Research analyst or research entity shall act honestly and in good faith.

Research analyst or research entity shall act with due skill, care and diligence.

Research reports shall be prepared only after thorough analysis.

Research analyst or research entity shall effectively address conflict of interest.

Any conflict which may affect impartiality of research analysis shall be appropriately disclosed.

Research analyst or research entity or its employees shall not engage in insider trading.

They shall not engage in front running, including front running of their own research reports.

Research analyst or research entity or its employees shall maintain confidentiality of research reports.

The report shall remain confidential until it is made public.

Research analyst or research entity or its employees engaged in research analysis shall observe high professional standards.

High ethical standards shall be followed while preparing research reports.

Research analyst or research entity shall comply with all regulatory requirements.

All business activities shall be conducted in accordance with applicable laws and regulations.

Senior management shall bear primary responsibility for maintaining appropriate standards of conduct.

They shall ensure adherence to proper procedures and regulatory compliance.