39 6.7 164770 2828417 979911 SYSTEMS LTD SHANTHI GEARS 06/05/2021 09:03:23 INE631A01022 150 165 144 154.7 160 147 154 4.98 8.81 6.04 977402 494736 1069332 LTD TOKYO PLAST 06/05/2021 10:05:52 INE932C01012 78 85 70.9 70.8 85.1 70.8 84.5 4.96 20.21 7.62 24837 506419 624235 INTL LTD MMP 06/05/2021 10:27:58 INE511Y01018 INDUSTRIES 99 109 89.7 90.1 102 89.4 93.8 6.46 13.6 4.05 58109 153857 14926 LIMITED TAINWALA 06/05/2021 11:35:12 INE123C01018 CHEMICAL AND 75 81 67 67 80.4 66.9 80.4 6.03 20.27 12.35 145155 6629304 822925 PLA GEECEE 06/05/2021 14:00:36 INE916G01016 VENTURES 113 120 104 102.4 118 102 113 5.15 14.8 7.29 169107 230180 1070723 LIMITED 06/05/2021 14:34:45 INE201B01022 Majestic Auto Ltd., 115 119 98.8 99 117 98.1 109 5.43 19.22 4.52 415719 4497779 572882 THE RUBY MILLS 07/05/2021 09:38:37 INE301D01026 195 208 177 177.6 207 178 191 8.5 16.55 9.17 242172 2174432 720615 LTD HERCULES HOI.

07/05/2021 10:21:58 INE688E01024 123 138 117 117.7 126 118 121 3.55 6.76 5.55 213021 317283 835785 LTD. 07/05/2021 15:02:17 INE078D01012 P.G.Foils Ltd. 100 110 87.7 90.4 104 87.5 102 5.49 18.86 6.75 686322 15636638 1581392 Signet Industries 10/05/2021 08:59:10 INE529F01035 36 42 35.1 39.25 39.7 36.8 38.1 7.76 7.88 6.89 263867 6772731 539629 Limited CHEMFAB 10/05/2021 10:31:52 INE783X01023 165 176 147 152.5 169 150 151 6.31 12.41 8.13 225716 2927900 1201413 ALKALIS LIMITED IND SWIFT 10/05/2021 12:18:23 INE915B01019 LABORATORIES 83.5 92 79.6 80.9 87.5 79 83.3 4.94 10.76 5.01 1635627 10984742 1851742 LT UNIPHOS 10/05/2021 15:02:35 INE037A01022 ENTERPRISES 95 105 83.3 83.3 98.5 83.3 96.7 7.97 18.25 8.38 680396 215391 2850292 LTD UNIPHOS 11/05/2021 07:20:21 INE037A01022 ENTERPRISES 98 113 96.8 102 106 98.6 100 10.49 7.05 7.13 1232264 8602335 1501354 LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days TAINWALA 11/05/2021 10:29:27 INE123C01018 CHEMICAL AND 81 90 75.3 73.5 83.5 73.5 77.4 10.27 13.61 10.17 1167439 1881591 414271 PLA 11/05/2021 14:57:12 INE423D01010 Ecoplast Ltd. 104 113 90.1 91 108 82.1 107 7.33 31.55 5.17 348515 19173872 786742 SIL 12/05/2021 08:34:54 INE923A01015 INVESTMENTS 260 300 251 272 276 236 252 12.58 16.99 5.39 570896 1971893 72021 LIMITED 12/05/2021 11:20:33 INE415A01038 HSIL LIMITED 209 200 207 214 227 203 205 10.99 11.74 6.51 16281170 5147715 21987324 THE RUBY MILLS 14/05/2021 08:11:28 INE301D01026 205 230 203 207.2 215 201 203 9.71 6.78 5.73 724709 1615363 243803 LTD 14/05/2021 09:35:59 INE080A01014 WEIZMANN LTD 56 59 52.9 56 58.2 55.1 58.2 10.76 5.54 7.05 278424 155611 352123 D P WIRES 14/05/2021 15:02:59 INE864X01013 147 160 129 134 155 128 152 7.37 20.67 6.75 41168 313419 28921 LIMITED SHIVA TEXYARN 14/05/2021 15:17:04 INE705C01020 200 215 179 187 204 173 201 10.73 17.58 9.71 377942 3295290 753012 LIMITED Lahoti Overseas 17/05/2021 08:15:42 INE515C01023 19 22 18.4 21.4 21.8 20 20.4 10.79 8.78 6.89 976673 7117827 506171 Ltd. SHIVA TEXYARN 17/05/2021 09:17:36 INE705C01020 203 230 200 205 214 202 205 13.25 5.94 9.83 710868 151260 868878 LIMITED BANG 17/05/2021 09:38:12 INE863I01016 32 35 28.5 28.7 34.1 28.6 34.1 6.17 19.23 10.74 136047 801426 679417 OVERSEAS LTD. TOTAL 17/05/2021 10:58:51 INE336X01012 TRANSPORT 45.5 49 44.3 46.4 47.4 42.4 44.8 7.2 11.92 4.77 54071 142487 19460 SYS LTD CHEMFAB 17/05/2021 15:03:59 INE783X01023 165 180 150 152.1 169 147 167 7.2 14.85 6.74 455737 269105 1652072 ALKALIS LIMITED CHEMFAB 18/05/2021 09:02:32 INE783X01023 168 190 167 171 175 162 164 8.57 7.96 5.59 796367 6978359 595132 ALKALIS LIMITED B.N.Rathi 18/05/2021 10:41:36 INE710D01010 34 36 30 31 35 30 31.6 11.16 16.67 8.51 756274 7416204 768785 Securities Ltd. TD POWER 18/05/2021 14:55:04 INE419M01019 226 245 221 224.6 232 214 230 9.6 8.41 7.55 3275241 251227 1463292 SYSTEMS LTD. TD POWER 19/05/2021 09:07:10 INE419M01019 234 0 230 231.9 234 218 220 9.8 7.34 7.11 3621944 105937 1086324 SYSTEMS LTD. DEEP ENERGY 19/05/2021 11:38:49 INE677H01012 RESOURCES 39 44 37 37.7 43 36.6 40 5.68 17.49 7.65 317128 579886 904462 LIMITED Virat Industries 19/05/2021 13:11:52 INE467D01017 25 30 37.2 37.45 44.6 36.2 44.5 8.1 23.24 14.6 76701 3221311 873310 Ltd.

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Acknit Industries 19/05/2021 15:04:29 INE326C01017 124 134 112 115.5 126 114 124 9.85 10.09 6.59 1012321 21055336 1888863 Ltd Acknit Industries 20/05/2021 08:01:43 INE326C01017 124 133 124 124.7 127 112 114 9.57 12.95 5.66 3090666 12797044 644792 Ltd Virat Industries 20/05/2021 09:23:14 INE467D01017 49 54 44.5 44.35 51 41 46.2 9.05 24.39 12.62 398235 5509407 325254 Ltd. DEEP ENERGY 20/05/2021 11:59:15 INE677H01012 RESOURCES 43 48 40 41 43.1 40.3 41.6 7.98 7.08 6.22 623621 1599144 477112 LIMITED DEEP ENERGY 21/05/2021 10:30:48 INE677H01012 RESOURCES 43 48 41.5 42.8 44.4 41.1 41.9 8.06 8.16 5.45 721682 300284 495425 LIMITED IND SWIFT 21/05/2021 14:57:03 INE915B01019 LABORATORIES 84 89 80.5 82.25 84.6 81 83.7 5 4.51 5.29 1499170 4412725 5501856 LT IND SWIFT 24/05/2021 08:04:46 INE915B01019 LABORATORIES 85 91 83.3 89 91.6 86.3 90.9 4.84 6.14 5.26 1737782 1795564 5692252 LT UCAL FUEL 24/05/2021 14:54:49 INE139B01016 174 184 160 160.8 176 157 173 3.52 12.46 5.76 426767 464310 1375830 SYSTEMS LTD UCAL FUEL 25/05/2021 08:08:52 INE139B01016 173 185 173 174 175 163 163 5.2 7.97 4.7 1247028 3730644 239006 SYSTEMS LTD 25/05/2021 11:00:12 INE391D01019 TRF LIMITED 105 114 99.6 100.1 116 98.5 108 3.73 17.77 8.6 289419 10626445 1840120 AMJ LAND 25/05/2021 11:15:44 INE606A01024 HOLDINGS 29 34.8 26.9 26 30.5 26 28.9 8.13 17.31 9.46 171420 1305031 338569 LIMITED D. P. ABHUSHAN 25/05/2021 12:47:50 INE266Y01019 148 156 133 136.4 152 136 140 7.44 11.76 6.74 31837 151253 49569 LIMITED JULLUNDUR 26/05/2021 10:30:56 INE412C01023 MOT AGENCY 50 55 46.2 46.3 50.5 46 49 8.21 9.67 5.13 74052 229950 40884 LTD TOKYO PLAST 27/05/2021 10:59:44 INE932C01012 86 96 81 80 95.8 80 93.3 5.4 19.75 12.01 314377 682583 1629658 INTL LTD KUANTUM 27/05/2021 11:33:12 INE529I01021 69 75 64.3 65.1 72.5 63.8 68 5.83 13.64 6.33 194909 1804110 420637 PAPERS LIMITED AMJ LAND 27/05/2021 12:31:59 INE606A01024 HOLDINGS 30 34 27.7 28.3 30.9 27 29.7 10.09 14.26 6.98 384472 355923 226206 LIMITED APM Finvest 27/05/2021 15:10:39 INE08KJ01012 33 45 29.2 29.2 33.7 28 32.3 11.51 20.36 10.37 1014802 4158488 2029448 Limited APM Finvest 28/05/2021 08:38:22 INE08KJ01012 30.5 50 32.3 33.9 35.9 31.5 33.1 12.68 13.97 9.9 1424464 6021242 1497109 Limited

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days 28/05/2021 15:06:56 INE391D01019 TRF LIMITED 111 120 109 109.7 112 104 111 8.31 8.13 5.79 1801907 1862622 1261348 31/05/2021 08:25:33 INE391D01019 TRF LIMITED 112 126 111 112 120 111 115 9.39 7.4 5.24 1970187 7460783 699318 TGV SRAAC 31/05/2021 12:20:32 INE284B01028 35 39 33.6 34.65 36.4 33.6 34.7 4.11 8.49 4.35 4905638 23820509 9202888 LIMITED TOKYO PLAST 31/05/2021 15:13:58 INE932C01012 98 110 89.6 89.75 104 86.1 99.8 8.03 20.27 8.71 676482 304130 1447487 INTL LTD D P WIRES 01/06/2021 15:10:19 INE864X01013 146 160 133 136.8 153 129 148 5.89 17.98 7.17 17899 171158 91862 LIMITED SKM EGG PROD 02/06/2021 09:50:52 INE411D01015 79 85 76.1 78.2 84.4 76.1 80.4 11.22 10.91 7.2 3297028 38932871 4069496 EXPORT(I) LT MALU PAPER 02/06/2021 12:59:50 INE383H01017 32 35 29.8 30.05 34 30.1 31.9 7.85 12.98 11.66 391913 689394 1434099 MILLS LIMITED KUANTUM 02/06/2021 13:09:49 INE529I01021 70 78 66.9 69.45 71.5 61.9 69.3 5.18 15.6 5.14 477136 1072789 357766 PAPERS LIMITED TAINWALA 03/06/2021 09:24:34 INE123C01018 CHEMICAL AND 83.5 90 78.6 81.5 85.4 76.6 77.9 7.44 11.49 6.96 171238 227322 381370 PLA 03/06/2021 11:57:18 INE594B01012 BSL LTD 52 55 49.4 49.1 54.3 49 54.3 5.26 10.82 7.72 173427 1982127 959969 ELGI RUBBER 03/06/2021 12:20:28 INE819L01012 37.5 42 35.7 35.95 38.6 34.5 37 5.19 12.05 7.18 56177 438894 305686 CO. LTD MALU PAPER 03/06/2021 15:01:53 INE383H01017 35.5 40 31.9 32 36.4 31.7 35.8 9.64 15.01 9.73 789216 1189446 1049875 MILLS LIMITED MALU PAPER 04/06/2021 07:48:19 INE383H01017 36 42 35.8 36.9 37.7 33 34.2 11.76 14.09 7.05 1131213 4669311 336143 MILLS LIMITED D. P. ABHUSHAN 04/06/2021 09:34:14 INE266Y01019 168 180 155 162 170 153 160 7.97 11.34 6.99 64102 86156 53515 LIMITED NATH 04/06/2021 09:53:51 INE777A01023 INDUSTRIES 115 125 112 110.5 118 108 110 10.48 9.67 4.8 6917443 4057767 1013409 LIMITED MAHAMAYA 04/06/2021 12:49:59 INE451L01014 91 110 88.9 89.05 94.5 88.8 92.4 4.66 6.42 5.55 173000 81042 381299 STEEL INDS LTD Mysore Petro 04/06/2021 15:13:15 INE741A01011 137 150 130 128.5 140 121 138 13.39 15.66 8.47 4135816 18492677 2724198 Chemicals Ltd., Mysore Petro 07/06/2021 08:01:15 INE741A01011 139 149 138 142.5 143 138 139 14.13 3.3 9.29 5943175 11641989 1636529 Chemicals Ltd., Ortin Laboratories 07/06/2021 09:37:48 INE749B01020 31 33 27.9 28.7 31.9 28.5 30.9 4.76 12.13 11.5 157659 569826 1923755 Limited TOTAL 07/06/2021 09:57:45 INE336X01012 TRANSPORT 46 50 42 41.9 50.3 41.9 50.1 4.44 20.05 11.55 20091 565758 85347 SYS LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Rexnord 07/06/2021 10:48:58 INE687C01012 Electronics & 55 60 49.3 52 56.9 49.1 52.8 8.44 16 9.49 518969 3313827 1238931 Controls Ltd. D P WIRES 08/06/2021 07:55:58 INE864X01013 167 185 166 168 178 167 167 7.36 6.65 8.31 70854 158447 70612 LIMITED PANACHE 08/06/2021 09:46:20 INE895W01019 DIGILIFE 64 uc 57.2 58.45 66.9 57.8 62.5 3.67 15.76 10.19 20930 440642 183213 LIMITED Sandu 08/06/2021 10:04:27 INE751D01014 Pharmaceuticals 52 63 48.8 48.95 55.1 45 50.1 8.85 22.44 8.01 1212061 14644176 772248 Ltd. SUPERHOUSE 08/06/2021 11:44:04 INE712B01010 165 175 157 159 167 157 160 5.29 6.34 6.07 723289 2776434 587091 LIMITED Rexnord 08/06/2021 12:42:09 INE687C01012 Electronics & 59 63 52.8 55.7 62 51 57.1 8.7 21.57 8.65 675286 6988731 608062 Controls Ltd. Garnet 08/06/2021 13:13:23 INE797D01017 26 83 24 24.45 28.7 23.5 26.5 10.63 22.13 10.69 560519 2384623 1816631 Construction Ltd., 09/06/2021 09:52:32 INE830A01012 Cil Securities Ltd. 19 25 17.1 17.45 20.5 16.1 20.5 11.63 27.14 12.21 172230 4755522 203326 173.2 184. 09/06/2021 07:55:03 INE016Q01014 Ceinsys Tech Ltd. 174 230 184 162 165.90 12.96 13.67 9.38 2267279 8278766 379265 5 15 PANACHE 09/06/2021 10:26:21 INE895W01019 DIGILIFE 69 75 62.5 65 70.5 62.5 63.9 4.96 12.8 9.3 64050 380219 152620 LIMITED GEECEE 09/06/2021 11:01:02 INE916G01016 VENTURES 129 137 119 121.8 130 117 119 5.13 11.76 9.37 427061 5599172 3120801 LIMITED Resonance 09/06/2021 15:02:51 INE486D01017 166 180 160 162 169 158 166 7.25 6.96 5.32 6897819 31024356 3885471 Specialties Limited Resonance 10/06/2021 08:40:53 INE486D01017 167 185 166 166.9 170 157 161 7.17 8.42 5.02 9735063 19059527 2102197 Specialties Limited Avonmore Capital 10/06/2021 15:19:51 INE323B01016 & Management 30 36 27.3 27.55 32 27 30.7 6.35 18.52 10.5 1218455 16448208 1212525 Services Limited Ortin Laboratories 11/06/2021 08:33:15 INE749B01020 31.5 50 31.4 32.2 33.5 31.1 32 10.45 7.89 13.49 1352378 435985 11759414 Limited SPL INDUSTRIES 11/06/2021 10:58:22 INE978G01016 50 54 49.1 51.45 51.8 47.3 50 5.97 9.52 7.55 604367 2538992 724497 LIMITED TOURISM 11/06/2021 15:09:35 INE305A01015 FINANCE CORP.

75 81 70.8 70.85 76.3 70.6 75.6 5.47 8.15 8.12 5364234 17271190 11666458 OF Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days SEYA 11/06/2021 15:16:33 INE573R01012 INDUSTRIES 67 74 62.6 62.35 67.8 60.6 67.3 6.61 11.97 6.86 1176800 277991 1231924 LIMITED SEYA 14/06/2021 09:14:35 INE573R01012 INDUSTRIES 68 75 67.1 68 72.8 65.5 71.1 8.17 11.15 6.2 1397563 3244785 738691 LIMITED MAHAMAYA 14/06/2021 10:06:53 INE451L01014 98 108 95.8 96 102 94 99.1 5.64 8.51 6.14 489307 249907 554724 STEEL INDS LTD VAISHALI 14/06/2021 12:30:31 INE972X01014 PHARMA 44 UC 41.9 42.3 45.9 39.5 44.3 4.03 16.08 8.14 64686 619785 317893 LIMITED Bella Casa 15/06/2021 07:43:43 INE344T01014 Fashion & Retail 151 167 146 152 160 136 142 7.65 17.19 6.88 2734706 14067165 524908 Limited TOUCHWOOD 15/06/2021 09:41:05 INE486Y01013 95 120 89.8 90.9 98.8 84.5 98.8 7.35 16.93 8.02 10801 146703 30878 ENTERTAIN LTD. Garnet 15/06/2021 10:48:25 INE797D01017 28.5 0 25.1 25.5 30.1 25.5 30.1 12.04 17.84 11.26 949083 9939772 2273122 Construction Ltd., Shiva Global Agro 15/06/2021 11:21:06 INE960E01019 51 56 46.7 46.1 54 46.1 52.8 7.79 17.14 9.14 4566513 13216509 7271689 Industries Limited D. P. ABHUSHAN 15/06/2021 15:16:09 INE266Y01019 175 190 158 162.9 176 153 175 7.54 15.18 5.76 51653 265802 26173 LIMITED D. P. ABHUSHAN 16/06/2021 08:07:18 INE266Y01019 176 190 175 177 177 165 168 8.8 7.45 5.42 77629 86544 18522 LIMITED KUANTUM 16/06/2021 09:42:46 INE529I01021 75 83 74 74.5 76 72.1 72.6 4.81 5.48 8.4 333497 614068 509715 PAPERS LIMITED APM Finvest 16/06/2021 15:15:17 INE08KJ01012 36 39 32.5 33 36.3 31.2 36.1 8.51 16.35 8.98 1422512 17849052 1629786 Limited APM Finvest 17/06/2021 08:23:19 INE08KJ01012 36 41 36.1 36.05 37.9 30.6 35.1 9.6 23.86 6.91 3155704 9773931 678060 Limited Austin 17/06/2021 12:50:31 INE759F01012 Engineering Co. 63 70 59.4 56.5 70.4 56.5 66.7 7.08 24.6 13.02 274174 2668953 886271 Ltd., SUPERHOUSE 17/06/2021 13:15:17 INE712B01010 168 180 152 150.4 180 148 177 4.46 21.62 7.58 522553 16037095 1787808 LIMITED Shiva Global Agro 18/06/2021 08:56:15 INE960E01019 56 85 54.8 57.85 64.7 57.9 61.6 9.85 11.75 8.04 6431905 35846152 3821513 Industries Limited Singer India 18/06/2021 15:15:25 INE638A01035 53 60 49.9 51.25 53.9 48.8 53.3 6.61 10.45 8.96 8370009 26788488 54075797 Limited Singer India 21/06/2021 08:32:49 INE638A01035 53 60 53.3 52.85 55.7 50.5 53.7 7.26 10.2 8.67 10757228 24094327 54686567 Limited

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days TOUCHWOOD 21/06/2021 12:07:11 INE486Y01013 93 UC 87.2 89.75 95.9 87.1 92.6 10.06 10.05 6.15 40077 68770 11347 ENTERTAIN LTD. PANACHE 21/06/2021 15:14:09 INE895W01019 DIGILIFE 67 77 60.2 60.7 68.6 59.7 67.8 9.71 15 7.33 148821 523492 276083 LIMITED LKP Securities 22/06/2021 09:44:04 INE341H01023 12.5 16 11.6 11.8 13.4 11.5 12.2 13.92 16.52 7.56 9180584 9436917 3244363 Limited International 22/06/2021 10:58:59 INE575C01027 57 65 55.1 53.55 64 53.6 63.1 10 19.51 9.74 4320712 51936244 7849750 Conveyors Ltd., SKM EGG PROD 22/06/2021 11:54:09 INE411D01015 85 101 83.2 83.55 92.9 82 90.5 8.4 13.29 7.21 2106179 32791937 5269363 EXPORT(I) LT Lahoti Overseas 22/06/2021 15:11:21 INE515C01023 24 27 21.2 22 24.7 20.6 24.4 8.73 19.66 9.59 841076 10143333 4158829 Ltd. Inditrade Capital 22/06/2021 15:15:49 INE347H01012 42 48 37.2 36.6 43.3 36.6 42.6 7.95 18.31 8.91 1324171 17210932 2552372 Limited VAISHALI 23/06/2021 08:19:57 INE972X01014 PHARMA 42 90 41.5 43.85 45.7 43.4 45.6 8.68 5.18 6.94 232352 1141663 272980 LIMITED Inditrade Capital 23/06/2021 09:35:01 INE347H01012 42 48 42.6 42.5 44.4 39 41.3 8.33 13.85 8.53 2398384 8220533 1857690 Limited SHIVA TEXYARN 23/06/2021 12:33:49 INE705C01020 204 225 197 195.1 205 195 196 6.07 4.82 7.12 510049 1940381 547386 LIMITED Austin 24/06/2021 11:51:55 INE759F01012 Engineering Co. 60 67 58 58.95 69.6 56.1 69.6 10.17 24.17 11.93 452166 2999796 1763243 Ltd., Zenith Fibres 24/06/2021 14:00:38 INE106C01013 63 70 61.9 63.8 64.3 58 63.4 11.84 10.86 9.09 1395811 5817331 1244491 Limited Zenith Fibres 25/06/2021 08:02:16 INE106C01013 63 84 63.4 63.5 68.5 62.2 63.2 12.5 10.13 8.36 1967533 4691558 793849 Limited MAHAMAYA 25/06/2021 15:05:32 INE451L01014 96 107 91.9 92.55 97.5 90.1 96.3 5.36 8.22 5.47 185384 158529 407715 STEEL INDS LTD MAHAMAYA 28/06/2021 08:33:10 INE451L01014 97 108 96.3 97.35 102 97.3 97.8 5.38 4.88 5.48 286936 141776 306613 STEEL INDS LTD SUMIT WOODS 28/06/2021 10:19:42 INE748Z01013 15 18 13.6 14.4 15.4 13.6 14 10.36 12.87 7.5 343911 645139 432643 LIMITED ALANKIT 28/06/2021 15:22:42 INE914E01040 26 35 23 23.4 25.9 23.1 25.6 5.99 12.36 9.99 1578853 2152322 6115007 LIMITED Sandu 29/06/2021 08:32:12 INE751D01014 Pharmaceuticals 56 66 56 56.9 61 56.3 58.2 8.29 8.44 12.92 1894662 9104678 3173042 Ltd.

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Avonmore Capital 29/06/2021 09:44:29 INE323B01016 & Management 33.5 37 31 31.05 34.8 31.1 33.3 9.62 12.08 11.17 1102822 7086776 5774611 Services Limited Ishan Dyes & 29/06/2021 11:17:24 INE561M01018 0 0 57.9 57.7 64.4 57.5 64.1 5.9 12 6.61 1665275 14032197 5085380 Chemicals Ltd. Elpro International 30/06/2021 09:08:53 INE579B01039 54 60 52.9 53.8 55 46.6 48.7 6.68 18.03 6.52 1940734 12636197 2220653 Ltd., PANACHE 30/06/2021 12:14:46 INE895W01019 DIGILIFE 63 70 60.1 60.1 63.6 59 60.4 8 7.71 8.31 144998 103634 330705 LIMITED SUMIT WOODS 30/06/2021 14:49:14 INE748Z01013 15 18 14 14.3 15.7 14 15.5 11.6 12.54 8.99 530770 1563704 621297 LIMITED AMJ LAND 01/07/2021 09:40:43 INE606A01024 HOLDINGS 34 37 31 31.15 34.9 31.2 33.7 6.71 12.04 8.96 258475 1100204 836656 LIMITED BANG 01/07/2021 13:08:51 INE863I01016 37 42 33.4 35 40.1 32.4 37.8 5.99 23.61 14.12 243084 2387761 1602069 OVERSEAS LTD. Austin 02/07/2021 09:13:23 INE759F01012 Engineering Co. 78 93.6 71.2 77.5 83.4 75.3 76 13.02 10.76 8.61 886271 9254825 667831 Ltd., 02/07/2021 11:30:11 INE539B01017 Virinchi Limited 63 68 57.2 56.5 65 56.3 62.8 5.9 15.56 6.99 5357905 25108489 16455053 RKEC 02/07/2021 12:44:27 INE786W01010 PROJECTS 100 110 91.8 92 109 91.8 106 5.73 18.95 6.4 56001 1023315 122810 LIMITED MMP 02/07/2021 13:19:09 INE511Y01018 INDUSTRIES 126 135 115 117.5 128 113 123 9.14 13.27 7.01 180149 563901 146645 LIMITED SILGO RETAIL 02/07/2021 15:03:06 INE01II01013 46 53 39.3 39.5 47 39.5 46.3 7.59 18.99 4.86 156859 883322 108712 LIMITED SARLA PERF.

02/07/2021 15:23:32 INE453D01025 43 49 36.4 36.5 42.9 36.5 42.2 6.42 17.53 7.03 1206805 4995400 5616127 FIBERS LTD 05/07/2021 08:07:31 INE853A01022 Ador Fontech Ltd 64 75 63.4 65.5 69.3 65 66.2 5.87 6.62 8.51 7556051 54331862 41163452 SILGO RETAIL 05/07/2021 09:51:29 INE01II01013 44 55 46.3 45.8 45.8 42 43.1 8.68 9.05 4.36 242148 280833 100489 LIMITED SHREYANS 05/07/2021 12:04:59 INE231C01019 118 125 111 112.3 127 112 122 4.45 13.85 6.97 858348 5191270 1555644 INDUSTRIES LTD CHAMAN LAL 05/07/2021 15:19:14 INE419D01026 144 155 128 127.7 147 126 144 3.57 16.97 7.56 946301 1342770 11418858 SETIA EXP LTD Rexnord 06/07/2021 09:13:02 INE687C01012 Electronics & 71 85.2 64.4 70.25 74.9 69.1 69.5 8.76 8.47 7.5 1336637 19296978 762242 Controls Ltd.

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days BANG 06/07/2021 09:43:24 INE863I01016 43 48 39.2 39.15 45.9 39.1 41.2 11.19 17.54 12.37 954826 3742281 1428996 OVERSEAS LTD. DEEP ENERGY 06/07/2021 10:09:06 INE677H01012 RESOURCES 47 52 43.6 43.65 52.3 43.7 52.1 4.02 19.82 11.57 374016 19418875 5334986 LIMITED SPECIALITY 06/07/2021 10:47:04 INE247M01014 66 74 62.5 62.55 66.8 62.6 63 4.6 6.71 8.35 1080234 4168230 4495179 REST LTD Sinclairs Hotels 06/07/2021 15:09:16 INE985A01022 84 93 75.2 77.4 85.6 74 84.7 5.39 15.61 4.79 3957914 30904077 3012414 Ltd Polylink Polymers 07/07/2021 07:56:18 INE323D01020 24.5 29 23.8 26.45 28 25.6 26.4 8.92 9.38 7.46 955685 12389931 626162 (india) Ltd. KUANTUM 07/07/2021 09:49:49 INE529I01021 78 87 73 74.4 86.8 74.2 79.9 7.09 17.06 7.85 513197 1588625 2910834 PAPERS LIMITED 07/07/2021 10:34:18 INE222F01029 VTM Ltd 36 40 32.5 33 37 32.6 36.4 7.89 13.5 9.19 2691366 17787422 4113305 Tiger Logistics 07/07/2021 13:51:35 INE906O01011 58 64 52.7 54.35 61 50.1 60.3 7.64 21.88 7.6 2417339 17743189 1823767 (India) Limited Modison Metals 07/07/2021 15:16:29 INE737D01021 90 0 81.6 84 91 83.2 89.6 4.91 9.38 6.19 1984698 21332119 3541950 Ltd International 08/07/2021 08:56:14 INE575C01027 73 75 71.4 78 79 70.3 71.3 10.07 12.46 6.51 8271639 35342729 7170116 Conveyors Ltd., VARDHAMAN 08/07/2021 10:12:33 INE116G01013 55 60 53.4 54 56.3 53 53.9 5.92 6.23 7.83 313139 743946 989629 ACRYLICS LTD BANG 08/07/2021 11:43:01 INE863I01016 46 60 41.1 40.55 47.5 40 44.9 14.6 18.75 10.94 1343298 4975469 1183857 OVERSEAS LTD. K&R RAIL 09/07/2021 07:58:45 INE078T01026 ENGINEERING 30.5 33 29.8 30.95 31.2 30.6 31.2 9.92 1.96 6.28 910422 6307675 523007 LIMITED Ishan Dyes & 09/07/2021 11:05:19 INE561M01018 0 0 63.7 64.8 72 63.4 68.7 5.86 13.49 7.48 3752093 17605919 10457041 Chemicals Ltd. SOUTH WEST 09/07/2021 14:18:44 INE980Y01015 46 60 41.5 40.6 47.9 40.6 45.6 5.94 17.98 8.76 88831 465643 277333 PINNACLE LTD RKEC 09/07/2021 14:52:42 INE786W01010 PROJECTS 116 125 107 106.9 117 106 116 7 10.22 5.5 199811 326816 74179 LIMITED Godavari Drugs 12/07/2021 08:19:27 INE362C01012 75 87 73.7 78.75 80 77.1 78.7 6.7 3.83 4.33 2643873 33667320 2610736 Ltd. 12/07/2021 10:06:44 INE222F01029 VTM Ltd 40 48 37.9 37.9 42.7 37.9 39.4 9.28 12.66 8.03 5643234 12689880 2087852 TOKYO PLAST 12/07/2021 10:54:21 INE932C01012 112 126 109 110.7 118 107 112 9.29 9.66 5.56 815678 7578683 597342 INTL LTD Kings Infra 12/07/2021 11:33:38 INE050N01010 35 UC 33.7 34.3 36.4 33.7 34.9 3.21 8.01 6.02 1681932 11546990 4637453 Ventures Limited

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days BANG 13/07/2021 07:31:24 INE863I01016 47 55 46 49.9 54.9 49.2 49.9 12.97 11.48 8.1 1325526 4776975 527485 OVERSEAS LTD. 13/07/2021 09:45:43 INE080A01014 WEIZMANN LTD 62 75 58.3 56.95 64.1 57 64.1 4.08 12.47 4.03 216342 2219105 877400 ACCURACY 13/07/2021 10:45:41 INE648Z01015 SHIPPING 95 110 89.2 93.6 97.8 89.6 93 8.19 9.15 6.6 35580 228302 33101 LIMITED MURUDESHWAR 13/07/2021 11:43:50 INE692B01014 32 37 29.9 30.6 33.5 29.9 32.2 5.72 11.87 6.6 703069 1740634 1275172 CERAMICS LTD MMP 13/07/2021 15:07:24 INE511Y01018 INDUSTRIES 127 138 119 118.1 130 118 128 7.86 10.08 8.21 171779 413275 227955 LIMITED BHARAT GEARS 14/07/2021 08:09:38 INE561C01019 114 130 112 118.8 129 115 124 5.34 12.39 7.95 347546 19869895 1203238 LTD. SPL INDUSTRIES 14/07/2021 09:41:55 INE978G01016 49 55 46.5 47.6 54.9 46.7 51.9 4.77 17.56 8.63 544049 1741268 1463186 LIMITED SOUTH WEST 14/07/2021 11:48:24 INE980Y01015 54 UC 47 47.85 56.4 46.5 56.4 7.11 21.29 8.02 125752 1214937 223721 PINNACLE LTD DEEP ENERGY 14/07/2021 12:12:59 INE677H01012 RESOURCES 60 120 56.8 56.9 62.7 56.5 60.1 10.18 10.97 7.51 5127569 968203 1126373 LIMITED JAYANT AGRO 14/07/2021 13:14:01 INE785A01026 226 238 216 216.6 229 213 226 2.92 7.41 6.09 777548 7287201 3990595 ORGANICS LTD Ishan Dyes & 14/07/2021 15:17:06 INE561M01018 0 0 71.7 71.5 78 70.4 76.4 6.61 10.87 6.73 5085380 27837482 8248954 Chemicals Ltd. Inani Marbles & 15/07/2021 09:01:27 INE635D01027 31 50 30.6 33.65 33.7 33.7 33.7 11.21 - 11.76 757553 4048969 1434565 Industries Ltd. KOTHARI 15/07/2021 09:43:00 INE823A01017 123 UC 116 115.9 125 116 120 5.53 8.2 5.4 738784 5446885 317874 PRODUCTS LTD ALKALI METALS 16/07/2021 08:55:28 INE773I01017 89 103 87.9 93 96.7 90.4 91.4 9.07 7.03 7.02 1526727 1345963 1968974 LTD 16/07/2021 15:09:15 INE201B01022 Majestic Auto Ltd., 166 185 155 156.5 168 153 167 6.24 10.43 5.83 8176719 21531152 3975219 19/07/2021 09:14:08 INE201B01022 Majestic Auto Ltd., 170 245 167 171 176 171 173 6.41 2.92 6 8593824 25449004 1634225 CLEAN SCIENCE 177 19/07/2021 10:07:38 INE227W01023 0 0 900 1755 1555 1585 (null) 13.86 7.72 (null) 13548172 3.05E+08 & TECH LTD 1 TOTAL 20/07/2021 08:07:56 INE336X01012 TRANSPORT 66 77 64.7 70.5 73.7 66.6 67.7 7.78 10.59 7.94 188817 1497586 98049 SYS LTD Metroglobal 20/07/2021 15:22:00 INE085D01033 85 95 75.2 74 90.2 72 86.8 7.2 25.21 11.54 622637 11407569 8331813 Limited

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Jasch Industries 22/07/2021 07:30:27 INE711C01010 153 175 152 169.7 174 161 169 7.06 8.07 7.02 5762741 51356197 7874248 Ltd. MAHAMAYA 22/07/2021 14:58:18 INE451L01014 99.5 110 86.9 87.3 104 87.3 103 2.93 19.42 10.89 105578 13618415 4162212 STEEL INDS LTD 23/07/2021 11:00:23 INE389D01013 TCFC Finance Ltd 48 59 42 44.4 50.4 42.1 50.4 11.71 19.86 10.21 667659 18445706 2014721 B.N.Rathi 23/07/2021 11:46:11 INE710D01010 47 0 40.2 41.9 47.9 39.7 46.3 7.34 20.81 11.7 1157200 11168588 671879 Securities Ltd. Kings Infra 23/07/2021 14:59:44 INE050N01010 36.2 42 34.5 35 37.3 33.8 36.1 5.17 10.36 4.71 2665115 25723303 3069715 Ventures Limited RTS Power 26/07/2021 07:36:16 INE005C01017 59 100 58.8 68.5 70.5 65 70.5 6.82 8.46 9.43 911821 37963382 2583749 Corporation Ltd. Metroglobal 26/07/2021 10:11:12 INE085D01033 90 97 85.5 86 99 82.8 93.3 9.1 19.57 10.36 2263719 3903182 7547794 Limited SHANTHI GEARS 26/07/2021 12:26:57 INE631A01022 155 165 152 152 157 152 153 4.82 3.26 9.79 522511 508768 13673562 LTD Poona Dal And Oil 27/07/2021 08:11:49 INE809E01018 67 81 66.5 79.8 79.8 75.1 79.3 13.3 6.33 10.87 2018817 25063881 1292327 Industries Ltd. SOUTH WEST 27/07/2021 09:33:01 INE980Y01015 61 65 57.1 57.5 63.8 56.8 60.9 8.76 12.42 7.47 277333 490375 250341 PINNACLE LTD Modison Metals 27/07/2021 10:13:22 INE737D01021 90 97 87.7 88.75 94.5 87.8 89.9 5.08 7.69 5.51 1221943 558888 3358438 Ltd Metroglobal 28/07/2021 08:15:51 INE085D01033 113 124 112 119 123 113 115 11.53 8.34 7.77 4956114 37517704 1557826 Limited 28/07/2021 13:50:37 INE222F01029 VTM Ltd 41 45 37 37.5 42.4 36.1 40.7 8.03 17.45 10.94 2087852 15860954 5106452 Avonmore Capital 29/07/2021 07:36:31 INE323B01016 & Management 52 60 50.5 54 55.9 47.7 48.8 10.81 17.09 11.06 10524912 36939205 2566114 Services Limited Modison Metals 29/07/2021 14:47:21 INE737D01021 94 108 89 89.8 94.5 88.3 93 5.26 7.08 5.75 1433579 531415 3856804 Ltd BHARAT GEARS 30/07/2021 12:10:22 INE561C01019 0 0 121 124.9 131 121 125 7.16 8.6 5.68 1049071 6611228 1540377 LTD. Dhanalaxmi Roto 02/08/2021 08:05:19 INE220C01012 69 79 67.5 80 81 76.5 81 11.13 5.88 6.88 725941 7270732 4013717 Spinners Ltd. Garnet 02/08/2021 10:14:35 INE797D01017 34 36.5 30.5 31.45 35.5 29.6 33.5 8.72 19.93 10.16 1398046 7954278 1101403 Construction Ltd., Jaysynth Dyestuff 03/08/2021 08:58:47 INE703C01025 87 100 85.8 97.9 102 81.1 84.6 5.71 25.77 10.12 1146156 52864346 2689536 (India) Ltd., UMANG DAIRIES 04/08/2021 08:14:41 INE864B01027 0 0 90.6 95 99 90.7 91.8 5.81 9.15 7.7 1050706 10263386 994661 LIMITED BHAGYANAGAR 04/08/2021 11:05:28 INE458B01036 51 60 49.1 49.2 52 48.3 49.1 4.55 7.66 12.73 310903 2534598 504803 INDIA LIMITED

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Conart Engineers 05/08/2021 07:56:37 INE714D01012 52 60 51.3 54.9 55.7 47.1 48.8 10.73 18.38 10.64 1914585 16141374 512381 Ltd. BHARAT GEARS 05/08/2021 09:28:51 INE561C01019 0 0 130 136 138 128 131 5.67 8.11 8.64 1551265 361728 1881735 LTD. TOKYO PLAST 05/08/2021 12:24:45 INE932C01012 119 127 108 109 121 108 115 6.27 12.31 11.33 697796 363014 852093 INTL LTD STEL 09/08/2021 08:19:43 INE577L01016 113 130 113 117 135 117 131 5.04 15.21 11.22 345244 21872565 1340655 Holdings Limited RATHI BARS 09/08/2021 11:09:25 INE575I01016 31 35 29.1 31 33.5 28.7 30.8 7.01 16.55 11.83 1814641 7370441 788164 LIMITED Gallantt Ispat 09/08/2021 12:33:15 INE528K01029 Sell 0 62.6 61.25 67.6 60 62.5 7.79 12.58 8.62 1695457 2227742 739675 Limited PALRED 09/08/2021 13:16:50 INE218G01033 TECHNOLOGIES 125 150 111 112.1 133 112 130 5.06 18.96 14.67 375995 11393887 1382702 LTD EAST WEST 10/08/2021 09:09:32 INE595R01023 HOLDINGS 10 22 9.5 10.9 11.4 10 10.4 6.69 13.5 15.56 921666 23167756 772200 LIMITED NIRAJ CEMENT 11/08/2021 08:20:36 INE368I01016 52 61 50.6 54.15 55.9 48.6 49.4 7.95 15.14 6.05 287802 623880 508056 STRUC LTD BHARAT GEARS 11/08/2021 09:45:29 INE561C01019 113 125 122 120 123 106 118 6.69 15.61 7.03 1659404 3464883 1116715 LTD. RKEC 12/08/2021 10:38:25 INE786W01010 PROJECTS 84.5 93 79.3 82.95 87.5 80 85.5 7.88 9.44 8.42 59509 97046 45078 LIMITED OM INFRA 13/08/2021 00:19:22 INE239D01028 33 42 33.1 34 35.7 33.5 34 6.41 6.57 8.88 377795 3363334 609113 LIMITED 16/08/2021 06:52:04 INE539B01017 Virinchi Limited 67 80 66.8 75.5 77.5 70.1 71.6 6.89 10.56 6.4 5510996 29062007 3953202 VAISHALI 17/08/2021 08:10:46 INE972X01014 PHARMA 41 48 40.5 44.05 48.6 42.2 44.2 7.25 15.17 9.04 65491 1752521 175647 LIMITED STEL 17/08/2021 11:14:37 INE577L01016 113 127 108 109 120 109 118 10.7 10.51 8.6 1172246 4630035 1204419 Holdings Limited THE INVEST 17/08/2021 11:30:08 INE924D01017 134 147 132 131.7 141 125 133 11.95 12.56 8.47 12856446 228778 769712 TRUST OF IND L TOKYO PLAST 18/08/2021 08:45:18 INE932C01012 113 127 112 117 122 102 105 8.96 19.43 8.7 203530 415452 873822 INTL LTD Sandu 18/08/2021 09:48:04 INE751D01014 Pharmaceuticals 0 0 57 57.1 59 47.3 56.6 7.81 24.87 5.91 935233 5253619 259229 Ltd. JAYANT AGRO 18/08/2021 11:40:22 INE785A01026 0 0 248 252 253 240 243 6.63 5.63 7 3375145 114371 1466740 ORGANICS LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days SKM EGG PROD 18/08/2021 12:39:02 INE411D01015 80 97 79.1 79.6 83.9 77.9 79.8 5.1 7.77 6.58 424142 203861 1785311 EXPORT(I) LT PALRED 20/08/2021 08:09:39 INE218G01033 TECHNOLOGIES 111 22 110 112.9 116 106 107 12.25 9.13 5.78 1478826 320430 757634 LTD SKM EGG PROD 23/08/2021 08:26:18 INE411D01015 78 150 77.2 83 83.9 78.7 79.4 4.66 6.61 5.69 379263 293585 2119274 EXPORT(I) LT SOMI 23/08/2021 09:36:36 INE323J01019 CONVEYOR 47 50.5 45.9 46.9 50.5 45.6 46.4 8.36 10.64 8.16 188366 41942 147542 BELT. LTD. RKEC 24/08/2021 10:56:08 INE786W01010 PROJECTS 74 86 71.6 70.15 78.9 70.2 76.2 9.82 12.4 10.16 61771 123970 158736 LIMITED SUPERHOUSE 24/08/2021 12:13:27 INE712B01010 161 170 156 154.2 165 153 162 5.41 8.16 3.28 504542 425108 225015 LIMITED BHAGYANAGAR 24/08/2021 15:07:52 INE458B01036 50 56 45.1 43.3 53 43.3 51 9.3 22.4 6.31 813272 1613558 184083 INDIA LIMITED VAISHALI 25/08/2021 08:18:51 INE972X01014 PHARMA 41 48 40.3 42.9 43.8 39.1 39.6 9.64 12.02 5.49 278208 614184 78864 LIMITED Kerala Ayurveda 26/08/2021 09:37:20 INE817B01025 0 0 65.6 67.05 75.9 66.1 74.3 7.77 14.91 7.68 1079444 33957714 1645940 Limited SPECIALITY 26/08/2021 10:45:36 INE247M01014 70 75 69.1 69.5 71.4 67 67.3 6.22 6.49 3.34 545413 1027603 186759 REST LTD BHARAT GEARS 26/08/2021 11:02:32 INE561C01019 125 132 122 122.2 128 119 122 6.48 7.19 5.48 381971 41708 492916 LTD. THE INVEST 27/08/2021 12:41:10 INE924D01017 132 138 129 137.9 138 128 130 9.31 8.16 5.09 605701 139238 651756 TRUST OF IND L Ishan Dyes & 30/08/2021 08:43:42 INE561M01018 84 97 83.3 86 86.5 80.4 81.4 8.82 7.65 6.33 2394352 13974801 6299109 Chemicals Ltd. UCAL FUEL 30/08/2021 15:04:12 INE139B01016 150 158 145 146.9 154 146 151 5.75 5.47 3.73 550331 774405 308674 SYSTEMS LTD RKEC 31/08/2021 08:09:59 INE786W01010 PROJECTS 86 97 85.3 88.5 93.5 83.2 86.1 9.29 12.38 7.2 54213 260730 123770 LIMITED SOMI 31/08/2021 15:08:29 INE323J01019 CONVEYOR 56.5 0 52.3 55 57.5 51.5 57.1 8.07 11.65 10.29 101996 783083 1171695 BELT.

LTD. ELGI RUBBER 01/09/2021 08:43:07 INE819L01012 39 45 38.2 40.25 43.8 40.3 41.1 6.49 8.82 4.54 62536 1309418 85007 CO. LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days AMJ LAND 01/09/2021 12:37:17 INE606A01024 HOLDINGS 31 35 29.1 30 34.9 28.4 34.7 6.17 22.93 10.5 166116 3243007 545843 LIMITED BHAGYANAGAR 02/09/2021 07:56:39 INE458B01036 54 63 53.3 55 57.5 52.2 53.1 5.76 10.16 5.57 176534 555313 390929 INDIA LIMITED ACCURACY 02/09/2021 15:18:31 INE648Z01015 SHIPPING 128 137 121 121.2 129 119 127 11.55 8.49 7.26 129138 247371 219627 LIMITED SOMI 03/09/2021 07:41:46 INE323J01019 CONVEYOR 63 90 62.1 64.75 68.3 63 65.3 10.28 8.33 7.36 562922 454521 796806 BELT. LTD. THE INVEST 03/09/2021 10:08:16 INE924D01017 125 135 122 122.1 132 120 125 4.94 9.67 5.12 456028 2096522 227781 TRUST OF IND L MAHAMAYA 03/09/2021 15:03:12 INE451L01014 98 107 92 92.1 98.7 90.6 97.4 4.54 8.94 4.69 219206 1464828 293256 STEEL INDS LTD RATHI BARS 06/09/2021 08:28:47 INE575I01016 29 35 28.6 33 34.3 31 32 8.97 10.65 7.23 437547 15093906 938331 LIMITED UMANG DAIRIES 06/09/2021 09:37:31 INE864B01027 81 87 80 79.95 83.9 77.3 79.3 5.17 8.54 3.68 390399 2415341 243359 LIMITED Ishan Dyes & 06/09/2021 09:59:54 INE561M01018 88 97 86.2 86.5 94 85 90.9 7.94 10.59 5.72 4166629 15856228 5823579 Chemicals Ltd. RKEC 07/09/2021 08:47:01 INE786W01010 PROJECTS 91 110 90.6 93.45 93.6 84 85 10.27 11.37 4.77 124036 470976 36975 LIMITED CHAMAN LAL 08/09/2021 09:08:33 INE419D01026 123 130 119 121.8 125 119 120 4.56 4.7 5.01 1559672 205663 2862504 SETIA EXP LTD VAISHALI 08/09/2021 10:05:58 INE972X01014 PHARMA 38 43 37.5 37.55 40.4 37.4 38.4 5.89 8.02 4.06 116684 235985 100117 LIMITED Sandu 09/09/2021 09:18:23 INE751D01014 Pharmaceuticals 57 64 54.6 57 58.5 52.6 53.7 4.92 11.23 8.56 295308 4198561 563527 Ltd. 13/09/2021 09:02:00 INE981B01011 CMI LIMITED 47 55 47.2 48.8 51.5 48 48.6 (null) 7.40354536 4.975315 (null) 3417688 520043.6 JAYANT AGRO 13/09/2021 15:26:00 INE785A01026 271 288 245 245.1 272 245 269 (null) 10.81632653 4.869203 (null) 285294 1934450 ORGANICS LTD Kkalpana 14/09/2021 08:41:00 INE301C01028 Industries (India) 52 60 51.1 55 55 47.6 49.7 19.4253 15.54621849 6.035143 4214101 6387050 853716.7 Ltd Kkalpana 14/09/2021 08:41:00 INE301C01028 Industries (India) 52 60 51.1 55 55 47.6 49.7 19.4253 15.54621849 6.035143 4214101 6387050 853716.7 Ltd

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days DONEAR IND. 15/09/2021 09:04:00 INE668D01028 62 72 60.1 63 64.6 60.7 61.3 4.07912 6.512778236 4.959642 650295.3 1923616 395909.5 LIMITED Mahamaya Steel 16/09/2021 08:51:00 INE451L01014 94 108 93.4 99.9 99.9 93 94.2 2.71468 7.419354839 3.894108 261601.5 1497204 104770.7 Industries Limited MAHAMAYA 16/09/2021 08:51:00 INE451L01014 94 108 93.4 99.9 99.9 93 94.2 2.71468 7.419354839 3.894108 261601.5 1497204 104770.7 STEEL INDS LTD UCAL FUEL 16/09/2021 11:14:00 INE139B01016 153 160 150 151 158 151 156 2.87276 4.438555813 4.103998 278550.7 2725493 365912.6 SYSTEMS LTD ELGI RUBBER 17/09/2021 08:56:00 INE819L01012 40 47 39.9 41.5 42.3 39.2 39.5 3.38617 7.780612245 4.327056 59830.25 403068 50757.9 CO. LTD VAISHALI 20/09/2021 00:15:00 INE972X01014 PHARMA 38 42 37.5 39.8 40.5 36.2 37.9 3.41031 11.87845304 2.564751 74928.2 370994 70863.2 LIMITED SHREYANS 27/09/2021 11:52:00 INE231C01019 122 131 118 119.6 126 118 123 4.26335 6.581740977 6.223564 466093.8 107745 1319173 INDUSTRIES LTD Ucal Fuel Systems 28/09/2021 09:02:00 INE139B01016 148 160 148 151.9 159 152 154 2.90106 4.851485149 3.678076 361703.1 3571213 384281.2 Ltd., VETO 29/09/2021 10:54:00 INE918N01018 SWITCHGEAR 103 113 101 101.1 109 101 104 2.92707 8.55721393 5.326387 581463.8 1928358 2043262 CABLE LTD VETO SWITCHGEARS 30/09/2021 15:15:00 INE918N01018 108 120 104 108.5 109 103 108 4.06199 6.365403304 5.921828 704630.4 3457044 1820617 AND CABLES LIMITED VETO 30/09/2021 15:15:00 INE918N01018 SWITCHGEAR 108 120 104 108.5 109 103 108 4.06199 6.365403304 5.921828 704630.4 3457044 1820617 CABLE LTD VETO 04/10/2021 09:35:00 INE918N01018 SWITCHGEAR 112 125 109 108.1 114 108 111 4.93457 5.555555556 7.115596 1003273 5986565 3176076 CABLE LTD 05/10/2021 08:49:00 INE981B01011 CMI Limited 48 56 47.6 51 52.4 47 47.8 5.91724 11.4893617 5.115916 267297.6 560414 783875.9 05/10/2021 08:49:00 INE981B01011 CMI LIMITED 48 56 47.6 51 52.4 47 47.8 5.91724 11.4893617 5.115916 267297.6 560414 783875.9 RATHI BARS 05/10/2021 13:22:00 INE575I01016 30 33 28.6 28.95 32.8 28.1 30.4 8.12529 16.93404635 9.943675 872415.1 4414265 3691928 LIMITED ACCURACY 05/10/2021 14:03:00 INE648Z01015 SHIPPING 138 145 133 135.5 144 132 133 4.93676 9.215017065 8.807991 78589 118211 198410.3 LIMITED CHEMFAB 05/10/2021 14:31:00 INE783X01023 202 215 191 195.7 203 193 200 6.7751 4.990949056 5.36785 841661.4 4563243 1368460 ALKALIS LIMITED BHARAT GEARS 06/10/2021 08:49:00 INE561C01019 158 181 159 163.1 188 163 171 5.45748 15.30205458 6.427783 511458.9 17323061 1090282 LTD.

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days BHAGYANAGAR 06/10/2021 13:19:00 INE458B01036 52 58 49.8 49.5 54 49 52 4.40096 10.20408163 4.89055 173870.7 3072825 376888.2 INDIA LIMITED ELGI RUBBER 07/10/2021 08:59:00 INE819L01012 41.5 47 41.4 44 47.6 42.5 43 4.84922 12 4.333608 98985.4 835957 64552.5 CO. LTD THE BYKE 07/10/2021 10:07:00 INE319B01014 HOSPITALITY 35 40 32.9 34 39.5 33.2 38.9 7.70218 18.8253012 9.459325 557173.4 1787948 2416333 LTD Ortin Laboratories 07/10/2021 11:09:00 INE749B01020 28.5 33 28.2 29.5 33.4 28.2 30.8 4.96699 18.43971631 7.836601 277826.1 833109 1002950 Limited ORTIN 07/10/2021 11:09:00 INE749B01020 LABORATORIES 28.5 33 28.2 29.5 33.4 28.2 30.8 4.96699 18.43971631 7.836601 277826.1 833109 1002950 LTD ALPA 07/10/2021 11:46:00 INE385I01010 LABORATORIES 59.5 66 57.3 57.05 62.8 56.8 57.7 5.41643 10.47535211 5.078787 631697.7 460772 549189.8 LTD DYNACONS SYS 07/10/2021 12:36:00 INE417B01040 157 175 146 146.4 157 146 151 4.4356 7.716049383 8.238045 330190.1 4429469 2117581 & SOLN LTD 07/10/2021 13:25:00 INE592B01016 T T LIMITED 77 87 69.5 71.9 78.8 69.1 74.1 5.15831 14.12020275 10.06811 179567.2 1747199 543338.7 MBL 08/10/2021 08:57:00 INE912H01013 INFRASTRUCTU 23.5 28 23.2 25.15 25.7 23.5 23.8 8.13039 9.361702128 7.853863 320924.5 3301049 507842.9 RES LTD JAINAM FER 08/10/2021 10:05:00 INE02KC01010 74 90 70 73 76.7 73 73.1 (null) 5 2.237556 (null) 674000 67800 ALLOYS (I) LTD 08/10/2021 10:49:00 INE080A01014 WEIZMANN LTD 54 80 51.9 52.7 57.1 49.7 54 5.63203 14.78873239 8.612865 86982.4 1983251 385813.5 08/10/2021 12:30:00 INE806C01018 TIL LTD 182 200 170 172.8 197 170 181 6.85396 15.88235294 9.924602 352964.7 3259536 1179655 UCAL FUEL 08/10/2021 14:53:00 INE139B01016 160 169 153 153.6 162 152 159 3.57666 6.513157895 4.685504 493937.1 202258 996404.4 SYSTEMS LTD Dynacons 11/10/2021 08:42:00 INE417B01040 Systems & 165 184 158 162 182 162 171 5.845 12.4382716 7.562801 837021.2 15184865 814850.5 Solutions Ltd. DYNACONS SYS 11/10/2021 08:42:00 INE417B01040 165 184 158 162 182 162 171 5.845 12.4382716 7.562801 837021.2 15184865 814850.5 & SOLN LTD ACCURACY 11/10/2021 12:13:00 INE648Z01015 SHIPPING 138 148 141 145 149 141 144 5.18672 5.315379164 8.687989 92721.5 126517 163423.5 LIMITED TOKYO PLAST 11/10/2021 12:24:00 INE932C01012 107 120 102 101.2 116 101 108 2.16552 14.62450593 4.547581 67593.9 223696 260649.4 INTL LTD DONEAR IND.

11/10/2021 14:48:00 INE668D01028 60 66 58.3 58.05 62.4 57.7 61.6 3.62137 8.239375542 4.983113 243491 2058586 372242.8 LIMITED

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days R. S. SOFTWARE 11/10/2021 15:26:00 INE165B01029 38 42 36.4 37.5 38.9 35 38 5.58185 11.14285714 7.161222 604557.4 2203773 835827 (INDIA) LI 12/10/2021 08:45:00 INE594B01012 BSL LTD 78 95 77.3 82.25 85 82.3 85 8.7826 3.343465046 6.364501 682076.4 190587 616276.8 ACCURACY 12/10/2021 10:31:00 INE648Z01015 SHIPPING 153 165 144 146.9 166 142 162 5.43417 16.63735491 7.486463 98265.8 665965 99363.2 LIMITED ACCURACY 12/10/2021 10:31:00 INE648Z01015 SHIPPING 153 165 144 146.9 166 142 162 5.43417 16.63735491 7.486463 98265.8 665965 99363.2 LIMITED UCAL FUEL 12/10/2021 13:44:00 INE139B01016 162 170 157 157.9 164 155 159 4.08426 6.165267915 4.290168 754943.5 210927 918340.4 SYSTEMS LTD 12/10/2021 14:57:00 INE080A01014 WEIZMANN LTD 53.1 53.15 58.4 51.5 58.4 8.66392 13.39805825 4.781873 305977.7 830377 336217.5 12/10/2021 15:20:00 INE592B01016 T T LIMITED 81 88 73 73.85 82 71.1 81.2 7.22336 15.33052039 11.40462 379848.7 1287657 1409837 Umang Dairies 13/10/2021 09:04:00 INE864B01027 80 100 79.3 85.05 90 82.1 82.8 5.06789 9.689213894 4.921922 309510.8 752259 1334984 Limited UMANG DAIRIES 13/10/2021 09:04:00 INE864B01027 80 100 79.3 85.05 90 82.1 82.8 5.06789 9.689213894 4.921922 309510.8 752259 1334984 LIMITED 13/10/2021 12:53:00 INE712A01012 Warren Tea Ltd. 95 125 83.1 84.5 99.7 83 93.4 5.78816 20.06024096 5.925219 592133.5 12305354 688912.3 13/10/2021 12:53:00 INE712A01012 Warren Tea Ltd. 95 125 83.1 84.5 99.7 83 93.4 5.78816 20.06024096 5.925219 592133.5 12305354 688912.3 THE INVESTMENT 13/10/2021 13:25:00 INE924D01017 120 150 112 111.6 131 110 124 3.20766 19.23601637 8.307795 81748.3 2745419 235435.9 TRUST OF INDIA LIMITED THE INVEST 13/10/2021 13:25:00 INE924D01017 120 150 112 111.6 131 110 124 3.20766 19.23601637 8.307795 81748.3 2745419 235435.9 TRUST OF IND L THE INVEST 13/10/2021 13:25:00 INE924D01017 120 150 112 111.6 131 110 124 3.20766 19.23601637 8.307795 81748.3 2745419 235435.9 TRUST OF IND L Superhouse 14/10/2021 07:45:00 INE712B01010 185 210 183 191.8 202 184 186 4.60773 9.510869565 5.157812 249876.1 576791 964125.4 limited SUPERHOUSE 14/10/2021 07:45:00 INE712B01010 185 210 183 191.8 202 184 186 4.60773 9.510869565 5.157812 249876.1 576791 964125.4 LIMITED SUPERHOUSE 14/10/2021 07:45:00 INE712B01010 185 210 183 191.8 202 184 186 4.60773 9.510869565 5.157812 249876.1 576791 964125.4 LIMITED RATHI BARS 18/10/2021 09:43:00 INE575I01016 32.2 55 32.3 36.9 38.5 32.3 34.8 9.16877 19.2248062 7.99763 2048456 20458668 735872.3 LIMITED RATHI BARS 18/10/2021 09:43:00 INE575I01016 32.2 55 32.3 36.9 38.5 32.3 34.8 9.16877 19.2248062 7.99763 2048456 20458668 735872.3 LIMITED 18/10/2021 12:44:00 INE389D01013 TCFC Finance Ltd 43 50 41.1 42.65 49.3 41.2 43.8 5.67622 19.80558931 7.932261 107286 1926589 127414.3

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days 18/10/2021 14:53:00 INE592B01016 T T Ltd 82 90 77.9 77.75 84.8 76.1 83.5 9.45592 11.43232589 9.106285 563710.4 522532 1709285 18/10/2021 14:53:00 INE592B01016 T T LIMITED 82 90 77.9 77.75 84.8 76.1 83.5 9.45592 11.43232589 9.106285 563710.4 522532 1709285 19/10/2021 07:46:00 INE592B01016 T T Ltd 85 98 83.5 90 92 81 83.2 10.4174 13.58024691 7.975361 786940.5 540753 1448202 19/10/2021 07:46:00 INE592B01016 T T LIMITED 85 98 83.5 90 92 81 83.2 10.4174 13.58024691 7.975361 786940.5 540753 1448202 SEYA 19/10/2021 11:41:00 INE573R01012 INDUSTRIES 57 61 55.2 55.95 60.7 54.3 59.7 3.62154 11.79723502 9.782085 180445.5 6807072 596837.3 LIMITED MUKTA ARTS 19/10/2021 13:44:00 INE374B01019 42 45 40.4 39.7 44.4 39.3 43.2 3.63457 12.84987277 11.86452 82283.3 150666 611481.6 LIMITED 19/10/2021 14:51:00 INE716F01012 Indokem Ltd 40 43 39 40.45 42.8 38.4 42.6 7.20906 11.60365059 8.526981 532646.3 5976771 1210308 Manaksia Coated 20/10/2021 08:59:00 INE830Q01018 Metals & 21.5 26 21.4 24.45 24.5 20.1 20.4 13.9893 21.94513716 10.14362 929775.7 1180047 754753 Industries Ltd MAN COAT 20/10/2021 08:59:00 INE830Q01018 METAL & IND 21.5 26 21.4 24.45 24.5 20.1 20.4 13.9893 21.94513716 10.14362 929775.7 1180047 754753 LTD MAN COAT 20/10/2021 08:59:00 INE830Q01018 METAL & IND 21.5 26 21.4 24.45 24.5 20.1 20.4 13.9893 21.94513716 10.14362 929775.7 1180047 754753 LTD CHEMFAB 20/10/2021 11:00:00 INE783X01023 202 214 202 201.7 217 194 194 4.91726 11.79804225 7.370034 769577.3 1502170 252914.9 ALKALIS LIMITED MUKTA ARTS 20/10/2021 13:33:00 INE374B01019 44 70 42.9 43.8 47.2 40.2 47.2 5.49879 17.43462017 9.937828 314761 1846667 368464 LIMITED ORTIN 20/10/2021 15:12:00 INE749B01020 LABORATORIES 32 37 29.9 30.5 35.2 28.9 33.5 7.02063 22.01039861 11.17412 386382.5 3426220 1605987 LTD SEYA 20/10/2021 15:24:00 INE573R01012 INDUSTRIES 62 70 59.7 64.95 65 56.5 61 5.14852 14.95575221 7.938297 884646.8 2039196 355404.7 LIMITED Seya Industries 21/10/2021 08:27:00 INE573R01012 62 80 61.5 64.5 67 60.6 62.7 7.33632 10.56105611 6.718343 1099951 400391 291490.5 Ltd SEYA 21/10/2021 08:27:00 INE573R01012 INDUSTRIES 62 80 61.5 64.5 67 60.6 62.7 7.33632 10.56105611 6.718343 1099951 400391 291490.5 LIMITED KOTHARI 21/10/2021 10:54:00 INE720A01015 PETROCHEM 52 55 49.6 50 53.5 49.2 51.4 3.75838 8.739837398 5.441563 102391.9 248501 46414.9 LTD The Byke 22/10/2021 09:03:00 INE319B01014 36 55 35 36.65 41.9 36.7 38.4 7.76501 14.18826739 8.076114 479828.8 4285330 390882.7 Hospitality Ltd

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days Ortin Laboratories 25/10/2021 09:02:00 INE749B01020 34 50 33.4 35.5 38.5 34.6 35.1 11.6276 11.43270622 7.46648 840846.8 1460714 1257820 Limited ORTIN 25/10/2021 09:02:00 INE749B01020 LABORATORIES 34 50 33.4 35.5 38.5 34.6 35.1 11.6276 11.43270622 7.46648 840846.8 1460714 1257820 LTD 25/10/2021 10:52:00 INE716F01012 Indokem Ltd 46 50.6 44 44.85 48.3 43.1 44.3 8.22024 12.0649652 7.51228 1409877 3620029 469948.8 Dhabriya 25/10/2021 11:42:00 INE260R01016 90 100 84.6 86 99 78.6 82.2 7.27714 25.95419847 11.58492 927147.6 18243572 4042772 Polywood Limited MMP 26/10/2021 09:53:00 INE511Y01018 INDUSTRIES 147 155 146 145.6 159 144 153 4.65292 10.41666667 5.18157 35547.8 111431 34378 LIMITED SILGO RETAIL 26/10/2021 15:09:00 INE01II01013 40 45 37.4 38.65 43.4 37.2 41.7 7.50068 16.66666667 7.542694 54427.1 143744 24119.3 LIMITED ARROW 27/10/2021 10:00:00 INE570D01018 GREENTECH 109 115 114 113.8 121 109 118 8.05177 11.06011932 11.21953 257193.8 44769 541151.1 LIMITED Arrow Greentech 28/10/2021 08:55:00 INE570D01018 118 129 118 123 127 118 122 9.19159 7.669491525 10.54162 250760.6 1670272 423119.3 Limited ARROW 28/10/2021 08:55:00 INE570D01018 GREENTECH 118 129 118 123 127 118 122 9.19159 7.669491525 10.54162 250760.6 1670272 423119.3 LIMITED Dhabriya 28/10/2021 10:48:00 INE260R01016 100 130 98 100 106 90.1 105 11.3744 17.71238201 9.464845 3774765 7229197 2497172 Polywood Limited BANSWARA 29/10/2021 09:54:00 INE629D01012 200 212 196 199.1 214 192 198 6.05553 11.7201775 6.575282 322362.5 1165825 671258.6 SYNTEX LIMITED DYNACONS SYS 29/10/2021 12:53:00 INE417B01040 146 158 142 142.8 152 139 149 5.32626 9.038737446 5.081697 284638 574780 163857.3 & SOLN LTD ORIENT 01/11/2021 08:18:00 INE569C01020 29 34 28.4 30.9 31.1 29.1 29.6 5.91464 6.872852234 4.454758 234260.9 1033086 214692.5 ABRASIVE LTD GPT 02/11/2021 08:14:00 INE390G01014 INFRAPROJECTS 89 99 88 93 94.9 87.7 88.8 4.70583 8.152793615 7.148363 388719 291436 373206 LTD GPT 02/11/2021 08:14:00 INE390G01014 INFRAPROJECTS 89 99 88 93 94.9 87.7 88.8 4.70583 8.152793615 7.148363 388719 291436 373206 LTD ARROW 02/11/2021 13:43:00 INE570D01018 GREENTECH 119 129 122 125 128 115 117 10.8751 11.03388358 7.833973 447629.6 158125 338969.8 LIMITED MAN COAT 03/11/2021 11:19:00 INE830Q01018 METAL & IND 20.5 24 19.1 19.5 22.9 19.5 21.8 8.08289 17.43589744 9.764866 191657.9 2697298 685587.7 LTD

Recommended Volume Impact Post Recommendation Date and Time "Price Impact" Post Recommendation Levels Recommendation Daily Previ Hig Daily High/ Low Trading ous Daily High/ Daily Avg. Daily Avg. Open h Low Close High/ Low Variation Vol. on Day Low Variation Trading Trading Date (R Scrip Entry Target (INR) (INR (INR) (INR) Variation % in the day of time ISIN Closi % on date of Vol in Vol. on day) Recommended Price Price [R ) [R [R % in immediat the ng Recommenda Preceding succeedin day] [R day] day] preceding ely Recomme (INR) tion 10 days g 10 days day] 10 days succeedin ndation [R-1] g 10 days MAN COAT 03/11/2021 11:19:00 INE830Q01018 METAL & IND 20.5 24 19.1 19.5 22.9 19.5 21.8 8.08289 17.43589744 9.764866 191657.9 2697298 685587.7 LTD MAN COAT 03/11/2021 11:19:00 INE830Q01018 METAL & IND 20.5 24 19.1 19.5 22.9 19.5 21.8 8.08289 17.43589744 9.764866 191657.9 2697298 685587.7 LTD MBL 04/11/2021 09:01:00 INE912H01013 INFRASTRUCTU 24 100 24 25.8 27.5 25.3 26.1 8.84592 8.695652174 6.991912 437280.1 4799046 680844.3 RES LTD THE BYKE 08/11/2021 08:23:00 INE319B01014 HOSPITALITY 40 48 39.7 41 42.4 40.3 40.8 6.92269 5.341614907 5.470235 557216.7 747896 725410.4 LTD THE BYKE 08/11/2021 08:23:00 INE319B01014 HOSPITALITY 40 48 39.7 41 42.4 40.3 40.8 6.92269 5.341614907 5.470235 557216.7 747896 725410.4 LTD THE BYKE 08/11/2021 08:23:00 INE319B01014 HOSPITALITY 40 48 39.7 41 42.4 40.3 40.8 6.92269 5.341614907 5.470235 557216.7 747896 725410.4 LTD VAISHALI 08/11/2021 13:55:00 INE972X01014 PHARMA 36 42 34.9 35 37.8 35 36.3 2.92673 8 3.957597 23257.9 189139 36282.5 LIMITED OM INFRA 10/11/2021 08:02:00 INE239D01028 36 43 36.1 37.3 39.3 35.7 36 5.9111 10.23842917 6.46509 408741.7 1324561 948035 LIMITED OM INFRA 10/11/2021 08:02:00 INE239D01028 36 43 36.1 37.3 39.3 35.7 36 5.9111 10.23842917 6.46509 408741.7 1324561 948035 LIMITED BANG 10/11/2021 09:31:00 INE863I01016 36 50 35.3 36.55 37.1 36.6 37.1 4.87069 1.367989056 4.805665 43130.4 281011 123040.4 OVERSEAS LTD. DONEAR IND.

11/11/2021 08:23:00 INE668D01028 64 73 63.9 67 70.3 64.2 68.2 6.15222 9.423676012 6.644562 804622.4 939900 3030541 LIMITED DONEAR IND. 11/11/2021 08:23:00 INE668D01028 64 73 63.9 67 70.3 64.2 68.2 6.15222 9.423676012 6.644562 804622.4 939900 3030541 LIMITED DONEAR IND. 11/11/2021 08:23:00 INE668D01028 64 73 63.9 67 70.3 64.2 68.2 6.15222 9.423676012 6.644562 804622.4 939900 3030541 LIMITED Mahamaya Steel 12/11/2021 10:15:00 INE451L01014 89 98 89.1 87.3 91.8 87.3 89.8 2.92133 5.097365407 4.968589 84202.6 1400076 87686 Industries Limited MAHAMAYA 12/11/2021 10:15:00 INE451L01014 89 98 89.1 87.3 91.8 87.3 89.8 2.92133 5.097365407 4.968589 84202.6 1400076 87686 STEEL INDS LTD MAHAMAYA 12/11/2021 10:15:00 INE451L01014 89 98 89.1 87.3 91.8 87.3 89.8 2.92133 5.097365407 4.968589 84202.6 1400076 87686 STEEL INDS LTD

ANNEXURE-B

Scrip wise profit made by the Noticees during the Investigation period

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE005C01017 26-Jul-21 Avaniben 16000 16000 0 10,96,664 11,05,146 8482 INE005C01017 26-Jul-21 Himanshu 3500 63500 -60000 2,37,714 42,60,190 633164 INE005C01017 26-Jul-21 Kokilaben 5000 5000 0 3,46,786 3,45,990 -796 INE005C01017 26-Jul-21 Mahendrabhai 2000 2000 0 1,38,477 1,41,000 2523 INE005C01017 26-Jul-21 Raj 36468 36468 0 24,71,076 24,84,856 13780 INE016Q01014 08-Jun-21 Himanshu 2200 2500 -300 3,36,714 4,16,661 7370 INE016Q01014 08-Jun-21 Jaydev 3618 6394 -2776 5,84,333 10,41,431 37980 INE016Q01014 08-Jun-21 Kokilaben 800 3300 -2500 1,21,600 5,49,356 55794 INE016Q01014 08-Jun-21 Raj 1011 3111 -2100 1,59,346 5,24,006 43601 INE01II01013 02-Jul-21 Himanshu 51154 51154 0 22,76,731 23,39,448 62717 INE01II01013 05-Jul-21 Himanshu 20000 20000 0 8,71,806 8,79,226 7420 INE01II01013 26-Oct-21 Himanshu 16885 16885 0 6,67,470 6,95,009 27539.3 INE01II01013 02-Jul-21 Jaydev 9944 9944 0 4,50,023 4,53,865 3842 INE01II01013 02-Jul-21 Raj 24488 24488 0 11,07,838 11,32,481 24643 INE02KC01010 08-Oct-21 Raj 0 2000 -2000 0 1,47,600 0 INE037A01022 10-May-21 Avaniben 12908 7908 5000 12,05,192 7,53,847 15494 INE037A01022 11-May-21 Avaniben 0 5000 -5000 - 5,09,367 42528 INE037A01022 10-May-21 Jaydev 700 550 150 65,767 52,690 1016 INE037A01022 11-May-21 Jaydev 0 150 -150 - 15,180 1087 INE037A01022 10-May-21 Raj 12117 12117 0 11,28,375 11,60,081 31707 INE050N01010 23-Jul-21 Avaniben 10500 10500 0 3,85,701 3,78,002 -7699 INE050N01010 12-Jul-21 Himanshu 38391 38391 0 13,31,210 13,85,015 53805 INE050N01010 23-Jul-21 Himanshu 32000 32000 0 11,41,150 11,47,990 6841 INE050N01010 12-Jul-21 Jaydev 5150 5150 0 1,82,453 1,85,846 3393 INE050N01010 23-Jul-21 Jaydev 22801 22801 0 8,30,480 8,19,809 -10672 INE050N01010 23-Jul-21 Raj 27000 27000 0 9,71,920 9,78,924 7004 INE078D01012 07-May-21 Avaniben 7600 7600 0 7,24,814 7,63,617 38803 INE078D01012 07-May-21 Jaydev 1145 1145 0 1,10,597 1,15,123 4526 INE078D01012 07-May-21 Mahendrabhai 4050 4050 0 3,86,260 4,07,830 21570 INE078D01012 07-May-21 Raj 1000 1000 0 97,914 1,00,705 2791 INE078T01026 08-Jul-21 Avaniben 0 15000 -15000 - 4,47,000 36000 INE078T01026 09-Jul-21 Jaydev 0 10500 -10500 - 3,24,975 16148 INE078T01026 08-Jul-21 Raj 0 18252 -18252 - 5,43,447 38421 INE078T01026 09-Jul-21 Raj 50 8950 -8900 1,560 2,77,537 29717 INE080A01014 10-May-21 Avaniben 1459 1509 -50 65,591 70,829 -125 INE080A01014 11-May-21 Avaniben 4100 2716 1384 2,03,053 1,27,564 4784 INE080A01014 12-May-21 Avaniben 3410 3410 0 1,83,311 1,84,798 11157 INE080A01014 14-May-21 Avaniben 1000 5100 -4100 57,308 2,90,230 25934

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE080A01014 13-Jul-21 Avaniben 0 4000 -4000 - 2,51,125 18725 INE080A01014 07-Oct-21 Himanshu 8757 0 8757 4,51,704 0 0 INE080A01014 08-Oct-21 Himanshu 8000 11757 -3757 4,35,030 6,50,991 28844.03424 INE080A01014 11-Oct-21 Himanshu 0 5000 -5000 0 2,67,500 2914.065764 INE080A01014 12-Oct-21 Himanshu 31684 31684 0 17,93,777 18,55,098 61321.4 INE080A01014 14-May-21 Jaydev 0 1750 -1750 - 98,824 5107 INE080A01014 14-May-21 Kokilaben 0 3000 -3000 - 1,71,115 9163 INE080A01014 12-May-21 Raj 11805 12870 -1065 6,28,742 6,98,073 14552 INE080A01014 14-May-21 Raj 2000 5935 -3935 1,11,961 3,37,722 20311 INE080A01014 13-Jul-21 Raj 2151 6651 -4500 1,30,613 4,18,127 26064 INE083D01012 08-Feb-21 Avaniben 512 512 0 28,725 29,190 466 INE083D01012 12-Mar-21 Avaniben 2999 2999 0 1,70,115 1,72,612 2497 INE083D01012 15-Mar-21 Avaniben 2087 2087 0 1,23,070 1,24,740 1671 INE083D01012 23-Mar-21 Avaniben 6000 6000 0 3,43,286 3,47,300 4014 INE083D01012 05-Feb-21 Jaydev 551 150 401 30,702 8,370 12 INE083D01012 08-Feb-21 Jaydev 576 977 -401 32,598 55,200 258 INE083D01012 25-Feb-21 Jaydev 250 250 0 13,750 13,985 235 INE083D01012 12-Mar-21 Jaydev 275 275 0 15,821 16,020 199 INE083D01012 15-Mar-21 Jaydev 1701 928 773 1,02,314 57,032 1214 INE083D01012 16-Mar-21 Jaydev 0 773 -773 - 49,065 2569 INE083D01012 22-Mar-21 Jaydev 407 407 0 23,436 23,741 305 INE083D01012 23-Mar-21 Jaydev 551 551 0 31,815 32,430 615 INE083D01012 12-Aug-21 Jaydev 0 364 -364 - 35,624 388 INE083D01012 05-Feb-21 Kokilaben 750 750 0 41,350 41,603 252 INE083D01012 08-Feb-21 Kokilaben 1185 1185 0 66,467 67,644 1177 INE083D01012 25-Feb-21 Kokilaben 300 300 0 16,785 16,500 -285 INE083D01012 15-Mar-21 Kokilaben 285 285 0 16,815 17,642 827 INE083D01012 05-Feb-21 Raj 5000 5000 0 2,74,142 2,79,450 5308 INE083D01012 08-Feb-21 Raj 13097 13097 0 7,33,104 7,46,981 13877 INE083D01012 25-Feb-21 Raj 9500 9500 0 5,20,199 5,29,765 9566 INE083D01012 15-Mar-21 Raj 8575 8575 0 5,01,663 5,12,143 10479 INE083D01012 22-Mar-21 Raj 8024 8024 0 4,43,194 4,61,195 18001 INE085D01033 20-Jul-21 Avaniben 199 199 0 16,577 17,273 696 INE085D01033 28-Jul-21 Avaniben 5000 5000 0 6,00,433 6,04,035 3602 INE085D01033 28-Jul-21 Himanshu 7200 7200 0 8,67,251 8,72,790 5539 INE085D01033 28-Jul-21 Jaydev 0 12100 -12100 - 14,42,371 87966 INE085D01033 20-Jul-21 Raj 5000 5000 0 4,14,750 4,29,750 15000 INE085D01033 26-Jul-21 Raj 1000 1000 0 85,959 90,600 4641 INE085D01033 28-Jul-21 Raj 11871 15096 -3225 14,33,968 18,16,003 20998 INE085D01033 28-Jul-21 Switiben 0 300 -300 - 35,771 2221 INE08KJ01012 20-May-21 Avaniben 0 4000 -4000 - 1,06,735 5853

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE08KJ01012 27-May-21 Avaniben 15000 15000 0 4,36,922 4,76,575 39652 INE08KJ01012 28-May-21 Avaniben 3691 3691 0 1,25,434 1,29,185 3751 INE08KJ01012 16-Jun-21 Avaniben 20000 20000 0 7,13,056 7,21,069 8012 INE08KJ01012 28-May-21 Himanshu 500 500 0 17,450 17,100 -350 INE08KJ01012 16-Jun-21 Himanshu 36758 36758 0 12,69,537 12,99,266 29729 INE08KJ01012 20-May-21 Jaydev 3395 6 3389 89,048 160 1 INE08KJ01012 21-May-21 Jaydev 0 5019 -5019 - 1,37,096 6036 INE08KJ01012 27-May-21 Jaydev 910 910 0 27,854 29,075 1220 INE08KJ01012 16-Jun-21 Jaydev 29663 27161 2502 10,58,012 9,76,958 8187 INE08KJ01012 17-Jun-21 Jaydev 0 2502 -2502 - 89,868 628 INE08KJ01012 27-May-21 Kokilaben 2000 2000 0 62,123 63,800 1677 INE08KJ01012 20-May-21 Raj 0 3494 -3494 - 91,538 4570 INE08KJ01012 21-May-21 Raj 0 6006 -6006 - 1,66,157 16663 INE08KJ01012 27-May-21 Raj 10000 10000 0 3,26,610 3,27,323 713 INE08KJ01012 16-Jun-21 Raj 8131 8131 0 2,85,555 2,93,746 8191 INE08KJ01012 17-Jun-21 Raj 20686 20686 0 7,43,505 7,60,201 16696 INE106C01013 24-Jun-21 Avaniben 0 5650 -5650 - 3,60,787 8890 INE106C01013 24-Jun-21 Himanshu 1701 2374 -673 1,05,462 1,48,002 1563 INE106C01013 24-Jun-21 Jaydev 3336 7749 -4413 2,06,602 4,77,460 -9026 INE106C01013 24-Jun-21 Mahendrabhai 0 3000 -3000 - 1,90,930 4273 INE106C01013 24-Jun-21 Raj 0 9245 -9245 - 5,90,963 11287 INE106C01013 25-Jun-21 Raj 3500 3500 0 2,29,163 2,33,333 4169 INE116G01013 08-Jul-21 Himanshu 55713 55713 0 30,53,430 31,00,170 46741 INE116G01013 08-Jul-21 Jaydev 3500 3500 0 1,92,330 1,93,629 1299 INE116G01013 08-Jul-21 Mahendrabhai 5000 5000 0 2,79,500 2,80,073 573 INE123C01018 06-May-21 Avaniben 2500 2500 0 1,79,978 1,87,500 7523 INE123C01018 03-Jun-21 Avaniben 0 5000 -5000 - 4,20,308 30691 INE123C01018 06-May-21 Jaydev 750 750 0 55,490 57,657 2167 INE123C01018 11-May-21 Jaydev 1270 1270 0 1,00,571 1,04,186 3615 INE123C01018 03-Jun-21 Jaydev 2400 6512 -4112 1,99,221 5,46,390 19037 INE123C01018 06-May-21 Kokilaben 6582 6582 0 4,64,370 4,88,811 24441 INE123C01018 11-May-21 Kokilaben 5000 5000 0 3,89,927 4,07,000 17073 INE123C01018 03-Jun-21 Kokilaben 2000 2500 -500 1,64,000 2,10,021 6071 INE123C01018 06-May-21 Mahendrabhai 2684 2684 0 1,93,054 2,04,054 11001 INE123C01018 03-Jun-21 Mahendrabhai 0 900 -900 - 75,062 3324 INE123C01018 11-May-21 Raj 7300 7300 0 5,80,259 5,99,516 19257 INE123C01018 03-Jun-21 Raj 0 5600 -5600 - 4,71,398 30363 INE127T01013 05-Mar-21 Avaniben 1383 3368 -1985 91,165 2,22,240 2553 INE127T01013 08-Mar-21 Avaniben 0 15 -15 - 1,021 42 INE127T01013 05-Mar-21 Jaydev 272 70 202 18,001 4,687 54 INE127T01013 08-Mar-21 Jaydev 0 202 -202 - 13,938 570

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE127T01013 03-May-21 Jaydev 550 550 0 33,935 35,394 1459 INE127T01013 05-Mar-21 Raj 0 3927 -3927 - 2,59,307 13224 INE127T01013 03-May-21 Raj 4700 5889 -1189 2,81,182 3,81,470 32592 INE139B01016 05-May-21 Avaniben 1000 1000 0 1,46,993 1,48,250 1257 INE139B01016 24-May-21 Avaniben 12158 12158 0 20,50,487 20,92,609 42122 INE139B01016 30-Aug-21 Avaniben 2142 2142 0 3,17,052 3,28,893 11841 INE139B01016 24-May-21 Himanshu 400 400 0 64,680 66,582 1902 INE139B01016 16-Sep-21 Himanshu 2264 2264 0 3,46,080 3,51,825 5745.3 INE139B01016 27-Sep-21 Himanshu 248 0 248 36,455 0 0 INE139B01016 27-Sep-21 Himanshu 9700 820 8880 14,29,612 1,22,033 7.937319505 INE139B01016 28-Sep-21 Himanshu 0 3914 -3914 0 5,95,774 18956.25662 INE139B01016 28-Sep-21 Himanshu 2272 7486 -5214 3,49,462 11,43,531 28066.66643 INE139B01016 08-Oct-21 Himanshu 10462 8462 2000 16,27,296 13,52,897 36687.56969 INE139B01016 12-Oct-21 Himanshu 19275 19732 -457 30,81,588 31,93,201 46584.59443 INE139B01016 13-Oct-21 Himanshu 0 1543 -1543 0 2,48,460 2400.885883 INE139B01016 02-Feb-21 Jaydev 70 10 60 9,049 1,268 -25 INE139B01016 03-Feb-21 Jaydev 0 60 -60 - 7,615 -142 INE139B01016 12-Feb-21 Jaydev 200 200 0 26,976 27,160 184 INE139B01016 05-Apr-21 Jaydev 0 581 -581 - 82,174 -3100 INE139B01016 05-May-21 Jaydev 953 953 0 1,39,721 1,42,317 2596 INE139B01016 24-May-21 Jaydev 6084 4100 1984 10,36,113 7,02,206 3970 INE139B01016 25-May-21 Jaydev 0 1984 -1984 - 3,46,022 8144 INE139B01016 05-May-21 Kokilaben 4170 4170 0 5,96,156 6,17,194 21039 INE139B01016 24-May-21 Kokilaben 3100 3100 0 5,03,044 5,20,979 17935 INE139B01016 05-May-21 Mahendrabhai 2113 2113 0 3,09,310 3,12,514 3204 INE139B01016 02-Feb-21 Raj 3568 3568 0 4,57,122 4,57,948 826 INE139B01016 12-Feb-21 Raj 922 922 0 1,19,831 1,21,632 1802 INE139B01016 01-Apr-21 Raj 8000 3806 4194 11,70,210 5,58,968 2240 INE139B01016 05-Apr-21 Raj 0 4194 -4194 - 6,05,458 -8024 INE139B01016 05-May-21 Raj 9150 9150 0 13,26,432 13,61,213 34781 INE139B01016 14-Oct-21 Raj 22672 22672 0 37,64,018 37,84,016 0 INE165B01029 11-Oct-21 Himanshu 33993 19669 14324 12,86,900 7,59,605 14979.70021 INE165B01029 12-Oct-21 Himanshu 0 14324 -14324 0 5,69,561 27285.34979 INE165B01029 04-Nov-21 Raj 12269 12269 0 4,14,955 4,37,347 0 INE201B01022 13-Jan-21 Avaniben 60 60 0 7,636 7,650 14 INE201B01022 16-Jul-21 Avaniben 5105 3495 1610 8,28,810 5,80,602 13180 INE201B01022 19-Jul-21 Avaniben 0 1610 -1610 - 2,78,246 16858 INE201B01022 13-Jan-21 Himanshu 50 50 0 6,400 6,258 -143 INE201B01022 16-Jul-21 Himanshu 8215 8215 0 13,39,449 13,64,790 25341 INE201B01022 13-Jan-21 Jaydev 280 280 0 35,507 35,551 45 INE201B01022 06-May-21 Jaydev 470 470 0 53,568 54,475 907

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE201B01022 16-Jul-21 Jaydev 6119 6119 0 9,99,710 10,25,279 25569 INE201B01022 06-May-21 Kokilaben 2568 2568 0 2,70,376 2,93,702 23326 INE201B01022 16-Jul-21 Kokilaben 2500 2500 0 3,87,686 4,19,724 32038 INE201B01022 13-Jan-21 Mahendrabhai 93 2004 -1911 11,306 2,53,101 15266 INE201B01022 19-Jan-21 Mahendrabhai 0 22 -22 - 2,558 58 INE201B01022 16-Jul-21 Mahendrabhai 1000 1000 0 1,60,500 1,63,947 3447 INE201B01022 13-Jan-21 Raj 2649 2649 0 3,29,228 3,33,495 4267 INE201B01022 16-Jul-21 Raj 4749 4550 199 7,65,100 7,60,334 27294 INE201B01022 19-Jul-21 Raj 2000 2199 -199 3,49,247 3,83,232 1924 INE201M01011 06-Jan-21 Avaniben 5340 5340 0 3,66,686 3,70,243 3556 INE201M01011 12-Feb-21 Avaniben 6443 426 6017 4,52,068 29,904 14 INE201M01011 15-Feb-21 Avaniben 0 6017 -6017 - 4,29,046 6868 INE201M01011 12-Mar-21 Avaniben 4907 4907 0 3,67,746 3,74,535 6790 INE201M01011 06-Jan-21 Himanshu 1010 1010 0 70,298 70,032 -266 INE201M01011 07-Jan-21 Himanshu 700 700 0 49,654 49,742 88 INE201M01011 06-Jan-21 Jaydev 1080 290 790 74,629 19,891 -148 INE201M01011 07-Jan-21 Jaydev 0 790 -790 - 56,343 1753 INE201M01011 05-Feb-21 Jaydev 486 385 101 34,232 27,694 576 INE201M01011 08-Feb-21 Jaydev 5 105 -100 356 7,357 -37 INE201M01011 12-Feb-21 Jaydev 1904 17 1887 1,33,385 1,192 1 INE201M01011 15-Feb-21 Jaydev 200 2088 -1888 14,126 1,48,967 2577 INE201M01011 12-Mar-21 Jaydev 150 150 0 11,400 11,603 202 INE201M01011 06-Jan-21 Kokilaben 675 675 0 46,345 46,785 439 INE201M01011 05-Feb-21 Kokilaben 392 392 0 27,747 28,087 340 INE201M01011 12-Feb-21 Kokilaben 2039 93 1946 1,40,883 6,516 90 INE201M01011 15-Feb-21 Kokilaben 0 1946 -1946 - 1,38,260 3802 INE201M01011 12-Feb-21 Mahendrabhai 1000 1000 0 68,493 69,825 1332 INE201M01011 06-Jan-21 Raj 10729 10729 0 7,19,857 7,43,094 23237 INE201M01011 07-Jan-21 Raj 1540 1540 0 1,08,812 1,09,818 1007 INE201M01011 02-Feb-21 Raj 4490 4490 0 3,03,158 3,10,011 6853 INE201M01011 05-Feb-21 Raj 5855 5855 0 4,05,777 4,14,584 8807 INE201M01011 12-Feb-21 Raj 14503 13157 1346 10,01,843 9,25,225 16361 INE201M01011 15-Feb-21 Raj 0 1346 -1346 - 95,667 2687 INE218G01033 20-Aug-21 Avaniben 6000 6000 0 6,77,534 6,83,427 5893 INE218G01033 09-Aug-21 Himanshu 12779 12779 0 15,52,350 16,46,998 94649 INE218G01033 20-Aug-21 Himanshu 8100 14839 -6739 9,26,056 16,85,136 46577 INE218G01033 20-Aug-21 Jaydev 0 3088 -3088 - 3,48,635 19578 INE218G01033 20-Aug-21 Raj 2500 2500 0 2,84,443 2,78,388 -6055 INE220C01012 02-Aug-21 Himanshu 0 16000 -16000 - 12,59,627 182316 INE220C01012 02-Aug-21 Raj 6100 6100 0 4,82,457 4,94,100 11643 INE222F01029 28-Jul-21 Avaniben 5300 5300 0 2,11,898 2,21,033 9135

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE222F01029 07-Jul-21 Himanshu 34447 34447 0 12,01,757 12,49,703 47946 INE222F01029 12-Jul-21 Himanshu 26610 26610 0 10,39,845 10,74,419 34574 INE222F01029 25-Oct-21 Himanshu 37046 37046 0 16,01,143 17,15,425 0 INE222F01029 07-Jul-21 Jaydev 5000 5000 0 1,81,130 1,82,882 1752 INE222F01029 28-Jul-21 Jaydev 5368 5368 0 2,21,495 2,24,237 2742 INE222F01029 28-Jul-21 Raj 13000 13000 0 5,12,458 5,39,325 26867 INE227W01023 20-Jul-21 Avaniben 0 25 -25 - 41,750 1248 INE227W01023 09-Aug-21 Mahendrabhai 10 2 8 16,137 3,219 -14 INE227W01023 10-Aug-21 Mahendrabhai 15 5 10 23,435 8,115 -141 INE227W01023 11-Aug-21 Mahendrabhai 5 20 -15 7,842 30,872 -738 INE227W01023 13-Aug-21 Mahendrabhai 0 10 -10 - 16,154 259 INE227W01023 17-Aug-21 Mahendrabhai 5 5 0 7,551 7,693 -100 INE227W01023 20-Aug-21 Mahendrabhai 22 19 3 34,398 29,899 236 INE227W01023 25-Aug-21 Mahendrabhai 5 5 0 7,325 7,380 -328 INE227W01023 30-Aug-21 Mahendrabhai 51 41 10 75,727 62,152 -149 INE227W01023 31-Aug-21 Mahendrabhai 4 19 -15 6,069 28,771 447 INE227W01023 02-Sep-21 Mahendrabhai 0 32 -32 - 49,164 1426 INE227W01023 09-Sep-21 Mahendrabhai 0 11 -11 - 18,304 506 INE231C01019 04-May-21 Avaniben 0 3800 -3800 - 3,61,560 42451 INE231C01019 05-Jul-21 Avaniben 6360 6360 0 7,44,292 7,50,646 6354 INE231C01019 27-Sep-21 Himanshu 6427 6427 0 7,81,594 7,96,966 15371.25 INE231C01019 04-May-21 Jaydev 0 1050 -1050 - 99,960 8618 INE231C01019 05-Jul-21 Jaydev 4500 4500 0 5,30,365 5,31,496 1131 INE231C01019 04-May-21 Mahendrabhai 0 437 -437 - 41,322 4400 INE231C01019 04-May-21 Raj 0 3018 -3018 - 2,87,314 24434 INE231C01019 05-Jul-21 Raj 16000 16000 0 18,66,555 18,98,547 31992 INE239D01028 13-Aug-21 Himanshu 7500 58160 -50660 2,63,669 20,26,261 138785 10232 INE239D01028 09-Nov-21 Himanshu 6800 95523 35,91,359 2,40,790 0 3 INE239D01028 10-Nov-21 Himanshu 0 95523 -95523 0 35,50,521 197829.2308 INE239D01028 03-Jun-21 Raj 0 1525 -1525 - 46,055 2821 INE239D01028 04-Jun-21 Raj 0 3475 -3475 - 98,864 347 INE239D01028 10-Nov-21 Raj 40000 40000 0 15,19,332 15,32,202 12870.15 INE244A01016 03-May-21 Avaniben 1147 1147 0 2,88,968 2,97,250 8282 INE244A01016 03-May-21 Jaydev 201 201 0 51,461 52,224 763 INE244A01016 07-May-21 Kokilaben 0 872 -872 - 2,55,839 26620 INE247M01014 26-Aug-21 Avaniben 2000 2000 0 1,38,862 1,41,900 3038 INE247M01014 06-Jul-21 Himanshu 38051 38051 0 24,73,651 25,21,466 47814 INE247M01014 06-Jul-21 Jaydev 8000 8000 0 5,29,201 5,29,558 357 INE247M01014 06-Jul-21 Raj 5000 5000 0 3,26,106 3,31,375 5269 INE247M01014 26-Aug-21 Raj 7617 7617 0 5,30,717 5,39,660 8943 INE247M01014 08-Oct-21 Raj 1000 1000 0 86,600 84,349 0

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE260R01016 25-Oct-21 Himanshu 25747 23703 2044 22,50,846 21,79,968 107811.2921 - INE260R01016 27-Oct-21 Himanshu 0 2044 -2044 0 1,70,031 8659.392106 INE260R01016 28-Oct-21 Himanshu 5500 5500 0 5,48,463 5,57,727 9264.7 INE266Y01019 15-Jan-21 Avaniben 744 744 0 73,656 75,387 1731 INE266Y01019 12-Mar-21 Avaniben 4006 4006 0 4,68,991 4,81,822 12831 INE266Y01019 25-May-21 Avaniben 3000 3000 0 4,43,877 4,52,766 8890 INE266Y01019 04-Jun-21 Avaniben 4267 4166 101 6,97,545 7,02,709 21674 INE266Y01019 07-Jun-21 Avaniben 0 101 -101 - 16,197 -314 INE266Y01019 15-Jun-21 Avaniben 9000 9000 0 15,50,634 15,72,681 22046 INE266Y01019 04-Jun-21 Himanshu 400 400 0 65,502 65,038 -464 INE266Y01019 15-Jun-21 Himanshu 5003 5003 0 8,14,047 8,65,230 51183 INE266Y01019 15-Jan-21 Jaydev 50 50 0 5,185 5,190 5 INE266Y01019 12-Mar-21 Jaydev 740 390 350 88,525 47,267 612 INE266Y01019 15-Mar-21 Jaydev 0 350 -350 - 43,513 1642 INE266Y01019 25-May-21 Jaydev 750 750 0 1,11,561 1,13,138 1576 INE266Y01019 04-Jun-21 Jaydev 1250 1250 0 2,11,001 2,09,417 -1584 INE266Y01019 15-Jun-21 Jaydev 5204 5204 0 8,97,356 9,13,533 16177 INE266Y01019 15-Jun-21 Kokilaben 1637 1637 0 2,81,562 2,84,183 2621 INE266Y01019 12-Mar-21 Mahendrabhai 129 129 0 15,480 15,545 65 INE266Y01019 15-Jun-21 Mahendrabhai 2800 2800 0 4,76,743 4,87,375 10632 INE266Y01019 14-Jan-21 Raj 1738 3409 -1671 1,62,598 3,31,437 9596 INE266Y01019 15-Jan-21 Raj 12190 12190 0 12,11,602 12,36,048 24446 INE266Y01019 12-Mar-21 Raj 2145 2145 0 2,56,678 2,58,654 1976 INE266Y01019 15-Jun-21 Raj 10900 9543 1357 18,59,007 16,57,654 30085 INE266Y01019 16-Jun-21 Raj 1500 2857 -1357 2,65,500 4,87,285 -9653 INE270B01027 05-May-21 Avaniben 0 3832 -3832 - 4,00,642 46933 INE270B01027 05-May-21 Jaydev 0 880 -880 - 91,900 6018 INE284B01028 31-May-21 Avaniben 35000 35000 0 12,06,426 12,48,386 41960 INE284B01028 31-May-21 Himanshu 3600 3600 0 1,22,438 1,26,140 3703 INE284B01028 31-May-21 Jaydev 6151 6151 0 2,12,842 2,15,863 3020 INE284B01028 31-May-21 Kokilaben 1500 1500 0 52,800 53,713 913 INE284B01028 31-May-21 Raj 5000 5000 0 1,73,655 1,77,260 3605 INE301C01028 13-Sep-21 Himanshu 24126 9886 14240 11,57,856 5,02,743 0 INE301C01028 14-Sep-21 Himanshu 3000 17240 -14240 1,57,200 9,08,711 68104.107 INE301C01028 13-Sep-21 Raj 425 0 425 21,718 0 0 INE301C01028 14-Sep-21 Raj 0 425 -425 0 22,844 1126.25 INE301D01026 07-May-21 Avaniben 3000 3000 0 5,55,220 5,88,754 33534 INE301D01026 07-May-21 Jaydev 940 940 0 1,84,653 1,87,940 3287 INE301D01026 25-Jun-21 Jaydev 0 1335 -1335 - 3,08,000 -9074 INE301D01026 07-May-21 Kokilaben 850 850 0 1,60,896 1,67,086 6190 INE301D01026 07-May-21 Mahendrabhai 41 41 0 7,476 8,036 560

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE301D01026 14-May-21 Raj 0 209 -209 - 43,995 2919 INE305A01015 11-Jun-21 Avaniben 20063 20063 0 14,53,503 14,98,293 44790 INE305A01015 11-Jun-21 Himanshu 9700 9700 0 6,98,990 7,20,610 21620 INE305A01015 11-Jun-21 Jaydev 19024 19024 0 13,93,314 14,34,655 41340 INE305A01015 11-Jun-21 Kokilaben 10000 10000 0 7,17,322 7,40,399 23077 INE305A01015 11-Jun-21 Mahendrabhai 12300 12300 0 8,94,773 9,20,002 25228 INE305A01015 11-Jun-21 Raj 41554 41554 0 30,71,688 31,19,166 47478 INE316A01038 17-Feb-21 Avaniben 0 1800 -1800 - 1,15,505 7505 INE316A01038 24-Jun-21 Avaniben 5000 20000 -15000 2,87,500 12,18,161 -25415 INE316A01038 24-Jun-21 Himanshu 0 27172 -27172 - 17,03,203 53884 INE316A01038 17-Feb-21 Jaydev 0 250 -250 - 16,175 1175 INE316A01038 24-Jun-21 Jaydev 0 11501 -11501 - 7,34,814 14136 INE316A01038 17-Feb-21 Kokilaben 0 200 -200 - 13,240 1110 INE316A01038 17-Feb-21 Mahendrabhai 0 525 -525 - 33,600 1759 INE316A01038 24-Jun-21 Mahendrabhai 0 8000 -8000 - 5,14,400 39783 INE316A01038 17-Feb-21 Raj 0 1500 -1500 - 98,910 8910 INE316A01038 24-Jun-21 Raj 2000 19870 -17870 1,19,385 12,18,625 -20356 INE319B01014 04-Nov-21 Avaniben 10000 0 10000 3,96,629 0 0 INE319B01014 08-Nov-21 Avaniben 0 10000 -10000 0 4,11,766 15136.65 INE319B01014 07-Oct-21 Himanshu 24772 24772 0 8,57,162 8,99,138 41975.8 INE319B01014 21-Oct-21 Himanshu 45798 15000 30798 15,53,644 5,36,130 0 INE319B01014 22-Oct-21 Himanshu 0 2847 -2847 0 1,09,714 13132.43836 INE319B01014 22-Oct-21 Himanshu 1347 29298 -27951 51,856 10,89,713 91407.77159 INE319B01014 04-Nov-21 Himanshu 21876 0 21876 8,72,522 0 0 INE319B01014 08-Nov-21 Himanshu 3000 24876 -21876 1,26,774 10,25,802 26505.25 INE319B01014 04-Nov-21 Raj 21400 11400 10000 8,43,106 4,52,305 0 INE319B01014 08-Nov-21 Raj 0 10000 -10000 0 4,11,440 17464.84019 INE323B01016 10-Jun-21 Avaniben 0 15001 -15001 - 4,37,986 27670 INE323B01016 29-Jul-21 Avaniben 15000 20000 -5000 8,17,188 10,61,987 -11552 INE323B01016 09-Jun-21 Himanshu 3300 13300 -10000 88,953 3,65,835 22864 INE323B01016 10-Jun-21 Himanshu 10000 10000 0 2,78,901 2,93,006 14105 INE323B01016 29-Jun-21 Himanshu 13953 13953 0 4,56,185 4,69,002 12817 INE323B01016 29-Jul-21 Himanshu 1566 42755 -41189 83,077 23,37,087 316832 INE323B01016 09-Jun-21 Jaydev 12749 3000 9749 3,49,244 82,125 981 INE323B01016 10-Jun-21 Jaydev 16013 28762 -12749 4,63,374 8,46,305 37856 INE323B01016 29-Jun-21 Jaydev 7287 7287 0 2,43,589 2,44,756 1167 INE323B01016 29-Jul-21 Jaydev 0 24925 -24925 - 13,57,477 107145 INE323B01016 10-Jun-21 Kokilaben 0 5000 -5000 - 1,45,045 6220 INE323B01016 10-Jun-21 Raj 14000 14000 0 4,09,001 4,17,900 8899 INE323B01016 29-Jun-21 Raj 2829 2829 0 95,948 98,069 2120 INE323B01016 29-Jul-21 Raj 10000 20000 -10000 5,49,250 10,74,380 15643

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE323D01020 07-Jul-21 Himanshu 0 25291 -25291 - 6,74,523 104734 INE323D01020 07-Jul-21 Jaydev 0 31923 -31923 - 8,54,185 93952 INE323J01019 03-Sep-21 Avaniben 5000 5000 0 3,29,487 3,32,418 2931 INE323J01019 23-Aug-21 Himanshu 500 500 0 24,922 25,000 78 INE323J01019 31-Aug-21 Himanshu 9837 9837 0 5,40,242 5,57,992 17750 INE323J01019 03-Sep-21 Himanshu 3700 3700 0 2,42,502 2,40,003 -2499 INE323J01019 07-Jan-21 Jaydev 270 270 0 8,494 8,699 205 INE323J01019 03-Sep-21 Jaydev 0 2000 -2000 - 1,29,600 5897 INE323J01019 07-Jan-21 Kokilaben 2000 2000 0 59,988 62,550 2562 INE323J01019 07-Jan-21 Raj 10000 10000 0 2,99,899 3,10,349 10451 INE323J01019 23-Aug-21 Raj 1500 1500 0 72,173 74,967 2794 INE323J01019 31-Aug-21 Raj 2000 2000 0 1,13,900 1,15,000 1100 INE323J01019 03-Sep-21 Raj 18000 21000 -3000 11,98,401 14,01,247 16706 INE326C01017 19-May-21 Avaniben 5429 9434 -4005 6,45,111 11,75,455 43339 INE326C01017 19-May-21 Himanshu 100 700 -600 11,850 87,447 5986 INE326C01017 19-May-21 Jaydev 3478 1885 1593 4,15,057 2,35,201 1609 INE326C01017 20-May-21 Jaydev 0 2393 -2393 - 3,00,396 16862 INE326C01017 19-May-21 Mahendrabhai 1000 1050 -50 1,23,970 1,28,429 396 INE336X01012 26-Apr-21 Avaniben 3000 3000 0 1,32,000 1,33,464 1464 INE336X01012 17-May-21 Avaniben 8000 8000 0 3,52,382 3,70,845 18463 INE336X01012 07-Jun-21 Avaniben 2104 2104 0 92,470 96,838 4368 INE336X01012 20-Jul-21 Avaniben 15000 18500 -3500 10,68,493 13,02,180 9314 INE336X01012 07-Jun-21 Himanshu 5200 5200 0 2,24,467 2,39,820 15354 INE336X01012 19-Jul-21 Himanshu 54871 27109 27762 33,16,259 17,06,036 33985 INE336X01012 20-Jul-21 Himanshu 1 41250 -41249 68 28,47,783 406445 INE336X01012 17-May-21 Jaydev 2500 2500 0 1,15,646 1,14,714 -932 INE336X01012 07-Jun-21 Jaydev 6300 6300 0 2,89,594 2,85,803 -3791 INE336X01012 19-Jul-21 Jaydev 35360 28165 7195 21,95,482 16,76,259 52572 INE336X01012 20-Jul-21 Jaydev 0 27600 -27600 - 19,05,592 243441 INE336X01012 20-Jul-21 Kokilaben 3000 14700 -11700 2,09,100 10,34,444 90875 INE336X01012 26-Apr-21 Raj 5103 5103 0 2,21,866 2,28,517 6651 INE336X01012 17-May-21 Raj 1000 1000 0 43,881 46,000 2119 INE336X01012 07-Jun-21 Raj 2296 2296 0 1,03,320 1,05,620 2300 INE336X01012 20-Jul-21 Raj 57500 72529 -15029 40,77,925 51,66,917 155868 INE338F01015 04-Jan-21 Avaniben 1035 1035 0 20,628 21,528 901 INE338F01015 15-Jan-21 Avaniben 0 3300 -3300 - 82,335 6505 INE338F01015 04-Jan-21 Himanshu 485 485 0 10,319 10,220 -99 INE338F01015 04-Jan-21 Jaydev 300 300 0 6,225 6,360 135 INE338F01015 13-Jan-21 Jaydev 1918 1217 701 46,114 26,923 -2337 INE338F01015 15-Jan-21 Jaydev 1129 1489 -360 27,989 37,435 948 INE338F01015 18-Jan-21 Jaydev 0 341 -341 - 8,165 -191

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE338F01015 04-Jan-21 Kokilaben 512 512 0 9,993 10,650 657 INE338F01015 13-Jan-21 Kokilaben 1375 1375 0 32,135 31,358 -778 INE338F01015 15-Jan-21 Kokilaben 7000 7450 -450 1,71,113 1,90,932 9245 INE338F01015 04-Jan-21 Raj 15201 15201 0 3,01,162 3,16,925 15763 INE338F01015 13-Jan-21 Raj 14675 14675 0 3,24,724 3,47,476 22751 INE338F01015 15-Jan-21 Raj 1982 4621 -2639 48,735 1,17,485 6827 INE341H01023 22-Jun-21 Avaniben 1851 1851 0 23,138 24,415 1277 INE341H01023 22-Jun-21 Himanshu 60001 60001 0 7,32,907 7,80,779 47872 INE341H01023 22-Jun-21 Jaydev 5000 5000 0 63,682 66,255 2573 INE341H01023 13-Aug-21 Jaydev 0 1500 -1500 - 23,625 150 INE341H01023 22-Jun-21 Raj 10000 10000 0 1,28,949 1,29,096 148 INE344T01014 15-Jun-21 Raj 700 700 0 1,07,088 1,09,834 2746 INE347H01012 22-Jun-21 Avaniben 29520 29520 0 12,11,863 12,56,392 44530 INE347H01012 23-Jun-21 Avaniben 12500 12500 0 5,34,431 5,37,009 2578 INE347H01012 22-Jun-21 Himanshu 6657 6657 0 2,80,430 2,84,388 3958 INE347H01012 23-Jun-21 Himanshu 7500 7500 0 3,20,239 3,24,602 4363 INE347H01012 22-Jun-21 Jaydev 4152 4152 0 1,76,729 1,77,140 410 INE347H01012 23-Jun-21 Jaydev 480 480 0 20,336 20,856 520 INE347H01012 22-Jun-21 Mahendrabhai 7966 7966 0 3,25,348 3,35,905 10557 INE347H01012 22-Jun-21 Raj 23485 23485 0 9,51,658 10,03,969 52311 INE347H01012 23-Jun-21 Raj 16375 16375 0 6,99,731 7,07,473 7742 INE362C01012 12-Jul-21 Avaniben 6000 6000 0 4,72,166 4,70,973 -1193 INE362C01012 12-Jul-21 Himanshu 1000 12415 -11415 79,539 9,80,237 98075 INE362C01012 12-Jul-21 Jaydev 0 18477 -18477 - 14,59,346 109056 INE362C01012 12-Jul-21 Raj 4000 4000 0 3,14,971 3,13,532 -1439 INE363W01018 21-Jan-21 Avaniben 0 2500 -2500 - 64,765 1054 INE363W01018 12-Jan-21 Jaydev 1428 1428 0 38,840 40,303 1462 INE363W01018 12-Jan-21 Kokilaben 3500 3500 0 91,383 97,250 5867 INE363W01018 12-Jan-21 Raj 9635 9635 0 2,42,208 2,60,340 18132 INE368I01016 11-Aug-21 Himanshu 0 67404 -67404 - 36,19,984 248871 INE368I01016 11-Aug-21 Jaydev 0 4574 -4574 - 2,48,548 18407 INE374B01019 19-Oct-21 Himanshu 9435 9435 0 3,91,904 4,18,442 26538.4 INE374B01019 20-Oct-21 Himanshu 30485 30485 0 13,82,935 14,15,828 32893.35 INE383H01017 02-Jun-21 Avaniben 2500 2500 0 78,701 81,768 3067 INE383H01017 03-Jun-21 Avaniben 8500 8500 0 2,88,827 3,00,614 11787 INE383H01017 03-Jun-21 Himanshu 8550 8550 0 2,87,883 3,02,011 14128 INE383H01017 03-Jun-21 Jaydev 9600 9600 0 3,34,265 3,40,340 6075 INE383H01017 03-Jun-21 Kokilaben 2500 2500 0 85,975 88,800 2825 INE383H01017 02-Jun-21 Mahendrabhai 2500 2500 0 79,959 81,500 1542 INE383H01017 03-Jun-21 Mahendrabhai 12500 12500 0 4,28,452 4,42,993 14541 INE383H01017 02-Jun-21 Raj 10000 10000 0 3,08,909 3,23,972 15063

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE383H01017 03-Jun-21 Raj 23000 23000 0 7,89,649 8,13,700 24052 INE383H01017 04-Jun-21 Raj 2780 2780 0 1,02,860 1,03,972 1112 INE385I01010 07-Oct-21 Himanshu 34752 34752 0 20,48,841 21,29,831 80990 INE389D01013 23-Jul-21 Avaniben 5500 5500 0 2,71,783 2,72,537 754 INE389D01013 18-Oct-21 Himanshu 6091 6091 0 2,76,381 2,85,918 9537.15 INE389D01013 23-Jul-21 Jaydev 5000 5000 0 2,41,260 2,45,125 3865 INE389D01013 23-Jul-21 Kokilaben 9190 9190 0 4,56,845 4,59,237 2392 INE389D01013 23-Jul-21 Mahendrabhai 12846 12846 0 5,99,394 6,28,568 29174 INE389D01013 23-Jul-21 Raj 21262 21262 0 9,93,929 10,48,582 54653 INE390G01014 01-Nov-21 Himanshu 37192 23692 13500 32,25,934 21,19,017 0 INE390G01014 02-Nov-21 Himanshu 0 13500 -13500 0 12,55,753 84799.71791 INE390G01014 02-Nov-21 Raj 13057 13057 0 12,05,544 12,07,188 1644.1 INE391D01019 25-May-21 Avaniben 7392 7392 0 7,52,231 7,81,605 29374 INE391D01019 28-May-21 Avaniben 7618 7618 0 8,20,998 8,46,844 25846 INE391D01019 28-May-21 Himanshu 1000 1000 0 1,05,916 1,10,832 4916 INE391D01019 25-May-21 Jaydev 3101 3101 0 3,27,605 3,27,826 221 INE391D01019 28-May-21 Jaydev 2924 2280 644 3,24,519 2,55,379 2334 INE391D01019 31-May-21 Jaydev 0 644 -644 - 72,395 921 INE391D01019 11-Feb-21 Kokilaben 340 340 0 34,678 35,352 674 INE391D01019 25-May-21 Mahendrabhai 5100 5100 0 5,33,841 5,40,405 6564 INE391D01019 11-Feb-21 Raj 3892 3892 0 3,96,590 4,03,461 6871 INE391D01019 28-May-21 Raj 4400 3400 1000 4,88,059 3,81,301 4164 INE391D01019 31-May-21 Raj 0 1000 -1000 - 1,13,031 2109 INE395H01011 04-Feb-21 Avaniben 50 50 0 1,900 1,905 5 INE395H01011 03-Mar-21 Avaniben 0 5000 -5000 - 1,89,300 2800 INE395H01011 19-Mar-21 Avaniben 4000 4000 0 1,51,999 1,56,043 4045 INE395H01011 23-Mar-21 Avaniben 6000 6000 0 2,48,305 2,52,269 3964 INE395H01011 27-Apr-21 Avaniben 14300 14300 0 5,47,800 5,79,833 32032 INE395H01011 01-Jan-21 Jaydev 314 314 0 11,659 12,059 400 INE395H01011 04-Feb-21 Jaydev 225 100 125 8,596 3,895 74 INE395H01011 05-Feb-21 Jaydev 0 125 -125 - 4,925 149 INE395H01011 02-Mar-21 Jaydev 1473 739 734 54,266 27,271 46 INE395H01011 03-Mar-21 Jaydev 1 735 -734 38 28,518 1439 INE395H01011 19-Mar-21 Jaydev 3728 1523 2205 1,45,019 61,240 1995 INE395H01011 22-Mar-21 Jaydev 0 2205 -2205 - 89,293 3519 INE395H01011 23-Mar-21 Jaydev 2618 2618 0 1,07,669 1,09,967 2298 INE395H01011 27-Apr-21 Jaydev 1241 1241 0 49,088 51,231 2143 INE395H01011 01-Jan-21 Kokilaben 700 700 0 25,515 26,487 972 INE395H01011 04-Feb-21 Kokilaben 3500 3500 0 1,30,181 1,33,583 3402 INE395H01011 03-Mar-21 Kokilaben 0 2000 -2000 - 77,102 3108 INE395H01011 23-Mar-21 Kokilaben 3000 2000 1000 1,25,448 84,270 638

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE395H01011 24-Mar-21 Kokilaben 0 1000 -1000 - 42,011 194 INE395H01011 01-Jan-21 Raj 5443 5443 0 1,98,252 2,05,850 7598 INE395H01011 04-Feb-21 Raj 7504 7504 0 2,77,798 2,86,739 8941 INE395H01011 03-Mar-21 Raj 0 11030 -11030 - 4,23,479 16886 INE395H01011 19-Mar-21 Raj 7000 7000 0 2,62,771 2,75,911 13140 INE395H01011 23-Mar-21 Raj 16001 16001 0 6,39,446 6,68,129 28683 INE395H01011 27-Apr-21 Raj 3000 3000 0 1,17,612 1,21,400 3788 INE411D01015 02-Jun-21 Avaniben 1785 1785 0 1,40,985 1,43,172 2187 INE411D01015 23-Aug-21 Avaniben 0 217 -217 - 17,714 962 INE411D01015 27-Oct-21 Avaniben 5000 5000 0 4,24,896 4,12,311 0 INE411D01015 22-Jun-21 Himanshu 3000 3000 0 2,54,769 2,55,747 978 INE411D01015 18-Aug-21 Himanshu 18500 18500 0 15,10,748 15,27,801 17053 INE411D01015 23-Aug-21 Himanshu 2000 17776 -15776 1,64,995 14,61,639 79453 INE411D01015 26-Oct-21 Himanshu 56569 5882 50687 47,26,009 5,01,734 0 INE411D01015 27-Oct-21 Himanshu 0 12858 -12858 0 11,15,335 41124.30371 INE411D01015 27-Oct-21 Himanshu 2000 39829 -37829 1,74,725 34,58,908 124828.6821 INE411D01015 18-Aug-21 Jaydev 1700 1700 0 1,36,958 1,38,380 1422 INE411D01015 23-Aug-21 Jaydev 0 2541 -2541 - 2,10,761 13673 INE411D01015 02-Jun-21 Raj 4746 4746 0 3,72,061 3,78,332 6271 INE411D01015 22-Jun-21 Raj 3611 3611 0 3,06,927 3,06,549 -377 INE411D01015 27-Oct-21 Raj 7500 7500 0 6,36,433 6,24,103 0 INE412C01023 26-May-21 Avaniben 14331 10307 4024 6,91,620 5,09,092 11671 INE412C01023 27-May-21 Avaniben 0 4024 -4024 - 1,89,535 -4665 INE412C01023 26-May-21 Himanshu 1800 1800 0 84,057 89,010 4953 INE412C01023 05-May-21 Jaydev 1900 1900 0 80,249 83,510 3261 INE412C01023 26-May-21 Jaydev 3500 3500 0 1,74,289 1,71,469 -2820 INE412C01023 05-May-21 Raj 10000 10000 0 4,11,872 4,34,250 22378 INE412C01023 26-May-21 Raj 12600 12600 0 6,11,554 6,20,213 8659 INE415A01038 09-Apr-21 Raj 0 300 -300 - 51,751 -53 INE415A01038 12-May-21 Raj 900 900 0 1,92,142 1,88,550 -3592 INE417B01040 16-Mar-21 Avaniben 7422 7422 0 5,34,494 5,42,331 7837 INE417B01040 22-Mar-21 Avaniben 3016 3016 0 2,31,974 2,35,112 3138 INE417B01040 27-Apr-21 Avaniben 10000 10000 0 7,82,331 7,95,975 13644 INE417B01040 20-Sep-21 Himanshu 250 250 0 37,952 37,876 0 INE417B01040 07-Oct-21 Himanshu 13890 9562 4328 21,30,379 14,83,026 16454.29022 INE417B01040 08-Oct-21 Himanshu 21154 0 21154 32,69,272 0 0 INE417B01040 11-Oct-21 Himanshu 0 20378 -20378 0 33,97,132 251841.1177 INE417B01040 11-Oct-21 Himanshu 2950 8054 -5104 4,98,798 13,13,018 26431.49205 INE417B01040 29-Oct-21 Himanshu 2385 2385 0 3,51,530 3,57,117 5586.7 INE417B01040 01-Mar-21 Jaydev 276 151 125 18,652 10,171 -33 INE417B01040 02-Mar-21 Jaydev 0 125 -125 - 8,110 -337

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE417B01040 16-Mar-21 Jaydev 904 904 0 65,088 67,994 2906 INE417B01040 23-Mar-21 Jaydev 0 587 -587 - 46,960 1789 INE417B01040 27-Apr-21 Jaydev 210 210 0 16,607 16,989 382 INE417B01040 22-Mar-21 Kokilaben 3500 3500 0 2,71,390 2,70,866 -524 INE417B01040 16-Mar-21 Mahendrabhai 3525 3525 0 2,57,738 2,63,331 5592 INE417B01040 22-Mar-21 Mahendrabhai 6527 6527 0 5,06,592 5,08,311 1719 INE417B01040 01-Mar-21 Raj 6099 6099 0 4,09,234 4,14,972 5738 INE417B01040 03-Mar-21 Raj 5750 5750 0 3,88,772 3,90,339 1566 INE417B01040 16-Mar-21 Raj 9528 9528 0 6,86,489 7,07,578 21089 INE417B01040 22-Mar-21 Raj 15333 15333 0 11,69,501 11,92,609 23108 INE417B01040 19-Apr-21 Raj 11 5011 -5000 822 3,72,104 -5639 INE419D01026 03-Feb-21 Avaniben 800 800 0 68,800 69,655 855 INE419D01026 05-Jul-21 Avaniben 5000 5000 0 7,22,268 7,22,500 232 INE419D01026 08-Sep-21 Avaniben 10000 10000 0 12,33,933 12,40,004 6072 INE419D01026 03-Feb-21 Himanshu 200 200 0 17,290 17,410 120 INE419D01026 05-Jul-21 Himanshu 3100 3100 0 4,42,663 4,47,952 5289 INE419D01026 08-Sep-21 Himanshu 0 15797 -15797 - 19,33,664 85306 INE419D01026 03-Feb-21 Jaydev 432 432 0 36,897 37,488 591 INE419D01026 05-Jul-21 Jaydev 2000 2000 0 2,89,650 2,89,400 -250 INE419D01026 03-Feb-21 Kokilaben 950 950 0 81,700 82,689 989 INE419D01026 05-Jul-21 Mahendrabhai 5000 5000 0 7,22,444 7,20,291 -2153 INE419D01026 03-Feb-21 Raj 7749 5739 2010 6,63,119 4,99,172 8058 INE419D01026 04-Feb-21 Raj 0 2010 -2010 - 1,79,176 7170 INE419D01026 05-Jul-21 Raj 14500 14500 0 20,75,895 20,95,326 19431 INE419D01026 08-Sep-21 Raj 5000 5000 0 6,15,114 6,19,453 4339 INE419M01019 18-May-21 Avaniben 7700 6700 1000 17,40,352 15,32,589 18257 INE419M01019 19-May-21 Avaniben 500 1500 -1000 1,14,061 3,42,334 2253 INE419M01019 18-May-21 Himanshu 350 350 0 79,164 80,155 991 INE419M01019 18-May-21 Jaydev 1824 1424 400 4,16,956 3,27,315 1796 INE419M01019 19-May-21 Jaydev 0 400 -400 - 93,300 1862 INE419M01019 18-May-21 Kokilaben 5000 5000 0 11,32,349 11,42,900 10552 INE419M01019 18-May-21 Mahendrabhai 2810 2810 0 6,36,545 6,41,665 5121 INE419M01019 18-May-21 Raj 9495 9495 0 21,08,457 21,66,328 57872 INE423D01010 11-May-21 Avaniben 4575 4575 0 4,31,427 4,61,426 29999 INE423D01010 11-May-21 Jaydev 2466 2916 -450 2,42,088 2,93,170 12649 INE423D01010 11-May-21 Kokilaben 2096 2096 0 2,06,978 2,16,875 9897 INE423D01010 11-May-21 Mahendrabhai 1105 1105 0 1,04,192 1,10,560 6368 INE423D01010 11-May-21 Raj 6205 6205 0 6,13,268 6,48,615 35347 INE451L01014 04-Feb-21 Avaniben 100 100 0 11,290 11,350 60 INE451L01014 22-Jul-21 Avaniben 15000 15000 0 15,18,323 15,43,774 25451 INE451L01014 05-Jan-21 Himanshu 300 300 0 29,975 30,285 310

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE451L01014 04-Feb-21 Himanshu 130 130 0 14,739 14,885 146 INE451L01014 14-Jun-21 Himanshu 5000 5000 0 4,84,119 4,96,125 12006 INE451L01014 25-Jun-21 Himanshu 13052 12902 150 12,20,869 12,30,341 23503 INE451L01014 28-Jun-21 Himanshu 0 150 -150 - 15,000 969 INE451L01014 22-Jul-21 Himanshu 61000 61000 0 57,85,787 61,15,921 330134 INE451L01014 03-Sep-21 Himanshu 23327 23327 0 22,07,211 22,79,459 72249 INE451L01014 09-Sep-21 Himanshu 0 2444 -2444 - 2,28,966 1355 INE451L01014 13-Sep-21 Himanshu 1449 1449 0 1,34,364 1,34,757 0 INE451L01014 15-Sep-21 Himanshu 11048 0 11048 10,19,372 0 0 INE451L01014 16-Sep-21 Himanshu 0 2500 -2500 0 2,38,500 7831.032766 INE451L01014 16-Sep-21 Himanshu 0 8548 -8548 0 8,14,372 25669.06723 INE451L01014 29-Sep-21 Himanshu 16645 610 16035 15,34,532 56,258 0 INE451L01014 30-Sep-21 Himanshu 0 219 -219 0 21,100 910.2058126 INE451L01014 30-Sep-21 Himanshu 4000 19816 -15816 3,83,818 18,88,196 48945.67302 INE451L01014 10-Nov-21 Himanshu 3304 0 3304 2,94,006 0 0 INE451L01014 12-Nov-21 Himanshu 2000 3000 -1000 1,78,304 2,71,169 4025.421719 INE451L01014 12-Nov-21 Himanshu 1000 3304 -2304 89,113 3,00,664 6384.928281 INE451L01014 05-Jan-21 Jaydev 260 260 0 26,009 26,207 198 INE451L01014 04-Feb-21 Jaydev 414 719 -305 45,783 79,627 1241 INE451L01014 14-Jun-21 Jaydev 1500 1500 0 1,47,519 1,48,200 681 INE451L01014 25-Jun-21 Jaydev 3043 3043 0 2,88,840 2,92,179 3339 INE451L01014 22-Jul-21 Jaydev 25583 17583 8000 25,52,430 17,56,670 2404 INE451L01014 23-Jul-21 Jaydev 0 8000 -8000 - 8,73,200 75035 INE451L01014 03-Sep-21 Jaydev 251 251 0 24,723 24,623 -100 INE451L01014 05-Jan-21 Kokilaben 200 200 0 19,790 19,940 150 INE451L01014 04-Feb-21 Kokilaben 300 393 -93 33,750 44,029 328 INE451L01014 11-Feb-21 Kokilaben 300 300 0 32,204 31,590 -614 INE451L01014 04-Jun-21 Kokilaben 5500 5500 0 4,95,769 5,14,044 18275 INE451L01014 22-Jul-21 Kokilaben 3000 3000 0 3,10,350 3,11,717 1367 INE451L01014 05-Jan-21 Mahendrabhai 0 4900 -4900 - 4,91,411 14776 INE451L01014 04-Feb-21 Mahendrabhai 627 627 0 69,972 70,876 904 INE451L01014 22-Jul-21 Mahendrabhai 10910 10910 0 10,81,860 10,89,059 7199 INE451L01014 05-Jan-21 Raj 200 200 0 19,800 20,070 270 INE451L01014 04-Feb-21 Raj 6239 6239 0 6,91,123 7,04,736 13613 INE451L01014 11-Feb-21 Raj 1883 1883 0 1,99,332 2,02,085 2753 INE451L01014 27-Apr-21 Raj 0 4500 -4500 - 3,99,204 24665 INE451L01014 14-Jun-21 Raj 5000 5000 0 4,88,268 4,97,988 9720 INE451L01014 22-Jul-21 Raj 31000 31000 0 31,45,270 31,68,806 23537 INE451L01014 03-Sep-21 Raj 1000 1000 0 97,000 96,550 -450 INE451L01014 12-Nov-21 Raj 1000 0 1000 91,750 0 0 INE453D01025 02-Jul-21 Avaniben 25000 25000 0 10,49,843 10,68,295 18452

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE453D01025 02-Jul-21 Himanshu 20000 20000 0 8,35,525 8,56,000 20475 INE453D01025 09-Mar-21 Jaydev 1272 1772 -500 37,717 53,756 1264 INE453D01025 02-Jul-21 Jaydev 17571 17571 0 7,49,044 7,50,029 986 INE453D01025 09-Mar-21 Raj 0 2000 -2000 - 60,600 1200 INE453D01025 04-May-21 Raj 0 3000 -3000 - 90,812 406 INE453D01025 02-Jul-21 Raj 25000 25000 0 10,47,767 10,65,234 17467 INE458B01036 04-Aug-21 Avaniben 10000 10000 0 5,00,608 5,12,284 11676 INE458B01036 24-Aug-21 Avaniben 11500 11500 0 5,82,363 5,91,040 8678 INE458B01036 02-Sep-21 Avaniben 5000 5000 0 2,81,377 2,76,746 -4631 INE458B01036 24-Aug-21 Himanshu 4000 4000 0 2,07,608 2,08,067 459 INE458B01036 02-Sep-21 Himanshu 15805 45310 -29505 8,90,722 25,32,157 128844 INE458B01036 14-Sep-21 Himanshu 12000 12000 0 6,42,485 6,46,830 0 INE458B01036 23-Sep-21 Himanshu 20000 9364 10636 9,76,800 4,65,926 0 INE458B01036 24-Sep-21 Himanshu 0 10636 -10636 0 5,46,097 26634.74728 INE458B01036 06-Oct-21 Himanshu 26678 23879 2799 13,71,574 12,52,746 25074.68537 INE458B01036 07-Oct-21 Himanshu 0 2799 -2799 0 1,42,692 -1210.43537 INE458B01036 10-Nov-21 Himanshu 37610 22320 15290 18,99,166 11,45,666 0 - INE458B01036 11-Nov-21 Himanshu 0 11870 -11870 0 5,79,759 19632.34899 INE458B01036 04-Aug-21 Jaydev 1050 1050 0 53,613 53,657 44 INE458B01036 24-Aug-21 Jaydev 1650 1650 0 83,205 83,985 780 INE458B01036 02-Sep-21 Jaydev 0 2500 -2500 - 1,37,500 4247 INE458B01036 04-Aug-21 Raj 5000 5000 0 2,57,715 2,55,070 -2646 INE458B01036 24-Aug-21 Raj 15872 15872 0 7,73,404 7,98,855 25451 INE458B01036 02-Sep-21 Raj 31500 31500 0 17,66,111 17,59,031 -7080 INE467D01017 19-May-21 Avaniben 3325 2086 1239 1,33,186 92,836 9279 INE467D01017 20-May-21 Avaniben 640 1879 -1239 28,539 89,362 11194 INE467D01017 20-May-21 Jaydev 256 1840 -1584 11,994 89,974 8118 INE467D01017 19-May-21 Kokilaben 4250 3057 1193 1,86,811 1,36,127 1755 INE467D01017 20-May-21 Kokilaben 0 1193 -1193 - 58,700 6261 INE467D01017 19-May-21 Mahendrabhai 4070 4070 0 1,76,048 1,81,195 5147 INE467D01017 19-May-21 Raj 5701 5701 0 2,20,734 2,52,621 31887 INE467D01017 20-May-21 Raj 1550 1550 0 71,756 74,689 2933 INE486D01017 09-Jun-21 Avaniben 0 2190 -2190 - 3,65,974 17065 INE486D01017 10-Jun-21 Avaniben 2000 2000 0 3,33,961 3,35,484 1523 INE486D01017 09-Jun-21 Himanshu 5050 5050 0 8,16,866 8,41,764 24898 INE486D01017 09-Jun-21 Jaydev 3508 3233 275 5,77,548 5,37,337 7652 INE486D01017 10-Jun-21 Jaydev 0 1619 -1619 - 2,71,202 5950 INE486D01017 09-Jun-21 Kokilaben 2000 2000 0 3,29,467 3,31,000 1533 INE486D01017 09-Jun-21 Mahendrabhai 787 1017 -230 1,26,964 1,68,969 5113 INE486D01017 09-Jun-21 Raj 4850 10850 -6000 7,99,546 18,11,059 55280 INE486Y01013 15-Jun-21 Himanshu 2220 2220 0 1,95,838 2,13,006 17169

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE486Y01013 21-Jun-21 Himanshu 4714 4714 0 4,32,389 4,46,951 14562 INE486Y01013 15-Jun-21 Jaydev 524 524 0 49,278 51,064 1786 INE486Y01013 15-Jun-21 Raj 5950 5950 0 5,43,936 5,70,010 26074 INE497D01022 08-Jan-21 Avaniben 6238 6238 0 2,44,348 2,48,922 4574 INE497D01022 05-Feb-21 Avaniben 1010 2210 -1200 35,319 77,867 521 INE497D01022 08-Feb-21 Avaniben 0 1350 -1350 - 48,398 1150 INE497D01022 01-Jan-21 Himanshu 150 151 -1 5,755 5,798 5 INE497D01022 08-Feb-21 Himanshu 0 380 -380 - 13,507 106 INE497D01022 08-Jan-21 Jaydev 1620 570 1050 63,316 23,128 850 INE497D01022 11-Jan-21 Jaydev 1 1051 -1050 39 43,559 2482 INE497D01022 04-Feb-21 Jaydev 1164 236 928 40,883 8,235 -54 INE497D01022 05-Feb-21 Jaydev 1215 795 420 42,321 28,299 507 INE497D01022 08-Feb-21 Jaydev 241 423 -182 8,490 14,872 67 INE497D01022 09-Feb-21 Jaydev 4 1170 -1166 137 39,307 -1637 INE497D01022 08-Jan-21 Kokilaben 3500 3500 0 1,33,403 1,40,710 7307 INE497D01022 04-Feb-21 Kokilaben 2000 150 1850 69,484 5,250 39 INE497D01022 05-Feb-21 Kokilaben 0 71 -71 - 2,517 50 INE497D01022 08-Feb-21 Kokilaben 0 1779 -1779 - 63,155 1349 INE497D01022 01-Jan-21 Raj 1000 1000 0 38,000 38,600 600 INE497D01022 08-Jan-21 Raj 19090 19090 0 7,34,765 7,60,241 25475 INE497D01022 04-Feb-21 Raj 21710 7964 13746 7,41,742 2,80,187 8090 INE497D01022 05-Feb-21 Raj 1000 14746 -13746 34,827 5,22,086 17615 INE511Y01018 05-Jan-21 Avaniben 3600 3600 0 2,97,673 3,02,510 4837 INE511Y01018 11-Jan-21 Avaniben 4133 4133 0 3,69,779 3,77,477 7698 INE511Y01018 06-May-21 Avaniben 2500 2500 0 2,30,320 2,49,602 19282 INE511Y01018 02-Jul-21 Avaniben 5339 5339 0 6,68,413 6,76,145 7732 INE511Y01018 13-Jul-21 Avaniben 16000 16000 0 20,19,671 20,49,686 30015 INE511Y01018 25-Oct-21 Himanshu 1501 1501 0 2,10,641 2,17,691 210641 INE511Y01018 26-Oct-21 Himanshu 18855 18855 0 29,07,040 28,68,001 -39039.25 INE511Y01018 05-Jan-21 Jaydev 480 410 70 39,511 33,624 -125 INE511Y01018 06-Jan-21 Jaydev 0 70 -70 - 5,950 188 INE511Y01018 11-Jan-21 Jaydev 626 626 0 57,022 58,406 1383 INE511Y01018 12-Feb-21 Jaydev 300 300 0 26,093 25,877 -216 INE511Y01018 06-May-21 Jaydev 1300 1300 0 1,29,779 1,29,888 108 INE511Y01018 02-Jul-21 Jaydev 1500 1500 0 1,89,605 1,89,975 370 INE511Y01018 13-Jul-21 Jaydev 4900 4900 0 6,22,742 6,27,977 5234 INE511Y01018 05-Jan-21 Kokilaben 1500 1500 0 1,23,600 1,24,225 625 INE511Y01018 11-Jan-21 Kokilaben 2000 2000 0 1,79,272 1,82,581 3309 INE511Y01018 06-May-21 Kokilaben 2500 2500 0 2,36,157 2,51,250 15093 INE511Y01018 05-Jan-21 Mahendrabhai 865 865 0 71,128 72,481 1353 INE511Y01018 11-Jan-21 Mahendrabhai 850 850 0 75,577 77,618 2041

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE511Y01018 06-May-21 Mahendrabhai 2550 2550 0 2,48,545 2,56,681 8136 INE511Y01018 13-Jul-21 Mahendrabhai 5000 5000 0 6,39,425 6,41,500 2075 INE511Y01018 05-Jan-21 Raj 235 235 0 19,499 19,771 272 INE511Y01018 11-Jan-21 Raj 10466 10466 0 9,20,841 9,49,546 28704 INE511Y01018 12-Feb-21 Raj 825 825 0 70,600 72,112 1512 INE511Y01018 06-May-21 Raj 571 571 0 55,974 57,718 1744 INE511Y01018 02-Jul-21 Raj 13000 13000 0 16,26,149 16,46,764 20615 INE511Y01018 13-Jul-21 Raj 10000 10000 0 12,61,094 12,80,375 19281 INE515C01023 17-May-21 Avaniben 0 5000 -5000 - 1,07,005 13322 INE515C01023 22-Jun-21 Avaniben 5000 5000 0 1,17,500 1,18,792 1292 INE515C01023 22-Jun-21 Himanshu 27680 27680 0 6,19,496 6,52,365 32868 INE515C01023 22-Jun-21 Jaydev 5239 5239 0 1,24,263 1,26,050 1787 INE515C01023 17-May-21 Mahendrabhai 0 5000 -5000 - 1,06,745 9245 INE515C01023 17-May-21 Raj 0 5000 -5000 - 1,05,250 12892 INE515C01023 22-Jun-21 Raj 15304 15304 0 3,53,870 3,63,754 9885 INE528K01029 08-Jan-21 Avaniben 0 5913 -5913 - 2,36,516 8590 INE528K01029 27-Apr-21 Avaniben 12000 12000 0 5,26,004 5,40,007 14003 INE528K01029 08-Jan-21 Himanshu 500 500 0 19,500 20,460 960 INE528K01029 08-Jan-21 Jaydev 900 900 0 35,270 35,886 615 INE528K01029 18-Feb-21 Jaydev 1551 1551 0 63,171 63,844 673 INE528K01029 27-Apr-21 Jaydev 200 200 0 8,820 9,070 250 INE528K01029 18-Feb-21 Kokilaben 2500 2500 0 1,00,948 1,01,756 808 INE528K01029 08-Jan-21 Mahendrabhai 0 5088 -5088 - 2,03,189 10654 INE528K01029 21-Jan-21 Mahendrabhai 714 233 481 29,014 9,370 93 INE528K01029 22-Jan-21 Mahendrabhai 757 618 139 29,014 23,937 -816 INE528K01029 25-Jan-21 Mahendrabhai 33 270 -237 1,226 10,151 -557 INE528K01029 27-Jan-21 Mahendrabhai 21 42 -21 769 1,589 -99 INE528K01029 28-Jan-21 Mahendrabhai 33 33 0 1,206 1,238 -97 INE528K01029 29-Jan-21 Mahendrabhai 33 1608 -1575 1,209 63,017 -409 INE528K01029 08-Jan-21 Raj 0 5500 -5500 - 2,19,272 9484 INE528K01029 18-Feb-21 Raj 10500 10500 0 4,21,457 4,26,831 5374 INE528K01029 09-Aug-21 Raj 5500 5500 0 3,51,912 3,52,647 735 INE529F01035 10-May-21 Avaniben 0 7297 -7297 - 2,76,236 26611 INE529F01035 10-May-21 Himanshu 0 2200 -2200 - 83,936 6701 INE529F01035 10-May-21 Jaydev 0 3000 -3000 - 1,14,750 9333 INE529F01035 17-Jun-21 Jaydev 4012 3662 350 1,99,209 1,79,669 -2060 INE529F01035 18-Jun-21 Jaydev 11353 13912 -2559 5,47,413 6,64,517 -6270 INE529F01035 10-May-21 Mahendrabhai 0 6500 -6500 - 2,48,053 22968 INE529F01035 02-Mar-21 Raj 0 5000 -5000 - 1,90,266 6460 INE529F01035 10-May-21 Raj 0 700 -700 - 26,460 1960 INE529I01021 27-May-21 Avaniben 3500 3500 0 2,37,963 2,41,536 3573

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE529I01021 02-Jun-21 Avaniben 5000 5000 0 3,48,969 3,56,344 7375 INE529I01021 27-May-21 Himanshu 1400 1400 0 92,784 96,740 3956 INE529I01021 16-Jun-21 Himanshu 800 12000 -11200 59,672 9,05,016 29135 INE529I01021 07-Jul-21 Himanshu 32387 32387 0 25,10,302 25,34,556 24254 INE529I01021 10-Aug-21 Himanshu 0 1000 -1000 - 96,314 -86 INE529I01021 27-May-21 Jaydev 700 700 0 48,085 48,650 565 INE529I01021 16-Jun-21 Jaydev 4000 4000 0 3,00,970 3,01,750 780 INE529I01021 07-Jul-21 Jaydev 8408 8408 0 6,60,544 6,60,000 -544 INE529I01021 02-Jun-21 Kokilaben 1400 1400 0 98,689 99,422 733 INE529I01021 02-Jun-21 Mahendrabhai 3531 3531 0 2,47,114 2,50,878 3764 INE529I01021 27-May-21 Raj 7000 7000 0 4,64,873 4,84,054 19181 INE529I01021 02-Jun-21 Raj 5000 5000 0 3,43,701 3,57,216 13515 INE529I01021 16-Jun-21 Raj 0 15000 -15000 - 11,30,262 22037 INE539B01017 02-Jul-21 Avaniben 11500 11500 0 7,21,298 7,26,367 5069 INE539B01017 16-Aug-21 Himanshu 6454 36546 -30092 4,75,921 27,31,990 264052 INE539B01017 02-Jul-21 Jaydev 6000 6000 0 3,75,903 3,78,528 2625 INE539B01017 02-Jul-21 Mahendrabhai 10000 10000 0 6,27,927 6,30,190 2263 INE539B01017 02-Jul-21 Raj 21219 21219 0 13,09,995 13,43,724 33729 INE561C01019 27-Apr-21 Avaniben 9000 9000 0 7,00,223 7,29,308 29085 INE561C01019 14-Jul-21 Himanshu 0 30000 -30000 - 36,17,712 337715 INE561C01019 30-Jul-21 Himanshu 2500 2500 0 3,26,355 3,26,200 -155 INE561C01019 11-Aug-21 Himanshu 3000 3000 0 3,40,997 3,41,609 612 INE561C01019 30-Sep-21 Himanshu 816 0 816 1,15,416 0 0 INE561C01019 01-Oct-21 Himanshu 0 816 -816 0 1,16,743 1327.55 INE561C01019 05-Oct-21 Himanshu 15250 4663 10587 23,52,653 7,38,715 0 INE561C01019 06-Oct-21 Himanshu 2000 12587 -10587 3,36,378 21,03,101 133441.4219 INE561C01019 23-Feb-21 Jaydev 692 8 684 56,148 652 3 INE561C01019 24-Feb-21 Jaydev 0 684 -684 - 56,654 1155 INE561C01019 08-Mar-21 Jaydev 506 6 500 41,603 494 1 INE561C01019 09-Mar-21 Jaydev 0 500 -500 - 41,890 781 INE561C01019 01-Apr-21 Jaydev 305 305 0 23,486 23,617 130 INE561C01019 08-Apr-21 Jaydev 300 300 0 24,938 25,395 458 INE561C01019 27-Apr-21 Jaydev 200 200 0 16,015 16,590 575 INE561C01019 05-May-21 Jaydev 470 470 0 40,008 40,585 576 INE561C01019 14-Jul-21 Jaydev 0 12750 -12750 - 15,29,850 92659 INE561C01019 30-Jul-21 Jaydev 500 500 0 65,694 65,500 -194 INE561C01019 30-Aug-21 Jaydev 0 500 -500 - 62,501 -449 INE561C01019 05-May-21 Kokilaben 4000 4000 0 3,26,603 3,43,650 17047 INE561C01019 23-Feb-21 Raj 3794 3794 0 3,03,954 3,09,009 5055 INE561C01019 08-Mar-21 Raj 7130 7130 0 5,78,475 5,86,138 7662 INE561C01019 01-Apr-21 Raj 1801 1801 0 1,37,540 1,39,168 1628

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE561C01019 09-Apr-21 Raj 3662 3662 0 3,11,221 3,13,929 2708 INE561C01019 13-Apr-21 Raj 2100 2100 0 1,64,214 1,65,587 1373 INE561C01019 05-May-21 Raj 1250 1250 0 1,02,928 1,06,125 3197 INE561C01019 14-Jul-21 Raj 2000 2000 0 2,42,079 2,40,302 -1776 INE561C01019 05-Aug-21 Raj 1000 1000 0 1,31,773 1,28,753 -3020 INE561C01019 26-Aug-21 Raj 1888 1888 0 2,33,572 2,38,643 5071 INE561M01018 14-Jul-21 Avaniben 15000 15000 0 11,13,179 11,48,373 35193 INE561M01018 06-Sep-21 Avaniben 2500 2500 0 2,20,978 2,18,473 -2506 INE561M01018 29-Jun-21 Himanshu 20000 20000 0 12,24,523 12,48,379 23856 INE561M01018 09-Jul-21 Himanshu 16050 16050 0 10,68,508 11,22,928 54420 INE561M01018 30-Aug-21 Himanshu 6010 6010 0 5,16,842 5,10,443 -6398 INE561M01018 09-Jul-21 Jaydev 1421 1421 0 98,214 99,353 1139 INE561M01018 14-Jul-21 Jaydev 4500 4500 0 3,43,679 3,45,800 2121 INE561M01018 30-Aug-21 Jaydev 0 1500 -1500 - 1,29,000 5413 INE561M01018 06-Sep-21 Jaydev 1500 1500 0 1,32,592 1,33,058 466 INE561M01018 14-Jul-21 Kokilaben 6893 6893 0 5,14,238 5,29,427 15189 INE561M01018 14-Jul-21 Mahendrabhai 5000 5000 0 3,69,767 3,83,250 13483 INE561M01018 29-Jun-21 Raj 7250 7250 0 4,56,040 4,61,524 5484 INE561M01018 09-Jul-21 Raj 3000 3000 0 2,12,123 2,13,128 1005 INE561M01018 14-Jul-21 Raj 17037 16394 643 13,03,407 12,69,131 14916 INE561M01018 22-Jul-21 Raj 0 643 -643 - 50,893 1701 INE561M01018 30-Aug-21 Raj 3000 3000 0 2,58,000 2,55,158 -2842 INE561M01018 06-Sep-21 Raj 3000 3000 0 2,62,417 2,66,125 3708 INE569C01020 01-Jan-21 Avaniben 4232 4232 0 97,971 99,477 1506 INE569C01020 08-Jan-21 Avaniben 5000 5000 0 1,24,312 1,28,147 3835 INE569C01020 01-Feb-21 Avaniben 0 2102 -2102 - 52,559 1131 INE569C01020 01-Jan-21 Himanshu 600 600 0 13,890 14,130 240 INE569C01020 29-Oct-21 Himanshu 40533 25000 15533 11,11,351 7,23,338 0 INE569C01020 01-Nov-21 Himanshu 0 15533 -15533 0 4,69,198 43307.11234 INE569C01020 01-Jan-21 Jaydev 500 300 200 11,682 7,065 56 INE569C01020 04-Jan-21 Jaydev 0 200 -200 - 4,850 177 INE569C01020 08-Jan-21 Jaydev 1900 1900 0 47,755 48,930 1175 INE569C01020 14-Jan-21 Jaydev 980 980 0 25,547 25,476 -72 INE569C01020 16-Mar-21 Jaydev 950 950 0 23,114 23,608 493 INE569C01020 01-Jan-21 Kokilaben 500 500 0 11,519 11,775 256 INE569C01020 14-Jan-21 Kokilaben 4000 4000 0 98,835 1,03,981 5146 INE569C01020 14-Jan-21 Mahendrabhai 7414 8800 -1386 1,82,802 2,30,342 12921 INE569C01020 16-Feb-21 Mahendrabhai 0 120 -120 - 2,784 -31 INE569C01020 17-Feb-21 Mahendrabhai 21 21 0 470 476 -22 INE569C01020 18-Feb-21 Mahendrabhai 66 1452 -1386 1,530 33,765 -257 INE569C01020 01-Jan-21 Raj 5000 5000 0 1,14,953 1,18,000 3047

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE569C01020 08-Jan-21 Raj 28587 28587 0 6,93,713 7,33,636 39923 INE569C01020 14-Jan-21 Raj 19020 19020 0 4,86,952 4,97,568 10615 INE569C01020 29-Jan-21 Raj 9378 3903 5475 2,28,857 95,996 749 INE569C01020 01-Feb-21 Raj 0 5475 -5475 - 1,37,226 3616 INE569C01020 16-Mar-21 Raj 11936 11936 0 2,82,183 2,91,688 9505 INE570D01018 27-Oct-21 Himanshu 13053 0 13053 14,97,719 0 0 INE570D01018 28-Oct-21 Himanshu 0 1981 -1981 0 2,45,374 18071.78125 INE570D01018 28-Oct-21 Himanshu 1000 12072 -11072 1,26,013 14,84,625 88195.96875 INE570D01018 02-Nov-21 Himanshu 17000 17000 0 20,28,238 20,60,442 32204.6 INE573R01012 12-Jan-21 Avaniben 1000 1000 0 68,000 68,552 552 INE573R01012 18-Mar-21 Avaniben 4620 4620 0 2,78,806 2,87,142 8337 INE573R01012 11-Jun-21 Avaniben 500 500 0 32,160 33,350 1190 INE573R01012 14-Jun-21 Avaniben 3000 3000 0 2,12,963 2,15,200 2237 INE573R01012 19-Jan-21 Himanshu 110 110 0 7,262 7,238 -24 INE573R01012 11-Jun-21 Himanshu 11000 11000 0 6,92,831 7,34,891 42061 INE573R01012 14-Jun-21 Himanshu 2000 2000 0 1,39,631 1,39,144 -487 INE573R01012 19-Oct-21 Himanshu 56578 56578 0 33,03,018 33,53,327 50308.45 INE573R01012 20-Oct-21 Himanshu 40000 35000 5000 23,65,027 21,70,979 101580.925 INE573R01012 21-Oct-21 Himanshu 0 763 -763 0 49,484 4371.417605 - INE573R01012 21-Oct-21 Himanshu 58968 63205 -4237 38,64,828 39,97,323 118020.4926 INE573R01012 12-Jan-21 Jaydev 250 250 0 17,272 17,105 -167 INE573R01012 18-Mar-21 Jaydev 725 725 0 44,982 45,003 20 INE573R01012 11-Jun-21 Jaydev 15950 15950 0 10,65,114 10,73,066 7952 INE573R01012 12-Jan-21 Raj 5000 5000 0 3,37,443 3,45,031 7588 INE573R01012 19-Jan-21 Raj 1515 1515 0 98,747 99,974 1227 INE573R01012 18-Mar-21 Raj 500 500 0 31,000 31,075 75 INE573R01012 11-Jun-21 Raj 15180 15180 0 9,84,836 10,18,891 34055 INE573R01012 14-Jun-21 Raj 12500 12500 0 8,71,042 8,82,093 11051 INE575C01027 22-Jun-21 Avaniben 2500 2500 0 1,44,636 1,47,150 2514 INE575C01027 08-Jul-21 Avaniben 0 4800 -4800 - 3,73,200 30903 INE575C01027 22-Jun-21 Himanshu 2150 2150 0 1,24,624 1,26,850 2226 INE575C01027 08-Jul-21 Himanshu 0 33926 -33926 - 26,45,563 337368 INE575C01027 22-Jun-21 Jaydev 4500 4500 0 2,65,505 2,61,335 -4170 INE575C01027 08-Jul-21 Jaydev 0 13571 -13571 - 10,57,807 103100 INE575C01027 22-Jun-21 Mahendrabhai 4000 4000 0 2,32,000 2,34,763 2763 INE575C01027 08-Jul-21 Mahendrabhai 4000 4000 0 3,12,088 3,08,000 -4088 INE575C01027 16-Feb-21 Raj 2281 2281 0 95,649 98,342 2693 INE575C01027 22-Jun-21 Raj 28041 28041 0 16,12,960 16,57,661 44701 INE575C01027 08-Jul-21 Raj 0 8000 -8000 - 6,24,208 55618 INE575I01016 09-Aug-21 Himanshu 26713 26713 0 8,14,693 8,50,042 35349 INE575I01016 06-Sep-21 Himanshu 0 49091 -49091 - 16,35,421 239363

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE575I01016 05-Oct-21 Himanshu 15850 15850 0 4,70,725 4,92,442 21717.3 INE575I01016 14-Oct-21 Himanshu 94584 62057 32527 29,59,453 20,70,287 0 INE575I01016 18-Oct-21 Himanshu 5000 37527 -32527 1,86,250 13,95,465 191473.0007 INE575I01016 09-Aug-21 Jaydev 5000 5000 0 1,54,768 1,56,950 2182 INE575I01016 18-Oct-21 Raj 13000 13000 0 4,96,074 4,80,666 -15407.8 INE577L01016 09-Aug-21 Himanshu 0 18260 -18260 - 22,62,803 223352 INE577L01016 17-Aug-21 Himanshu 13126 13126 0 15,15,713 15,49,646 33933 INE577L01016 17-Aug-21 Jaydev 1000 1000 0 1,13,564 1,14,865 1301 INE579B01039 29-Jun-21 Avaniben 500 2066 -1566 26,425 1,08,638 3669 INE579B01039 30-Jun-21 Avaniben 5300 5734 -434 2,85,735 3,12,980 9333 INE579B01039 14-Jul-21 Avaniben 0 2000 -2000 - 1,08,000 2089 INE579B01039 29-Jun-21 Himanshu 2000 19500 -17500 1,02,070 10,16,059 92043 INE579B01039 29-Jun-21 Jaydev 16284 5811 10473 8,47,021 3,07,934 60 INE579B01039 30-Jun-21 Jaydev 0 10578 -10578 - 5,69,141 19031 INE579B01039 29-Jun-21 Raj 7825 11462 -3637 4,08,631 6,03,521 13894 INE579B01039 30-Jun-21 Raj 4000 5260 -1260 2,14,836 2,87,656 10770 INE579B01039 13-Jul-21 Raj 0 603 -603 - 30,150 -1592 INE579B01039 14-Jul-21 Raj 0 1000 -1000 - 55,100 2460 INE592B01016 07-Oct-21 Himanshu 26204 26204 0 19,40,326 20,25,971 85644.8 INE592B01016 12-Oct-21 Himanshu 54314 34021 20293 42,05,823 27,60,572 126144.3466 INE592B01016 18-Oct-21 Himanshu 0 2649 -2649 0 2,18,706 13580.21149 INE592B01016 18-Oct-21 Himanshu 76123 46652 29471 62,44,280 38,47,972 61486.72113 INE592B01016 19-Oct-21 Himanshu 0 20763 -20763 0 17,90,905 105686.8263 INE592B01016 19-Oct-21 Himanshu 10000 36352 -26352 8,73,439 31,50,354 138068.5445 INE594B01012 03-Jun-21 Avaniben 5000 5000 0 2,56,311 2,65,028 8717 INE594B01012 11-Oct-21 Himanshu 26648 0 26648 20,20,381 0 0 INE594B01012 12-Oct-21 Himanshu 0 26648 -26648 0 21,96,330 175949.5 INE594B01012 03-Jun-21 Mahendrabhai 4000 4000 0 2,07,298 2,10,729 3432 INE594B01012 08-Apr-21 Raj 8325 8325 0 3,16,117 3,25,702 9585 INE594B01012 03-Jun-21 Raj 5300 5300 0 2,68,626 2,81,002 12376 INE595R01023 10-Aug-21 Himanshu 30399 109129 -78730 3,36,464 12,07,759 170206 INE595R01023 10-Aug-21 Jaydev 10000 30000 -20000 1,12,675 3,29,905 30877 INE595R01023 10-Aug-21 Raj 0 10000 -10000 - 1,09,000 17726 INE606A01024 25-May-21 Avaniben 16000 16000 0 4,41,530 4,75,026 33496 INE606A01024 01-Jul-21 Avaniben 5000 5000 0 1,70,507 1,73,220 2713 INE606A01024 25-May-21 Himanshu 3000 3000 0 85,799 88,500 2701 INE606A01024 27-May-21 Himanshu 2500 2500 0 75,589 76,838 1250 INE606A01024 01-Sep-21 Himanshu 3500 3500 0 1,13,608 1,16,098 2490 INE606A01024 25-May-21 Jaydev 5050 5050 0 1,46,260 1,49,715 3455 INE606A01024 01-Jul-21 Mahendrabhai 5000 5000 0 1,71,000 1,73,625 2625 INE606A01024 27-May-21 Raj 11000 11000 0 3,34,340 3,36,220 1880

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE606A01024 01-Jul-21 Raj 10854 10854 0 3,63,842 3,74,669 10827 INE606A01024 02-Aug-21 Raj 0 10000 -10000 - 3,77,685 12685 INE606A01024 01-Sep-21 Raj 10000 10000 0 3,00,989 3,17,330 16342 INE629D01012 28-Oct-21 Himanshu 15984 400 15584 31,04,098 78,419 0 INE629D01012 29-Oct-21 Himanshu 2101 17385 -15284 4,23,470 34,76,478 85112.7881 INE629D01012 01-Nov-21 Himanshu 0 300 -300 0 62,121 3598.735774 INE631A01022 21-Jan-21 Avaniben 0 3000 -3000 - 3,72,229 228 INE631A01022 25-Feb-21 Avaniben 0 500 -500 - 71,749 2027 INE631A01022 06-May-21 Avaniben 0 1000 -1000 - 1,54,700 9814 INE631A01022 20-Jan-21 Himanshu 740 550 190 91,812 68,053 -186 INE631A01022 21-Jan-21 Himanshu 0 190 -190 - 23,636 63 INE631A01022 26-Jul-21 Himanshu 22000 22000 0 34,12,762 34,00,149 -12612 INE631A01022 05-Jan-21 Jaydev 285 285 0 35,608 35,759 151 INE631A01022 20-Jan-21 Jaydev 157 22 135 19,516 2,721 -13 INE631A01022 21-Jan-21 Jaydev 30 30 0 3,728 3,725 -4 INE631A01022 22-Jan-21 Jaydev 0 135 -135 - 16,593 -187 INE631A01022 25-Feb-21 Jaydev 500 856 -356 71,541 1,21,194 165 INE631A01022 06-May-21 Jaydev 0 620 -620 - 96,019 6321 INE631A01022 21-Jan-21 Kokilaben 0 400 -400 - 49,620 40 INE631A01022 06-May-21 Kokilaben 0 1500 -1500 - 2,32,050 14391 INE631A01022 04-Jan-21 Mahendrabhai 147 37 110 17,988 4,520 -2 INE631A01022 05-Jan-21 Mahendrabhai 10 837 -827 1,223 1,03,757 1294 INE631A01022 20-Jan-21 Mahendrabhai 53 751 -698 6,477 92,298 810 INE631A01022 05-Jan-21 Raj 5747 5747 0 7,06,769 7,16,066 9297 INE631A01022 20-Jan-21 Raj 10542 9109 1433 12,98,505 11,34,450 12454 INE631A01022 21-Jan-21 Raj 0 1433 -1433 - 1,77,475 966 INE631A01022 25-Feb-21 Raj 0 1500 -1500 - 2,15,750 5198 INE631A01022 06-May-21 Raj 0 9500 -9500 - 14,92,991 125056 INE631A01022 26-Jul-21 Raj 10000 10000 0 15,50,000 15,29,370 -20630 INE635D01027 15-Jul-21 Himanshu 0 39756 -39756 - 13,37,789 147410 INE638A01035 18-Jun-21 Avaniben 12700 12700 0 6,65,048 6,79,722 14674 INE638A01035 18-Jun-21 Himanshu 17402 28392 -10990 9,04,257 15,12,221 41121 INE638A01035 21-Jun-21 Himanshu 0 2010 -2010 - 1,04,520 374 INE638A01035 18-Jun-21 Jaydev 18903 3402 15501 9,96,870 1,82,980 3572 INE638A01035 21-Jun-21 Jaydev 0 15501 -15501 - 8,21,033 3571 INE638A01035 18-Jun-21 Kokilaben 5000 5000 0 2,60,000 2,67,500 7500 INE638A01035 18-Jun-21 Mahendrabhai 10000 10000 0 5,23,658 5,31,026 7368 INE638A01035 18-Jun-21 Raj 17900 15900 2000 9,32,267 8,51,032 23092 INE638A01035 21-Jun-21 Raj 0 7750 -7750 - 4,11,083 7528 INE644Y01017 11-Jan-21 Avaniben 50 50 0 2,033 2,060 28 INE644Y01017 04-Jan-21 Himanshu 3156 3156 0 1,10,702 1,11,101 400

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE644Y01017 06-Jan-21 Himanshu 1500 1500 0 56,735 56,371 -364 INE644Y01017 04-Jan-21 Jaydev 910 910 0 31,710 32,084 374 INE644Y01017 06-Jan-21 Jaydev 1300 1180 120 48,827 44,832 512 INE644Y01017 07-Jan-21 Jaydev 250 370 -120 9,609 14,100 -16 INE644Y01017 11-Jan-21 Jaydev 755 755 0 30,733 31,440 707 INE644Y01017 04-Jan-21 Kokilaben 1200 1200 0 41,440 42,138 698 INE644Y01017 06-Jan-21 Kokilaben 2298 2298 0 83,953 86,635 2682 INE644Y01017 11-Jan-21 Kokilaben 1500 1500 0 60,619 61,650 1031 INE644Y01017 06-Jan-21 Mahendrabhai 2090 3301 -1211 73,302 1,24,415 9863 INE644Y01017 04-Jan-21 Raj 14486 14486 0 4,97,040 5,08,723 11684 INE644Y01017 06-Jan-21 Raj 22200 22010 190 8,14,359 8,31,831 24441 INE644Y01017 07-Jan-21 Raj 0 190 -190 - 7,211 241 INE644Y01017 08-Jan-21 Raj 8095 3500 4595 3,03,036 1,36,185 5163 INE644Y01017 11-Jan-21 Raj 15000 19595 -4595 5,98,485 8,03,311 32813 INE648Z01015 13-Jul-21 Avaniben 6000 6000 0 5,61,894 5,73,976 12083 INE648Z01015 12-Oct-21 Avaniben 1000 1000 0 1,55,000 1,52,150 -2850.3 INE648Z01015 05-Oct-21 Himanshu 6406 6406 0 8,82,646 8,96,068 13421.8 INE648Z01015 11-Oct-21 Himanshu 7172 7172 0 10,38,711 10,47,071 8360.15 INE648Z01015 12-Oct-21 Himanshu 36046 36046 0 54,52,712 55,73,678 120965.7 INE648Z01015 13-Jul-21 Jaydev 1177 1177 0 1,11,738 1,12,709 971 INE648Z01015 13-Jul-21 Raj 3500 3500 0 3,25,062 3,35,550 10488 INE648Z01015 02-Sep-21 Raj 8373 8373 0 10,67,406 10,74,866 7460 INE668D01028 10-Nov-21 Avaniben 10000 0 10000 6,44,390 0 0 INE668D01028 11-Nov-21 Avaniben 0 10000 -10000 0 6,51,101 6710.95 INE668D01028 14-Sep-21 Himanshu 8240 0 8240 5,00,254 0 0 INE668D01028 15-Sep-21 Himanshu 0 8240 -8240 0 5,24,379 24124.25 INE668D01028 11-Oct-21 Himanshu 22003 22003 0 12,93,305 13,46,717 53411.75 INE668D01028 10-Nov-21 Himanshu 25953 24278 1675 16,59,666 15,58,201 0 INE668D01028 11-Nov-21 Himanshu 0 1675 -1675 0 1,12,225 5110.566794 INE668D01028 10-Nov-21 Raj 25300 0 25300 16,18,651 0 0 INE668D01028 11-Nov-21 Raj 20000 45300 -25300 13,39,611 30,09,157 50895.5 INE677H01012 19-May-21 Avaniben 5000 5000 0 1,86,823 1,98,128 11305 INE677H01012 21-May-21 Avaniben 21000 21000 0 9,13,855 9,10,642 -3213 INE677H01012 14-Jul-21 Avaniben 25000 25000 0 15,11,311 15,28,655 17344 INE677H01012 04-Jan-21 Himanshu 2150 2150 0 99,405 99,745 340 INE677H01012 06-Jul-21 Himanshu 28790 28790 0 13,13,774 13,59,909 46135 INE677H01012 04-Jan-21 Jaydev 670 670 0 30,620 31,120 500 INE677H01012 19-May-21 Jaydev 740 740 0 28,787 29,755 968 INE677H01012 20-May-21 Jaydev 4550 4550 0 1,90,436 1,92,576 2141 INE677H01012 21-May-21 Jaydev 1000 1000 0 43,800 43,850 50 INE677H01012 06-Jul-21 Jaydev 2178 2178 0 1,01,709 1,03,346 1637

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE677H01012 14-Jul-21 Jaydev 14589 14589 0 8,74,603 8,82,825 8223 INE677H01012 04-Jan-21 Kokilaben 1400 1400 0 63,450 64,850 1400 INE677H01012 20-May-21 Kokilaben 22000 22000 0 9,10,826 9,43,808 32981 INE677H01012 14-Jul-21 Kokilaben 10000 10000 0 6,03,805 6,08,558 4753 INE677H01012 14-Jul-21 Mahendrabhai 10000 10000 0 5,99,960 6,06,682 6721 INE677H01012 04-Jan-21 Raj 12112 12112 0 5,44,115 5,59,214 15099 INE677H01012 19-May-21 Raj 5100 5100 0 1,90,180 2,02,505 12325 INE677H01012 06-Jul-21 Raj 5000 5000 0 2,36,750 2,39,501 2751 INE677H01012 14-Jul-21 Raj 30500 30500 0 18,00,479 18,55,956 55477 INE687C01012 08-Jun-21 Avaniben 2433 2433 0 1,40,867 1,46,250 5383 INE687C01012 06-Jul-21 Himanshu 0 35000 -35000 - 25,22,447 328752 INE687C01012 06-Jul-21 Jaydev 0 7800 -7800 - 5,55,910 61552 INE687C01012 07-Jun-21 Raj 5530 5530 0 2,94,455 3,09,775 15320 INE687C01012 08-Jun-21 Raj 5000 5000 0 2,78,414 3,02,274 23860 INE687C01012 06-Jul-21 Raj 7000 7000 0 5,14,164 5,13,247 -917 INE688E01024 17-Feb-21 Avaniben 4000 4000 0 5,02,516 5,09,166 6650 INE688E01024 07-May-21 Avaniben 5000 5000 0 5,96,170 6,17,475 21305 INE688E01024 17-Feb-21 Jaydev 932 506 426 1,17,980 64,572 518 INE688E01024 18-Feb-21 Jaydev 0 426 -426 - 54,669 743 INE688E01024 10-Mar-21 Jaydev 13 13 0 1,667 1,661 -5 INE688E01024 07-May-21 Jaydev 1241 1241 0 1,51,505 1,54,723 3218 INE688E01024 17-Feb-21 Kokilaben 2200 2200 0 2,77,597 2,80,348 2750 INE688E01024 07-May-21 Kokilaben 904 904 0 1,10,288 1,12,098 1810 INE688E01024 17-Feb-21 Mahendrabhai 2000 2000 0 2,53,722 2,54,896 1174 INE688E01024 07-May-21 Mahendrabhai 2659 2659 0 3,19,185 3,31,435 12250 INE688E01024 10-Mar-21 Raj 5000 5000 0 6,34,289 6,38,043 3754 INE692B01014 13-Jul-21 Avaniben 25000 25000 0 7,77,036 8,06,873 29837 INE692B01014 13-Jul-21 Himanshu 26000 26000 0 8,29,395 8,44,411 15017 INE692B01014 13-Jul-21 Jaydev 5500 5500 0 1,76,865 1,78,350 1485 INE692B01014 13-Jul-21 Mahendrabhai 15000 15000 0 4,74,878 4,85,466 10588 INE692B01014 13-Jul-21 Raj 45000 45000 0 14,24,353 14,64,902 40549 INE703C01025 03-Aug-21 Avaniben 9658 9658 0 9,71,978 8,54,726 -117252 INE703C01025 03-Aug-21 Himanshu 3000 32000 -29000 3,02,328 31,35,202 410717 INE703C01025 03-Aug-21 Jaydev 2000 5787 -3787 2,01,231 5,69,149 42993 INE703C01025 03-Aug-21 Raj 17342 17342 0 17,13,792 16,57,058 -56734 INE705C01020 14-May-21 Avaniben 10000 12500 -2500 18,99,171 24,77,032 134337 INE705C01020 22-Jun-21 Himanshu 2871 60 2811 5,77,472 12,090 137 INE705C01020 23-Jun-21 Himanshu 0 5671 -5671 - 11,40,151 12412 INE705C01020 14-May-21 Jaydev 1930 1779 151 3,73,660 3,45,595 7236 INE705C01020 17-May-21 Jaydev 0 943 -943 - 1,98,185 18830 INE705C01020 14-May-21 Kokilaben 6777 6777 0 12,95,636 13,39,805 44169

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE705C01020 14-May-21 Mahendrabhai 1400 3406 -2006 2,60,909 6,63,330 44465 INE705C01020 14-May-21 Raj 3250 3250 0 5,89,312 6,30,411 41100 INE705C01020 23-Jun-21 Raj 0 170 -170 - 34,184 695 INE710D01010 18-May-21 Avaniben 12000 12000 0 3,71,196 4,11,828 40632 INE710D01010 18-May-21 Jaydev 5650 5650 0 1,93,019 1,93,987 969 INE710D01010 23-Jul-21 Mahendrabhai 7807 7807 0 3,49,836 3,71,990 22154 INE710D01010 18-May-21 Raj 1001 1001 0 30,435 34,434 3999 INE710D01010 23-Jul-21 Raj 16127 16127 0 7,21,245 7,65,867 44622 INE711C01010 22-Jul-21 Avaniben 4219 9219 -5000 7,14,444 15,71,677 86506 INE711C01010 22-Jul-21 Himanshu 2000 12750 -10750 3,37,825 21,55,621 258503 INE711C01010 22-Jul-21 Jaydev 1350 7643 -6293 2,34,138 12,99,132 94348 INE711C01010 22-Jul-21 Kokilaben 3050 3050 0 5,25,305 5,13,222 -12084 INE711C01010 22-Jul-21 Mahendrabhai 0 3000 -3000 - 5,14,350 49350 INE711C01010 22-Jul-21 Raj 10400 13400 -3000 17,84,507 22,92,583 49076 INE712A01012 06-Oct-21 Himanshu 1728 1728 0 1,43,019 1,48,094 0 INE712A01012 13-Oct-21 Himanshu 10978 10978 0 9,68,715 10,83,470 114755.15 INE712A01012 13-Oct-21 Raj 4000 4000 0 3,96,405 3,98,600 2195.05 INE712B01010 08-Jun-21 Avaniben 2000 2000 0 3,25,752 3,29,300 3548 INE712B01010 17-Jun-21 Avaniben 4000 4000 0 6,66,661 6,76,540 9878 INE712B01010 24-Aug-21 Avaniben 3195 3195 0 5,03,890 5,18,244 14354 INE712B01010 24-Aug-21 Himanshu 3500 3500 0 5,78,192 5,73,109 -5083 INE712B01010 13-Oct-21 Himanshu 26055 4105 21950 46,23,520 7,69,965 0 INE712B01010 14-Oct-21 Himanshu 0 500 -500 0 97,000 8273.851468 INE712B01010 14-Oct-21 Himanshu 2500 23950 -21450 4,87,376 46,00,826 307098.278 INE712B01010 05-May-21 Jaydev 660 660 0 83,794 85,072 1278 INE712B01010 08-Jun-21 Jaydev 340 340 0 55,597 55,964 367 INE712B01010 08-Jun-21 Mahendrabhai 2500 2500 0 4,07,436 4,11,875 4439 INE712B01010 05-May-21 Raj 4000 4000 0 4,96,346 5,12,605 16259 INE712B01010 08-Jun-21 Raj 7800 7800 0 12,63,272 12,83,973 20701 INE712B01010 24-Aug-21 Raj 1055 1055 0 1,72,573 1,73,352 778 INE712B01010 14-Oct-21 Raj 8745 8745 0 17,23,041 17,33,149 10108.4 INE714D01012 05-Aug-21 Avaniben 2000 4000 -2000 1,10,869 2,17,840 1248 INE714D01012 05-Aug-21 Himanshu 1991 6556 -4565 1,10,700 3,57,313 25897 INE714D01012 05-Aug-21 Jaydev 0 3650 -3650 - 2,00,685 11126 INE714D01012 05-Aug-21 Raj 1000 9000 -8000 55,603 4,93,400 17280 INE714D01012 05-Aug-21 Switiben 0 450 -450 - 24,690 1538 INE716F01012 19-Oct-21 Himanshu 18703 18703 0 7,63,206 7,94,002 30796.6 INE716F01012 22-Oct-21 Himanshu 2500 0 2500 1,10,870 0 0 INE716F01012 25-Oct-21 Himanshu 1370 6988 -5618 60,789 3,30,302 11264.6245 INE720A01015 21-Oct-21 Himanshu 36915 36915 0 19,05,028 19,55,193 50165.5 INE737D01021 07-Jul-21 Avaniben 15000 15000 0 13,12,673 13,35,763 23090

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE737D01021 27-Jul-21 Avaniben 5000 5000 0 4,49,942 4,57,192 7250 INE737D01021 29-Jul-21 Avaniben 15000 15000 0 14,21,806 13,83,968 -37838 INE737D01021 27-Jul-21 Jaydev 4000 4000 0 3,63,333 3,66,200 2867 INE737D01021 29-Jul-21 Jaydev 11250 11250 0 10,54,957 10,52,826 -2131 INE737D01021 07-Jul-21 Kokilaben 9709 9709 0 8,52,548 8,64,550 12001 INE737D01021 29-Jul-21 Kokilaben 10000 10000 0 9,53,201 9,28,670 -24531 INE737D01021 07-Jul-21 Mahendrabhai 5000 5000 0 4,39,321 4,45,500 6179 INE737D01021 29-Jul-21 Mahendrabhai 5000 5000 0 4,74,092 4,65,000 -9092 INE737D01021 27-Jul-21 Raj 28000 28000 0 25,20,864 25,61,984 41120 INE737D01021 29-Jul-21 Raj 31000 31000 0 28,75,551 29,11,853 36302 INE737D01021 27-Jul-21 Switiben 59 59 0 5,378 5,440 62 INE741A01011 04-Jun-21 Avaniben 2000 4343 -2343 2,69,636 5,92,520 40399 INE741A01011 04-Jun-21 Himanshu 2273 2273 0 2,94,274 3,02,222 7948 INE741A01011 04-Jun-21 Jaydev 3010 6009 -2999 3,96,414 8,16,101 31210 INE741A01011 04-Jun-21 Kokilaben 0 3000 -3000 - 4,13,359 24633 INE741A01011 04-Jun-21 Raj 5934 10403 -4469 7,91,317 14,01,006 38959 INE741A01011 07-Jun-21 Raj 0 1000 -1000 - 1,42,000 11072 INE748Z01013 30-Jun-21 Avaniben 47000 47000 0 7,21,087 7,27,767 6680 INE748Z01013 28-Jun-21 Himanshu 72000 72000 0 10,57,929 10,89,099 31170 10500 INE748Z01013 30-Jun-21 Himanshu 105000 0 15,33,624 16,13,589 79965 0 INE748Z01013 28-Jun-21 Jaydev 14000 14000 0 2,13,030 2,10,199 -2832 INE748Z01013 30-Jun-21 Jaydev 36458 36458 0 5,55,993 5,68,377 12383 INE748Z01013 30-Jun-21 Kokilaben 25000 25000 0 3,85,661 3,86,703 1042 INE748Z01013 30-Jun-21 Mahendrabhai 40000 40000 0 6,13,461 6,18,448 4986 INE748Z01013 30-Jun-21 Raj 40000 40000 0 6,07,652 6,21,730 14077 INE748Z01013 14-Jul-21 Raj 0 10000 -10000 - 1,76,250 11164 INE749B01020 07-Jun-21 Himanshu 6500 6500 0 1,89,191 1,98,387 9196 INE749B01020 11-Jun-21 Himanshu 0 12000 -12000 - 3,94,679 12271 INE749B01020 07-Oct-21 Himanshu 5000 5000 0 1,44,659 1,48,524 3864.6 INE749B01020 07-Oct-21 Himanshu 35250 35250 0 10,26,256 10,79,098 52842.45 INE749B01020 20-Oct-21 Himanshu 24719 24719 0 7,73,287 8,08,733 35445.15 INE749B01020 22-Oct-21 Himanshu 54869 2660 52209 17,93,880 89,371 0 INE749B01020 25-Oct-21 Himanshu 0 17809 -17809 0 6,47,894 65649.01884 INE749B01020 25-Oct-21 Himanshu 65090 99490 -34400 23,88,880 36,43,486 129937.0179 INE749B01020 07-Jun-21 Jaydev 10500 10500 0 3,23,061 3,26,610 3549 INE749B01020 07-Jun-21 Raj 7772 7772 0 2,27,847 2,41,073 13226 INE749B01020 11-Jun-21 Raj 5000 15000 -10000 1,63,592 4,92,330 14244 INE751D01014 28-Jun-21 Avaniben 350 8500 -8150 19,583 4,63,562 15110 INE751D01014 01-Jul-21 Avaniben 1 1 0 52 55 -1 INE751D01014 02-Jul-21 Avaniben 0 350 -350 - 19,006 521 INE751D01014 18-Aug-21 Avaniben 8600 8600 0 4,77,894 4,53,943 -23951

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE751D01014 09-Sep-21 Avaniben 3000 3000 0 1,73,177 1,69,050 -4127 INE751D01014 08-Jun-21 Himanshu 9100 9100 0 4,40,745 4,66,194 25449 INE751D01014 28-Jun-21 Himanshu 1001 14366 -13365 54,648 7,73,827 36547 INE751D01014 09-Sep-21 Himanshu 0 4135 -4135 - 2,35,697 16284 INE751D01014 08-Jun-21 Jaydev 2750 2750 0 1,40,046 1,43,525 3479 INE751D01014 28-Jun-21 Jaydev 8606 12707 -4101 4,64,684 7,10,623 17083 INE751D01014 18-Aug-21 Jaydev 400 400 0 21,120 20,834 -286 INE751D01014 08-Jun-21 Kokilaben 9000 9000 0 4,35,545 4,64,544 28999 INE751D01014 23-Apr-21 Raj 6494 6494 0 3,05,016 3,18,191 13175 INE751D01014 28-Jun-21 Raj 5000 5500 -500 2,71,603 3,03,594 1250 INE751D01014 29-Jun-21 Raj 2500 2500 0 1,42,301 1,45,787 3486 INE751D01014 18-Aug-21 Raj 5891 5891 0 3,34,378 3,36,485 2106 INE751D01014 09-Sep-21 Raj 7142 5547 1595 4,04,630 3,11,707 -2559 INE751D01014 14-Sep-21 Raj 0 217 -217 0 12,130 0 INE751D01014 16-Sep-21 Raj 0 911 -911 0 50,560 0 INE751D01014 08-Oct-21 Raj 0 467 -467 0 25,228 0 INE759F01012 17-Jun-21 Avaniben 4576 4576 0 3,10,821 3,10,777 -44 INE759F01012 02-Jul-21 Avaniben 1000 1000 0 78,350 79,005 655 INE759F01012 17-Jun-21 Himanshu 3029 3029 0 1,86,776 1,98,921 12145 INE759F01012 24-Jun-21 Himanshu 3692 3692 0 2,18,125 2,32,193 14068 INE759F01012 02-Jul-21 Himanshu 0 7891 -7891 - 6,16,865 90676 INE759F01012 02-Jul-21 Jaydev 0 8455 -8455 - 6,60,212 62958 INE759F01012 17-Jun-21 Kokilaben 500 500 0 34,450 33,750 -700 INE759F01012 02-Jul-21 Raj 4030 4030 0 3,16,230 3,20,559 4329 INE773I01017 09-Feb-21 Avaniben 3531 450 3081 2,07,979 26,910 405 INE773I01017 10-Feb-21 Avaniben 0 3081 -3081 - 1,84,607 3133 INE773I01017 16-Jul-21 Avaniben 14500 38500 -24000 13,65,535 35,99,365 161696 INE773I01017 01-Oct-21 Avaniben 2250 2250 0 1,80,514 1,66,500 0 INE773I01017 09-Feb-21 Jaydev 672 2 670 39,742 116 -2 INE773I01017 10-Feb-21 Jaydev 0 670 -670 - 40,401 777 INE773I01017 16-Jul-21 Jaydev 0 14920 -14920 - 14,03,113 118413 INE773I01017 16-Jul-21 Kokilaben 1500 9299 -7799 1,40,537 8,75,579 77763 INE773I01017 10-Feb-21 Mahendrabhai 0 2000 -2000 - 1,19,544 1547 INE773I01017 16-Jul-21 Mahendrabhai 0 20500 -20500 - 18,84,956 121068 INE773I01017 09-Feb-21 Raj 10177 8261 1916 5,92,388 4,87,456 6595 INE773I01017 10-Feb-21 Raj 0 1916 -1916 - 1,15,459 3931 INE773I01017 16-Jul-21 Raj 19000 52000 -33000 17,80,020 49,03,013 300151 INE773I01017 01-Oct-21 Raj 10015 10015 0 8,12,475 7,61,966 0 INE777A01023 04-Jun-21 Avaniben 2537 2537 0 2,81,647 2,95,210 13563 INE777A01023 01-Jan-21 Himanshu 70 70 0 6,065 6,084 19 INE777A01023 04-Jun-21 Himanshu 3120 3120 0 3,44,993 3,61,609 16616

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE777A01023 01-Jan-21 Jaydev 150 150 0 13,018 13,202 184 INE777A01023 14-Jan-21 Kokilaben 150 150 0 11,700 11,955 255 INE777A01023 01-Jan-21 Mahendrabhai 2297 2297 0 1,92,948 1,99,839 6891 INE777A01023 14-Jan-21 Mahendrabhai 3114 3114 0 2,36,944 2,56,306 19362 INE777A01023 01-Jan-21 Raj 377 377 0 32,041 32,788 747 INE783X01023 18-Mar-21 Avaniben 3300 3300 0 4,34,802 4,41,851 7049 INE783X01023 10-May-21 Avaniben 3392 3392 0 5,30,968 5,62,283 31316 INE783X01023 17-May-21 Avaniben 5000 5000 0 7,90,689 8,35,000 44311 INE783X01023 17-May-21 Himanshu 200 1 199 32,698 167 3 INE783X01023 18-May-21 Himanshu 0 199 -199 - 34,029 1494 INE783X01023 20-Oct-21 Himanshu 7977 7977 0 16,54,079 16,82,774 28694.9 INE783X01023 18-Mar-21 Jaydev 422 422 0 55,588 55,207 -381 INE783X01023 10-May-21 Jaydev 600 600 0 98,678 99,970 1292 INE783X01023 17-May-21 Jaydev 2640 1340 1300 4,33,309 2,23,829 3891 INE783X01023 18-May-21 Jaydev 0 1300 -1300 - 2,25,660 12288 INE783X01023 18-Mar-21 Kokilaben 100 100 0 13,400 13,300 -100 INE783X01023 17-May-21 Kokilaben 3000 3000 0 4,93,863 4,98,252 4389 INE783X01023 18-Mar-21 Mahendrabhai 75 75 0 10,004 10,033 30 INE783X01023 17-May-21 Raj 12575 12575 0 20,43,068 20,93,673 50605 INE783X01023 05-Oct-21 Raj 5000 3082 1918 10,07,886 6,24,689 3428.0696 INE783X01023 06-Oct-21 Raj 0 1918 -1918 0 3,96,834 10209.1304 INE785A01026 12-Jan-21 Avaniben 1311 1311 0 1,61,253 1,62,066 813 INE785A01026 01-Mar-21 Avaniben 2277 2277 0 3,18,808 3,21,885 3077 INE785A01026 12-Mar-21 Avaniben 5005 5005 0 7,32,323 7,44,204 11881 INE785A01026 25-Mar-21 Avaniben 0 350 -350 - 48,848 -400 INE785A01026 26-Mar-21 Avaniben 0 11 -11 - 1,518 -30 INE785A01026 05-Apr-21 Avaniben 0 989 -989 - 1,33,104 -6057 INE785A01026 14-Jul-21 Avaniben 6012 6012 0 13,25,899 13,51,024 25125 INE785A01026 14-Jul-21 Himanshu 4750 4750 0 10,82,110 10,78,972 -3138 INE785A01026 18-Aug-21 Himanshu 6450 6450 0 16,00,903 16,19,352 18449 INE785A01026 04-Feb-21 Jaydev 50 50 0 7,000 7,228 228 INE785A01026 01-Mar-21 Jaydev 165 50 115 23,359 7,148 69 INE785A01026 02-Mar-21 Jaydev 0 115 -115 - 16,526 245 INE785A01026 10-Mar-21 Jaydev 38 122 -84 5,434 17,799 -239 INE785A01026 12-Mar-21 Jaydev 222 222 0 32,746 33,131 385 INE785A01026 16-Mar-21 Jaydev 105 105 0 15,182 15,624 442 INE785A01026 22-Mar-21 Jaydev 230 230 0 33,745 34,127 382 INE785A01026 24-Mar-21 Jaydev 707 10 697 99,293 1,398 -6 INE785A01026 25-Mar-21 Jaydev 209 556 -347 28,632 77,054 -590 INE785A01026 26-Mar-21 Jaydev 137 287 -150 18,653 39,455 -523 INE785A01026 30-Mar-21 Jaydev 1 100 -99 138 13,770 -96

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE785A01026 01-Apr-21 Jaydev 6 106 -100 832 14,716 34 INE785A01026 08-Apr-21 Jaydev 0 11 -11 - 1,515 -8 INE785A01026 14-Jul-21 Jaydev 3250 3250 0 7,35,814 7,35,963 149 INE785A01026 18-Aug-21 Jaydev 1000 1000 0 2,47,700 2,51,147 3447 INE785A01026 14-Jul-21 Mahendrabhai 4000 4000 0 8,84,858 9,06,485 21627 INE785A01026 12-Jan-21 Raj 3514 3514 0 4,36,948 4,40,902 3954 INE785A01026 04-Feb-21 Raj 2124 2124 0 2,92,764 2,99,147 6383 INE785A01026 01-Mar-21 Raj 6733 6733 0 9,36,447 9,52,825 16378 INE785A01026 09-Mar-21 Raj 3705 3705 0 5,45,200 5,49,509 4309 INE785A01026 16-Mar-21 Raj 2901 2901 0 4,11,534 4,21,201 9668 INE785A01026 22-Mar-21 Raj 3512 3512 0 5,02,972 5,15,887 12915 INE785A01026 24-Mar-21 Raj 6809 3014 3795 9,53,862 4,22,788 562 INE785A01026 25-Mar-21 Raj 0 3795 -3795 - 5,30,740 -896 INE785A01026 14-Jul-21 Raj 8500 8500 0 18,67,586 19,07,987 40401 INE785A01026 18-Aug-21 Raj 595 595 0 1,46,345 1,48,985 2640 INE785A01026 13-Sep-21 Raj 4000 3190 810 10,79,346 8,64,896 4117.715 INE785A01026 14-Sep-21 Raj 0 810 -810 0 2,21,616 3048.435 INE786W01010 19-Feb-21 Avaniben 3000 3000 0 1,82,017 1,83,045 1028 INE786W01010 02-Jul-21 Avaniben 7500 7500 0 7,39,645 7,54,992 15347 INE786W01010 09-Jul-21 Avaniben 550 550 0 62,700 63,974 1274 INE786W01010 24-Aug-21 Avaniben 1209 1209 0 89,343 90,732 1389 INE786W01010 07-Sep-21 Avaniben 12200 12200 0 11,15,634 11,01,424 -14210 INE786W01010 09-Jul-21 Himanshu 20600 20600 0 22,67,983 23,69,031 101048 INE786W01010 12-Aug-21 Himanshu 6500 6500 0 5,52,067 5,58,632 6565 INE786W01010 24-Aug-21 Himanshu 5050 5050 0 3,91,200 3,91,680 480 INE786W01010 31-Aug-21 Himanshu 2500 2500 0 2,24,995 2,28,250 3255 INE786W01010 07-Sep-21 Himanshu 0 70736 -70736 - 64,65,125 339556 INE786W01010 16-Apr-21 Jaydev 588 5 583 37,311 315 -2 INE786W01010 19-Apr-21 Jaydev 108 108 0 6,637 6,554 -182 INE786W01010 20-Apr-21 Jaydev 57 45 12 3,363 2,768 -170 INE786W01010 22-Apr-21 Jaydev 11 11 0 655 646 -35 INE786W01010 23-Apr-21 Jaydev 4 5 -1 236 296 -18 INE786W01010 27-Apr-21 Jaydev 0 595 -595 - 36,797 -502 INE786W01010 02-Jul-21 Jaydev 5000 5000 0 5,03,232 5,00,141 -3091 INE786W01010 09-Jul-21 Jaydev 869 869 0 98,421 99,414 992 INE786W01010 07-Sep-21 Jaydev 0 2700 -2700 - 2,49,303 4749 INE786W01010 16-Apr-21 Raj 5547 5547 0 3,52,567 3,56,045 3478 INE786W01010 02-Jul-21 Raj 16380 16380 0 16,22,688 16,52,638 29951 INE786W01010 09-Jul-21 Raj 12312 12312 0 13,66,165 14,29,371 63206 INE786W01010 24-Aug-21 Raj 10226 10226 0 7,56,523 7,74,069 17546 INE786W01010 31-Aug-21 Raj 8200 8200 0 7,46,714 7,52,234 5520

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE786W01010 07-Sep-21 Raj 0 4000 -4000 - 3,69,151 5989 INE797D01017 15-Jun-21 Avaniben 6500 6500 0 1,85,142 1,88,238 3096 INE797D01017 02-Aug-21 Avaniben 5600 5600 0 1,97,985 1,96,530 -1455 INE797D01017 15-Jun-21 Himanshu 22247 22247 0 6,09,124 6,32,525 23401 INE797D01017 15-Jun-21 Jaydev 4000 4000 0 1,12,527 1,13,025 498 INE797D01017 02-Jul-21 Jaydev 0 1000 -1000 - 29,115 580 INE797D01017 02-Aug-21 Jaydev 2722 2722 0 94,809 96,028 1219 INE797D01017 08-Jun-21 Raj 4310 4310 0 1,07,505 1,16,360 8856 INE797D01017 15-Jun-21 Raj 9183 9183 0 2,54,021 2,60,939 6918 INE797D01017 02-Aug-21 Raj 9700 9700 0 3,10,455 3,40,676 30220 INE806C01018 08-Oct-21 Himanshu 18331 18331 0 33,20,718 33,91,332 70613.75 INE809E01018 27-Jul-21 Avaniben 2000 2000 0 1,58,000 1,54,585 -3415 INE809E01018 27-Jul-21 Himanshu 5000 39503 -34503 3,98,669 31,22,279 525472 INE809E01018 27-Jul-21 Raj 5000 5000 0 3,99,000 3,88,462 -10538 INE817B01025 26-Aug-21 Avaniben 5000 5000 0 3,66,391 3,64,743 -1648 INE817B01025 26-Aug-21 Himanshu 14502 25676 -11174 10,44,700 18,67,042 100371 INE817B01025 26-Aug-21 Jaydev 2250 2250 0 1,63,938 1,65,225 1288 INE817B01025 26-Aug-21 Kokilaben 6000 6000 0 4,42,357 4,42,138 -218 INE817B01025 26-Aug-21 Mahendrabhai 4000 4000 0 2,95,452 2,87,806 -7646 INE817B01025 26-Aug-21 Raj 18511 18511 0 13,53,285 13,66,271 12986 INE819L01012 17-Mar-21 Avaniben 10000 10000 0 3,11,479 3,21,150 9671 INE819L01012 03-Jun-21 Avaniben 7124 7124 0 2,59,734 2,72,080 12346 INE819L01012 19-Jan-21 Himanshu 1305 1305 0 32,506 32,364 -142 INE819L01012 01-Sep-21 Himanshu 0 27640 -27640 - 11,43,863 101167 INE819L01012 16-Sep-21 Himanshu 30094 0 30094 11,85,858 0 0 INE819L01012 17-Sep-21 Himanshu 4541 34635 -30094 1,89,510 14,40,279 64910.75 INE819L01012 06-Oct-21 Himanshu 42572 2000 40572 17,48,771 82,700 0 INE819L01012 07-Oct-21 Himanshu 12000 52572 -40572 5,41,448 23,43,972 135908.5741 INE819L01012 05-Jan-21 Jaydev 950 950 0 22,775 23,645 870 INE819L01012 19-Jan-21 Jaydev 705 705 0 17,614 17,522 -92 INE819L01012 25-Feb-21 Jaydev 1048 1048 0 31,277 31,094 -184 INE819L01012 17-Mar-21 Jaydev 2303 2303 0 73,406 73,914 508 INE819L01012 03-Jun-21 Jaydev 13050 13050 0 4,92,770 4,99,326 6556 INE819L01012 05-Jan-21 Kokilaben 1361 1361 0 31,495 33,753 2257 INE819L01012 19-Jan-21 Kokilaben 3000 3000 0 73,500 74,771 1271 INE819L01012 03-Jun-21 Kokilaben 5000 5000 0 1,84,526 1,90,759 6233 INE819L01012 05-Jan-21 Mahendrabhai 1000 1000 0 23,375 24,325 950 INE819L01012 08-Jan-21 Mahendrabhai 83 658 -575 1,959 16,438 978 INE819L01012 19-Jan-21 Mahendrabhai 5515 5515 0 1,36,489 1,36,649 160 INE819L01012 05-Jan-21 Raj 19882 19882 0 4,72,057 4,93,023 20966 INE819L01012 19-Jan-21 Raj 13306 13306 0 3,31,270 3,28,685 -2586

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE819L01012 25-Feb-21 Raj 12093 12093 0 3,46,522 3,62,599 16077 INE819L01012 17-Mar-21 Raj 2194 2194 0 70,208 70,891 683 INE819L01012 03-Jun-21 Raj 17500 17500 0 6,38,417 6,66,675 28259 INE819L01012 01-Sep-21 Raj 3000 3000 0 1,24,000 1,25,450 1450 INE819L01012 17-Sep-21 Raj 10000 10000 0 4,18,472 4,02,996 0 INE823A01017 15-Jul-21 Avaniben 1084 1084 0 1,30,015 1,34,202 4188 INE823A01017 15-Jul-21 Jaydev 2500 2500 0 3,08,431 3,10,019 1588 INE823A01017 15-Jul-21 Raj 21091 21091 0 25,60,689 26,13,664 52976 INE830A01012 09-Jun-21 Avaniben 0 2894 -2894 - 56,288 8248 INE830A01012 09-Jun-21 Jaydev 696 696 0 13,257 13,447 190 INE830A01012 09-Jun-21 Kokilaben 0 11500 -11500 - 2,28,466 39382 INE830A01012 09-Jun-21 Raj 5200 5200 0 92,960 1,02,704 9744 INE830Q01018 03-Nov-21 Avaniben 27500 27500 0 6,06,802 6,12,992 6190.5 INE830Q01018 14-Oct-21 Himanshu 12036 12036 0 2,30,130 2,10,324 0 INE830Q01018 14-Oct-21 Himanshu 96379 96379 0 17,02,470 18,31,201 0 19263 INE830Q01018 19-Oct-21 Himanshu 122637 70000 38,92,381 26,78,259 0 7 INE830Q01018 20-Oct-21 Himanshu 0 19214 -19214 0 4,27,504 39270.23242 INE830Q01018 20-Oct-21 Himanshu 15000 65786 -50786 3,22,500 15,42,411 193740.0966 INE830Q01018 02-Nov-21 Himanshu 24711 0 24711 4,73,753 0 0 INE830Q01018 03-Nov-21 Himanshu 0 24711 -24711 0 5,16,672 42919.8 INE830Q01018 20-Oct-21 Raj 15000 15000 0 3,39,202 3,22,343 -16859.1 INE830Q01018 03-Nov-21 Raj 52017 52017 0 11,38,579 11,62,729 24149.25 INE853A01022 05-Jul-21 Himanshu 0 33001 -33001 - 22,12,550 111971 INE853A01022 05-Jul-21 Raj 17500 17500 0 11,84,608 11,84,821 214 INE863I01016 17-May-21 Avaniben 12000 12000 0 3,51,278 3,85,467 34189 INE863I01016 08-Jul-21 Avaniben 5000 5000 0 2,36,501 2,30,133 -6368 INE863I01016 06-Jul-21 Himanshu 29845 29845 0 12,35,752 13,02,236 66484 INE863I01016 08-Jul-21 Himanshu 50000 50000 0 21,98,139 22,83,162 85023 INE863I01016 13-Jul-21 Himanshu 10000 95500 -85500 5,09,900 47,66,023 375602 INE863I01016 17-May-21 Jaydev 9891 9891 0 3,16,854 3,20,325 3471 INE863I01016 06-Jul-21 Jaydev 2650 2650 0 1,15,142 1,16,070 928 INE863I01016 08-Jul-21 Jaydev 8500 8500 0 3,87,723 3,87,231 -492 INE863I01016 13-Jul-21 Jaydev 0 7889 -7889 - 3,92,217 21052 INE863I01016 13-Jul-21 Mahendrabhai 0 200 -200 - 9,980 1140 INE863I01016 17-May-21 Raj 19000 19000 0 6,06,303 6,27,177 20874 INE863I01016 01-Jul-21 Raj 13000 13000 0 4,75,869 4,87,791 11922 INE863I01016 13-Jul-21 Raj 12000 12000 0 6,11,020 6,15,097 4078 INE863I01016 09-Nov-21 Raj 4045 0 4045 1,42,995 0 0 INE863I01016 10-Nov-21 Raj 0 4045 -4045 0 1,50,676 7681.7 INE864B01027 08-Jan-21 Avaniben 4413 4413 0 2,79,892 2,85,616 5724 INE864B01027 04-Aug-21 Himanshu 0 51017 -51017 - 49,08,957 259652

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE864B01027 06-Sep-21 Himanshu 16500 17558 -1058 13,16,754 14,33,136 33713 INE864B01027 11-Oct-21 Himanshu 9030 9030 0 6,86,924 7,02,371 0 INE864B01027 12-Oct-21 Himanshu 40480 0 40480 31,88,198 0 0 INE864B01027 13-Oct-21 Himanshu 0 20980 -20980 0 18,36,948 184566.917 INE864B01027 13-Oct-21 Himanshu 7500 27000 -19500 6,68,865 22,96,350 91668.033 INE864B01027 08-Jan-21 Jaydev 115 115 0 7,367 7,478 111 INE864B01027 08-Jan-21 Kokilaben 2089 2089 0 1,32,334 1,34,854 2520 INE864B01027 03-May-21 Mahendrabhai 0 4000 -4000 - 2,54,000 17821 INE864B01027 08-Jan-21 Raj 12609 12609 0 7,91,183 8,13,688 22505 INE864B01027 03-May-21 Raj 0 6000 -6000 - 3,85,532 32732 INE864B01027 06-Sep-21 Raj 7000 7000 0 5,75,953 5,79,093 3141 INE864X01013 02-Mar-21 Avaniben 2200 2200 0 2,61,690 2,66,230 4540 INE864X01013 14-May-21 Avaniben 9853 9853 0 13,43,756 14,13,732 69976 INE864X01013 01-Jun-21 Avaniben 3000 3000 0 3,99,273 4,30,250 30978 INE864X01013 07-Jun-21 Avaniben 10720 17720 -7000 17,05,542 28,49,686 63407 INE864X01013 07-Jun-21 Himanshu 3100 3449 -349 4,87,137 5,55,789 8413 INE864X01013 08-Jun-21 Himanshu 0 650 -650 - 1,08,813 7993 INE864X01013 02-Mar-21 Jaydev 411 411 0 49,335 50,048 712 INE864X01013 04-Mar-21 Jaydev 0 380 -380 - 46,516 392 INE864X01013 14-May-21 Jaydev 3037 3037 0 4,30,514 4,58,347 27833 INE864X01013 01-Jun-21 Jaydev 3820 3820 0 5,39,007 5,54,684 15677 INE864X01013 14-May-21 Kokilaben 4000 4000 0 5,54,497 5,91,008 36511 INE864X01013 01-Jun-21 Kokilaben 2500 2500 0 3,41,242 3,59,358 18116 INE864X01013 07-Jun-21 Kokilaben 0 3000 -3000 - 4,85,584 31925 INE864X01013 04-Mar-21 Mahendrabhai 0 2385 -2385 - 2,91,535 2792 INE864X01013 14-May-21 Mahendrabhai 650 650 0 92,950 96,533 3583 INE864X01013 01-Jun-21 Mahendrabhai 2688 2688 0 3,71,781 3,82,034 10253 INE864X01013 02-Mar-21 Raj 6265 6265 0 7,35,897 7,56,396 20500 INE864X01013 04-Mar-21 Raj 0 2400 -2400 - 2,93,722 2925 INE864X01013 30-Apr-21 Raj 5 6005 -6000 661 7,70,462 37154 INE864X01013 14-May-21 Raj 5850 5850 0 8,20,491 8,60,679 40188 INE864X01013 01-Jun-21 Raj 6350 6350 0 9,04,021 9,25,620 21599 INE864X01013 08-Jun-21 Raj 1000 1000 0 1,68,000 1,68,732 732 INE895W01019 07-Jan-21 Avaniben 6861 6861 0 2,90,118 2,96,612 6494 INE895W01019 11-Feb-21 Avaniben 0 2500 -2500 - 1,14,507 -215 INE895W01019 07-Apr-21 Avaniben 3772 3772 0 2,30,961 2,32,892 1930 INE895W01019 09-Apr-21 Avaniben 9302 6921 2381 5,93,539 4,46,278 4666 INE895W01019 12-Apr-21 Avaniben 0 2381 -2381 - 1,45,241 -6685 INE895W01019 09-Jun-21 Avaniben 5500 5500 0 3,72,954 3,77,974 5020 INE895W01019 21-Jun-21 Avaniben 10600 10600 0 7,02,806 7,18,835 16029 INE895W01019 07-Jan-21 Himanshu 630 630 0 27,311 27,397 86

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE895W01019 11-Feb-21 Himanshu 0 300 -300 - 13,988 576 INE895W01019 08-Apr-21 Himanshu 0 150 -150 - 9,379 75 INE895W01019 25-May-21 Himanshu 0 175 -175 - 9,940 -1505 INE895W01019 08-Jun-21 Himanshu 5708 5708 0 3,43,035 3,64,773 21738 INE895W01019 09-Jun-21 Himanshu 3800 3800 0 2,44,405 2,62,200 17795 INE895W01019 21-Jun-21 Himanshu 28750 28750 0 18,80,040 19,33,982 53942 INE895W01019 29-Jun-21 Himanshu 0 100 -100 - 6,049 49 INE895W01019 30-Jun-21 Himanshu 11751 11751 0 7,31,757 7,38,602 6845 INE895W01019 07-Jan-21 Jaydev 721 721 0 30,902 31,628 726 INE895W01019 10-Feb-21 Jaydev 1050 862 188 45,816 38,300 507 INE895W01019 11-Feb-21 Jaydev 967 1849 -882 42,942 83,829 1318 INE895W01019 23-Mar-21 Jaydev 250 250 0 17,063 17,209 146 INE895W01019 08-Apr-21 Jaydev 0 413 -413 - 26,055 707 INE895W01019 09-Apr-21 Jaydev 511 1 510 33,264 65 0 INE895W01019 12-Apr-21 Jaydev 408 286 122 24,388 17,504 -437 INE895W01019 19-Apr-21 Jaydev 3 3 0 167 167 -20 INE895W01019 22-Apr-21 Jaydev 1 246 -245 59 14,709 -682 INE895W01019 29-Apr-21 Jaydev 0 411 -411 - 23,614 -2099 INE895W01019 08-Jun-21 Jaydev 1250 1250 0 81,088 81,625 537 INE895W01019 09-Jun-21 Jaydev 500 500 0 34,075 34,400 325 INE895W01019 21-Jun-21 Jaydev 6457 6457 0 4,34,209 4,39,895 5686 INE895W01019 07-Jan-21 Kokilaben 2501 2501 0 1,05,699 1,08,500 2801 INE895W01019 09-Feb-21 Kokilaben 2100 2000 100 88,710 90,730 -1348 INE895W01019 10-Feb-21 Kokilaben 1601 3601 -2000 69,385 1,57,784 2583 INE895W01019 11-Feb-21 Kokilaben 100 200 -100 4,335 8,836 108 INE895W01019 15-Feb-21 Kokilaben 200 200 0 10,100 9,900 -200 INE895W01019 12-Apr-21 Kokilaben 0 2000 -2000 - 1,22,875 -6526 INE895W01019 08-Jun-21 Kokilaben 2700 2700 0 1,64,427 1,75,463 11035 INE895W01019 12-Apr-21 Mahendrabhai 0 2500 -2500 - 1,52,873 -7143 INE895W01019 21-Jun-21 Mahendrabhai 2000 2000 0 1,33,561 1,36,015 2454 INE895W01019 07-Jan-21 Raj 12073 12073 0 5,08,947 5,22,440 13493 INE895W01019 08-Feb-21 Raj 4780 349 4431 2,12,236 15,705 46 INE895W01019 09-Feb-21 Raj 8580 4711 3869 3,78,527 2,15,468 -255 INE895W01019 10-Feb-21 Raj 1395 5260 -3865 61,353 2,33,742 1539 INE895W01019 11-Feb-21 Raj 1000 5784 -4784 45,979 2,66,213 8998 INE895W01019 22-Mar-21 Raj 13513 10387 3126 7,97,640 6,15,950 2830 INE895W01019 23-Mar-21 Raj 6971 10097 -3126 4,43,957 6,75,007 46531 INE895W01019 07-Apr-21 Raj 8143 6440 1703 4,89,291 3,97,218 10256 INE895W01019 08-Apr-21 Raj 0 1703 -1703 - 1,08,300 5971 INE895W01019 09-Apr-21 Raj 8051 100 7951 5,21,902 6,400 -82 INE895W01019 12-Apr-21 Raj 0 7951 -7951 - 4,87,732 -27687

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE895W01019 09-Jun-21 Raj 8500 8500 0 5,55,211 5,85,553 30342 INE895W01019 21-Jun-21 Raj 3800 3800 0 2,55,653 2,58,222 2569 INE906O01011 07-Jul-21 Avaniben 5578 5578 0 3,27,695 3,32,211 4517 INE906O01011 07-Jul-21 Himanshu 13000 13000 0 7,18,510 7,52,717 34207 INE906O01011 07-Jul-21 Raj 5000 5000 0 2,70,660 2,87,945 17285 INE912H01013 07-Oct-21 Himanshu 71177 57001 14176 15,34,176 13,17,611 0 INE912H01013 08-Oct-21 Himanshu 0 14176 -14176 0 3,50,147 44592.40975 INE912H01013 02-Nov-21 Himanshu 43510 43510 0 9,12,392 9,56,767 0 15801 INE912H01013 03-Nov-21 Himanshu 17814 140203 36,41,285 4,26,785 0 7 INE912H01013 04-Nov-21 Himanshu 0 43007 -43007 0 11,07,464 116426.6221 INE912H01013 04-Nov-21 Himanshu 0 97196 -97196 0 24,79,407 239658.3041 INE912H01013 04-Nov-21 Raj 30000 14557 15443 7,76,746 3,81,186 4283.19779 - INE912H01013 09-Nov-21 Raj 0 15443 -15443 0 3,69,524 30318.64779 INE914E01040 28-Jun-21 Avaniben 12500 11750 750 3,16,848 3,03,488 5650 INE914E01040 29-Jun-21 Avaniben 0 750 -750 - 19,688 677 INE914E01040 28-Jun-21 Himanshu 48500 48500 0 12,25,697 12,52,440 26743 INE914E01040 28-Jun-21 Jaydev 16000 16000 0 4,09,403 4,13,184 3781 INE914E01040 28-Jun-21 Kokilaben 10000 9000 1000 2,54,995 2,32,200 2705 INE914E01040 29-Jun-21 Kokilaben 0 1000 -1000 - 26,250 750 INE914E01040 29-Jun-21 Mahendrabhai 0 20000 -20000 - 5,25,000 8188 INE914E01040 28-Jun-21 Raj 10000 10000 0 2,53,291 2,58,000 4709 INE915B01019 10-May-21 Avaniben 5000 5000 0 4,14,651 4,19,935 5285 INE915B01019 21-May-21 Avaniben 14500 14500 0 11,99,282 12,19,788 20506 INE915B01019 21-May-21 Jaydev 5983 1059 4924 5,00,792 89,274 633 INE915B01019 24-May-21 Jaydev 0 4924 -4924 - 4,35,996 23845 INE915B01019 21-May-21 Kokilaben 2871 2871 0 2,40,221 2,41,688 1467 INE915B01019 10-May-21 Raj 5000 5000 0 4,14,098 4,22,480 8382 INE915B01019 21-May-21 Raj 7500 2500 5000 6,23,462 2,10,312 2491 INE915B01019 24-May-21 Raj 0 5000 -5000 - 4,40,612 24970 INE916G01016 06-May-21 Avaniben 2000 2000 0 2,19,750 2,30,100 10350 INE916G01016 09-Jun-21 Avaniben 1800 1800 0 2,24,941 2,32,850 7909 INE916G01016 09-Jun-21 Himanshu 2520 2520 0 3,10,059 3,24,647 14588 INE916G01016 06-May-21 Jaydev 550 550 0 62,143 63,283 1139 INE916G01016 09-Jun-21 Jaydev 2400 2400 0 3,10,327 3,07,699 -2628 INE916G01016 06-May-21 Kokilaben 3000 3000 0 3,28,596 3,41,250 12654 INE916G01016 09-Jun-21 Raj 7000 7000 0 8,63,008 9,06,200 43192 INE918N01018 29-Sep-21 Himanshu 13399 13399 0 14,06,153 14,30,752 24599.5 INE918N01018 30-Sep-21 Himanshu 2079 2079 0 2,21,083 2,26,403 5319.8 INE918N01018 30-Sep-21 Himanshu 16217 16217 0 17,38,921 17,60,145 21223.45 INE918N01018 04-Oct-21 Himanshu 15525 15525 0 17,29,231 17,55,821 26589.6 INE918N01018 14-Oct-21 Himanshu 335 0 335 39,446 0 0

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE918N01018 14-Oct-21 Himanshu 2582 0 2582 3,03,772 0 0 INE918N01018 18-Oct-21 Himanshu 0 401 -401 0 47,920 737.2447549 INE918N01018 19-Oct-21 Himanshu 0 781 -781 0 92,161 267.2306822 INE918N01018 27-Oct-21 Himanshu 0 1735 -1735 0 2,05,372 1229.324563 INE923A01015 12-May-21 Jaydev 0 967 -967 - 2,61,090 12350 INE923A01015 12-May-21 Raj 0 2058 -2058 - 5,62,951 62997 INE924D01017 30-Jul-21 Himanshu 3002 13502 -10500 3,34,373 16,07,484 100391 INE924D01017 17-Aug-21 Himanshu 12500 12500 0 17,02,766 17,23,341 20574 INE924D01017 27-Aug-21 Himanshu 1500 1500 0 1,99,461 1,99,200 -261 INE924D01017 03-Sep-21 Himanshu 16035 14659 1376 19,97,587 18,72,070 45901 INE924D01017 06-Sep-21 Himanshu 0 238 -238 - 29,988 339 INE924D01017 21-Sep-21 Himanshu 350 0 350 39,196 0 0 INE924D01017 01-Oct-21 Himanshu 0 1553 -1553 0 1,83,410 2138.662685 INE924D01017 13-Oct-21 Himanshu 0 435 -435 0 53,679 0 INE924D01017 13-Oct-21 Himanshu 11433 11433 0 13,50,002 13,96,052 46049.85 INE924D01017 12-Aug-21 Jaydev 0 587 -587 - 66,130 -4630 INE924D01017 17-Aug-21 Jaydev 1500 1500 0 2,02,203 2,02,850 647 INE924D01017 27-Aug-21 Jaydev 0 750 -750 - 1,03,425 6300 INE924D01017 27-Aug-21 Kokilaben 2000 2000 0 2,65,597 2,59,889 -5708 INE924D01017 30-Apr-21 Raj 0 300 -300 - 32,191 1214 INE924D01017 27-Aug-21 Raj 1000 1000 0 1,30,632 1,28,891 -1742 INE924D01017 13-Oct-21 Raj 7000 7000 0 8,61,926 8,67,261 5335 INE932C01012 05-Jan-21 Avaniben 300 300 0 22,500 22,802 302 INE932C01012 14-Jan-21 Avaniben 5000 5000 0 4,02,607 4,08,650 6043 INE932C01012 06-May-21 Avaniben 2126 2126 0 1,61,036 1,68,009 6974 INE932C01012 27-May-21 Avaniben 230 230 0 19,549 19,642 94 INE932C01012 31-May-21 Avaniben 11500 11500 0 10,61,953 11,18,673 56720 INE932C01012 05-Jan-21 Himanshu 1001 1001 0 76,201 76,794 593 INE932C01012 20-Jan-21 Himanshu 0 500 -500 - 39,010 -1478 INE932C01012 27-May-21 Himanshu 1000 1000 0 83,888 85,950 2062 INE932C01012 12-Jul-21 Himanshu 30636 30636 0 34,42,668 34,80,853 38186 INE932C01012 18-Aug-21 Himanshu 5155 29643 -24488 6,09,474 34,79,860 249497 INE932C01012 11-Oct-21 Himanshu 11010 10827 183 11,82,582 12,11,085 48159.73762 INE932C01012 12-Oct-21 Himanshu 0 171 -171 0 18,468 101.2796049 - INE932C01012 14-Oct-21 Himanshu 0 12 -12 0 1,247 42.11722071 INE932C01012 05-Jan-21 Jaydev 476 276 200 36,273 21,472 439 INE932C01012 06-Jan-21 Jaydev 0 200 -200 - 16,380 1139 INE932C01012 14-Jan-21 Jaydev 415 115 300 33,700 9,660 322 INE932C01012 15-Jan-21 Jaydev 0 300 -300 - 25,490 1129 INE932C01012 03-Feb-21 Jaydev 270 50 220 20,631 3,895 74 INE932C01012 04-Feb-21 Jaydev 175 175 0 13,435 13,371 -29

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE932C01012 05-Feb-21 Jaydev 2 2 0 149 148 -4 INE932C01012 08-Feb-21 Jaydev 0 220 -220 - 15,873 -969 INE932C01012 06-May-21 Jaydev 1400 1400 0 1,08,669 1,12,150 3481 INE932C01012 27-May-21 Jaydev 1250 1250 0 1,07,413 1,06,831 -582 INE932C01012 31-May-21 Jaydev 5295 5295 0 5,12,429 5,19,764 7334 INE932C01012 12-Jul-21 Jaydev 504 504 0 56,200 57,075 875 INE932C01012 18-Aug-21 Jaydev 0 1000 -1000 - 1,17,000 1556 INE932C01012 05-Jan-21 Kokilaben 300 300 0 22,639 22,920 281 INE932C01012 14-Jan-21 Kokilaben 1000 1000 0 77,658 79,500 1842 INE932C01012 06-May-21 Kokilaben 5000 5000 0 3,68,575 3,92,500 23925 INE932C01012 14-Jan-21 Mahendrabhai 1610 1610 0 1,25,543 1,29,663 4121 INE932C01012 06-May-21 Mahendrabhai 1475 1475 0 1,10,849 1,17,150 6301 INE932C01012 05-Jan-21 Raj 6658 6658 0 4,93,376 5,03,120 9744 INE932C01012 14-Jan-21 Raj 5000 5000 0 3,77,350 3,99,757 22406 INE932C01012 20-Jan-21 Raj 0 500 -500 - 38,888 -1597 INE932C01012 03-Feb-21 Raj 5650 5650 0 4,17,135 4,24,606 7471 INE932C01012 27-May-21 Raj 9500 9500 0 8,03,430 8,14,831 11401 INE932C01012 31-May-21 Raj 12300 12300 0 11,65,939 12,09,119 43180 INE932C01012 12-Jul-21 Raj 5000 5000 0 5,62,361 5,66,564 4203 INE932C01012 05-Aug-21 Raj 2000 2000 0 2,37,959 2,34,094 -3865 INE932C01012 18-Aug-21 Raj 2000 2000 0 2,39,848 2,35,365 -4483 INE960E01019 15-Jun-21 Avaniben 2500 2500 0 1,24,705 1,27,933 3228 INE960E01019 17-Jun-21 Avaniben 5400 5300 100 2,99,419 3,00,300 1445 INE960E01019 18-Jun-21 Avaniben 0 5100 -5100 - 3,17,115 35721 INE960E01019 15-Jun-21 Himanshu 10062 10062 0 4,89,757 5,15,494 25737 INE960E01019 17-Jun-21 Himanshu 3032 14500 -11468 1,66,760 8,21,784 47313 INE960E01019 18-Jun-21 Himanshu 0 2532 -2532 - 1,56,984 22632 INE960E01019 07-Jun-21 Jaydev 0 650 -650 - 32,370 385 INE960E01019 15-Jun-21 Jaydev 2000 2000 0 1,02,460 1,02,414 -46 INE960E01019 18-Jun-21 Jaydev 0 15200 -15200 - 8,97,104 40708 INE960E01019 17-Jun-21 Mahendrabhai 7500 2500 5000 4,11,945 1,41,990 -46 INE960E01019 18-Jun-21 Mahendrabhai 0 7500 -7500 - 4,34,000 21916 INE960E01019 15-Jun-21 Raj 6721 6721 0 3,34,205 3,44,589 10383 INE960E01019 18-Jun-21 Raj 0 16000 -16000 - 9,71,698 90377 INE972X01014 14-Jun-21 Avaniben 2000 2000 0 87,937 89,112 1175 INE972X01014 22-Jun-21 Avaniben 11500 16167 -4667 4,75,246 6,96,601 2374 INE972X01014 23-Jun-21 Avaniben 0 11500 -11500 - 5,08,959 29552 INE972X01014 14-Jun-21 Himanshu 31640 31640 0 13,44,034 13,83,245 39211 INE972X01014 22-Jun-21 Himanshu 0 24000 -24000 - 10,28,978 43190 INE972X01014 17-Aug-21 Himanshu 1500 24500 -23000 72,200 10,89,583 105151 INE972X01014 25-Aug-21 Himanshu 5000 45697 -40697 2,11,932 19,68,267 153850

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE972X01014 17-Sep-21 Himanshu 30000 0 30000 11,24,973 0 0 INE972X01014 20-Sep-21 Himanshu 5000 35000 -30000 1,92,500 13,91,855 68045.63571 INE972X01014 08-Nov-21 Himanshu 19778 19778 0 7,15,817 7,36,635 20818.65 INE972X01014 14-Jun-21 Jaydev 14050 18050 -4000 6,02,204 7,94,083 22543 INE972X01014 22-Jun-21 Jaydev 22656 19634 3022 9,68,330 8,42,633 5858 INE972X01014 23-Jun-21 Jaydev 0 21327 -21327 - 9,41,982 36817 INE972X01014 17-Aug-21 Jaydev 0 2285 -2285 - 1,02,747 10204 INE972X01014 25-Aug-21 Jaydev 0 7270 -7270 - 3,11,883 17372 INE972X01014 23-Jun-21 Kokilaben 0 20000 -20000 - 8,87,592 41078 INE972X01014 22-Jun-21 Mahendrabhai 0 6500 -6500 - 2,80,494 7672 INE972X01014 14-Jun-21 Raj 10520 20520 -10000 4,46,912 8,93,509 27252 INE972X01014 22-Jun-21 Raj 20000 22374 -2374 8,30,386 9,64,139 3586 INE972X01014 23-Jun-21 Raj 0 20000 -20000 - 8,79,526 49008 INE972X01014 24-Jun-21 Raj 0 2126 -2126 - 92,411 4127 INE972X01014 25-Aug-21 Raj 12500 12500 0 5,37,864 5,29,784 -8080 INE972X01014 08-Sep-21 Raj 29500 29500 0 11,48,628 11,56,924 8296 INE978G01016 11-Jun-21 Avaniben 4844 4844 0 2,37,074 2,45,860 8785 INE978G01016 14-Jul-21 Avaniben 5350 5350 0 2,56,775 2,66,520 9746 INE978G01016 04-Jan-21 Himanshu 2000 2000 0 71,730 72,600 870 INE978G01016 05-Jan-21 Himanshu 1000 1000 0 36,450 36,709 258 INE978G01016 04-Jan-21 Jaydev 550 170 380 19,645 6,201 129 INE978G01016 05-Jan-21 Jaydev 0 380 -380 - 14,103 530 INE978G01016 14-Jul-21 Jaydev 4000 4000 0 1,97,824 1,99,650 1826 INE978G01016 04-Jan-21 Kokilaben 350 350 0 12,400 12,705 305 INE978G01016 04-Jan-21 Mahendrabhai 50 50 0 1,768 1,812 45 INE978G01016 04-Jan-21 Raj 15500 15500 0 5,41,914 5,58,891 16977 INE978G01016 11-Jun-21 Raj 7000 7000 0 3,43,256 3,54,765 11509 INE978G01016 14-Jul-21 Raj 6656 6656 0 3,23,142 3,34,582 11441 INE980Y01015 13-Jan-21 Avaniben 0 5000 -5000 - 2,18,937 3942 INE980Y01015 14-Jul-21 Avaniben 21500 21500 0 11,30,542 11,62,910 32368 INE980Y01015 27-Jul-21 Avaniben 10000 10000 0 5,86,510 6,08,500 21990 INE980Y01015 13-Jan-21 Himanshu 1450 1450 0 63,669 62,443 -1227 INE980Y01015 09-Jul-21 Himanshu 22500 22500 0 9,87,871 10,27,843 39971 INE980Y01015 13-Jan-21 Jaydev 480 830 -350 20,929 36,210 248 INE980Y01015 14-Jul-21 Jaydev 13000 13000 0 6,95,053 6,97,625 2572 INE980Y01015 27-Jul-21 Jaydev 4500 4500 0 2,71,397 2,73,750 2353 INE980Y01015 13-Jan-21 Raj 0 10000 -10000 - 4,38,075 11199 INE980Y01015 09-Jul-21 Raj 10000 10000 0 4,46,017 4,58,839 12822 INE980Y01015 14-Jul-21 Raj 26000 26000 0 13,27,643 14,07,636 79993 INE980Y01015 27-Jul-21 Raj 23758 23758 0 14,19,409 14,56,269 36860 - INE981B01011 13-Sep-21 Himanshu 1500 18401 -16901 74,850 9,04,340 1130.640998

Final Order in the matter of Stock Recommendations using Social Media Channel

Net Gross Buy Gross Buy Scrip ISIN Date Client Name Sell Qty. Traded Sell Value Profit (INR) Qty. Value (INR) Qty. (INR) INE981B01011 04-Oct-21 Himanshu 40790 4598 36192 18,89,873 2,19,784 0 INE981B01011 05-Oct-21 Himanshu 0 9878 -9878 0 4,98,778 41112.69077 INE981B01011 05-Oct-21 Himanshu 0 26314 -26314 0 13,42,579 123404.8273 INE985A01022 06-Jul-21 Himanshu 23000 23000 0 18,94,589 19,52,807 58218 INE985A01022 06-Jul-21 Jaydev 2613 2613 0 2,21,368 2,22,713 1345 INE985A01022 06-Jul-21 Raj 4800 4800 0 4,02,031 4,07,734 5703 Grand Total 2,84,29,948

Note: 1. Profit has been calculated for trades that qualify as under: a. Trade has been executed within the Investigation period, i.e., January 01, 2021 to November 12, 2021. b. Trade has been executed in scrips with an overall profit of at least INR 50,000 during the Investigation period. c. Recommendation has been given in the Telegram channel pertaining to the scrip in which the said trade has taken place during the Investigation period.

2. Calculation of Buy Price: Weighted Average method has been used to calculate the average buy price of the scrips.

3. Calculation of Intraday Profit:

Intra-day Profit = (Average Sell price – Average Buy Price) * Lower of Buy Quantity or Sell Quantity.

4. Calculation of Total Profit: Includes sum total of profits made from Intraday trades and Positional trades. Total Profit = Intraday profit + Positional Profit

5. Calculation of Final Profit: Intraday profit pertaining to trades in scrips for which no recommendation was made during the day i.e., from 06:00 a. m. to 03:30 p. m. has not been included in the total profit since no price-volume impact had taken place.

Final Order in the matter of Stock Recommendations using Social Media Channel