Compliance Audit Appointment Letter

Date: 1 August 2025

Place: Indore

To,
CS Nupur Choudhuri
Proprietor
N. Choudhuri & Co.
Practicing Company Secretaries
25/1A, Syndicon Residency
Naktala – 700047, Kolkata

Subject:

Appointment as Compliance Auditor in terms of SEBI (Research Analysts) Regulations, 2014, for the Financial Year (FY) 2024-25

Dear Ms. N. Choudhuri,

We are pleased to formally appoint you as the Compliance Auditor for FY 2024-25, to undertake the compliance audit in terms of the SEBI (Research Analysts) Regulations, 2014.

Scope of Work:

• Reviewing adherence to SEBI (Research Analysts) Regulations, 2014, and any amendments thereto.
• Assessing compliance with internal policies and procedures related to research activities.
• Identifying any non-compliance and recommending corrective actions.
• Submitting the Compliance Audit Report within the statutory timeline of September 30, 2025.

Duration of Appointment:

This appointment is for FY 2024-25, effective from 1 August 2025 and concluding upon the submission of the final Compliance Audit Report.

Reporting and Access to Information:

You shall report directly to Manjushri Sharma. We assure you full cooperation and access to all necessary records, documents, and personnel required to facilitate the audit process.

We anticipate a constructive and thorough audit process and look forward to a successful and long-term association.

Thanking you,

For and on behalf of
Manjushri Sharma – INH000019497
SEBI Registered Research Analyst

Manjushri Sharma
Individual – INH000019497
PAN: ECYPS3459B