Refund Policy (Research Analyst Services)
Last updated: 17-Sept-2026 | Version [1.0]
1. Governing principle
This policy gives effect to the Most Important Terms and Conditions prescribed by SEBI for Research Analysts. Under those terms, on premature termination of research services by either the client or the Research Analyst, the client is entitled to a refund of proportionate fees for the unexpired period, and no breakage fee may be charged.
Nothing in this policy limits that entitlement. Where anything on this page appears to reduce it, the Most Important Terms and Conditions prevail.
2. When a refund is payable
- Cancellation by you. You may cancel at any time. The proportionate fee for the unexpired period is refunded.
- Termination by us. If we discontinue services to you for any reason other than your breach, the proportionate fee for the unexpired period is refunded.
- Suspension or cancellation of our SEBI registration. If our certificate of registration is suspended for more than sixty (60) days, or is cancelled, we refund fees on a pro-rata basis for the period from the effective date of that suspension or cancellation to the end of the subscription period.
- Failure to deliver. If the services paid for were not delivered for reasons attributable to us, the fee for the affected period is refunded.
- Duplicate or excess payment. Any duplicate charge, excess collection, or amount collected above the applicable SEBI fee ceiling is refunded in full.
- Payment made but onboarding not completed. If you pay and onboarding is not completed for any reason within 60 days, the entire amount is refunded in full, since no service commenced.
3. How the refund is computed
| Step |
Basis |
| Subscription period |
As stated on the invoice / fee schedule, from the service start date |
| Expired period |
Service start date to the effective date of cancellation, both days inclusive |
| Unexpired period |
Total days of the subscription period minus the expired period |
| Refund payable |
Fee paid (excluding statutory charges) × unexpired days ÷ total days |
| Deductions |
None. No breakage fee, administrative charge, processing charge or penalty is deducted |
Worked example:
A client pays Rs. 12,000 for a 365-day subscription starting 01 April. The client cancels with effect from 30 June, having used 91 days. The unexpired period is 274 days. The refund is Rs. 12,000 × 274 ÷ 365 = Rs. 9,008.22.
Refunds are computed on a daily basis. Part months are not rounded down and no part of the unexpired period is forfeited.
4. Statutory charges
GST and other statutory charges collected on the refunded portion of the fee are refunded or adjusted to the extent permitted by the applicable tax law. Any amount that cannot be recovered from the tax authorities will be dealt with in accordance with law.
5. When a refund is not payable
- For the period during which services were actually rendered. Fees for the expired period are earned and are not refundable.
- On the ground that a recommendation did not perform as expected, or that a loss was incurred. A research recommendation is an opinion, not a guarantee. Market loss is not a service failure and does not create a refund entitlement. This does not affect your right to complain about the quality or non-delivery of the service.
- Where services are terminated because of your breach — for example but not limited to redistribution of research reports, furnishing false information, or misuse of the service.
6. How to request a refund
Send a written request from your registered email ID to advisory@tradeswift.net, or through your client portal, stating your name, PAN, invoice or transaction reference, and the date from which you wish the cancellation to take effect. You may also write to the Compliance Officer at the registered office address.
7. Timelines and mode of refund
- We acknowledge a refund request within 72 working hours.
- The refund amount is determined and communicated to you within 7 business working days of receipt of a complete request.
- The refund is credited within 7 business working days of that determination.
- Refunds are made to the same instrument used for payment. A payment by credit card or debit card is refunded to the same card; a payment by net banking, UPI or NEFT is refunded to the same bank account. Where the original instrument is no longer valid, the refund is made to a bank account held in your own name after verification.
- Refunds are never paid in cash, and never to a third party.
- After we process a refund, the credit may take a further 5 to 10 working days to appear, depending on your bank or card issuer. That period is outside our control.
- No processing charge, administrative charge or deduction of any kind is applied to a refund.
8. If you are not satisfied
Write to our Compliance Officer at complianceofficer.ra@tradeswift.net. We will endeavour to respond within 7 (seven) business working days. If you remain dissatisfied, you may lodge a complaint on SEBI SCORES at https://scores.sebi.gov.in, or refer the dispute to https://smartodr.in. SEBI toll-free helpline: 1800 22 7575 / 1800 266 7575.
