Legal & disclosures.

Disclaimer

Not investment advice. Not a registered investment adviser or research analyst. Esploro Group is an investment-research and education brand. Everything on this site is for educational and informational purposes only, explains a research methodology, and is not a recommendation, solicitation, or advice to any specific person to buy, sell, or hold any security. We are not registered as an investment adviser or research analyst in any jurisdiction, and nothing here is personalized investment advice. Markets carry risk; do your own research and consult an adviser licensed in your jurisdiction before investing.

Expanding on each part of that statement, so there is no ambiguity:

• Educational and informational only. Everything we publish — essays, the method, the field guide, the glossary — exists to teach a framework for thinking about where value migrates in public markets. It is general information, not tailored to your circumstances, objectives, risk tolerance, or financial situation.
• Impersonal, not personalized. Anything Esploro publishes is, and will remain, impersonal — the same for every reader, addressed to the public at large, never adapted to an individual's portfolio or situation. We do not provide one-to-one advice, and we do not manage money. A framework you read on a website is not a substitute for personalized advice from an adviser who has assessed your situation.
• Not a recommendation or solicitation. Nothing here is a recommendation to a specific person to buy, sell, hold, subscribe, or transact in any security, fund, or product, nor an offer or solicitation to do so. Where we reference a company by name, it is to illustrate a concept.
• Not a registered adviser. We do not hold, and this site does not claim, any investment-adviser or research-analyst registration in any jurisdiction. See Regulatory posture for how we intend to operate market by market.
• Markets carry risk. The value of investments can go down as well as up, past patterns do not predict future outcomes, and you can lose money. Any historical or illustrative example on this site is used to explain an idea, not to imply a repeatable result.

Our United States research is impersonal, general-circulation research — the same for every reader, addressed to the public at large, traced to primary filings, and never tailored to your personal circumstances or a recommendation to any specific person to transact. Our India content remains education and methodology only pending SEBI Research Analyst registration. We make no performance or return claims of any kind, and use no assurance language — nothing here is "guaranteed", "assured", or a "multibagger".

Regulatory posture across markets

Esploro publishes impersonal, general-circulation research and education, and is not registered as an investment adviser or research analyst in any jurisdiction. We do not provide personalized advice and we do not manage money. We are stating this openly because honesty about status is itself a trust signal in a Your-Money-Your-Life field. The notes below describe how we intend to operate market by market — our operating posture, not legal advice to you.

United States

We publish impersonal, general-circulation research in the United States — ranked, evidence-grounded analysis addressed to the public at large, the same for every reader. In the United States, that kind of impersonal publication has long been treated as outside investment-adviser registration under the "publisher's exclusion" of the Investment Advisers Act of 1940 (recognised by the U.S. Supreme Court in Lowe v. SEC, 1985, and applied to modern quant-ranked stock research by a federal court in 2024). To stay squarely within it, we keep our research strictly impersonal, remain issuer-agnostic, disclose any position or paid promotion, and never provide personalized advice. Anti-fraud rules always apply, and we hold ourselves to them.

India

India treats a ranked buy/sell view as a regulated "research report" regardless of methodology. We are not currently registered with SEBI, so we will register as a SEBI Research Analyst (registration prefix INH) — and complete the associated NISM-Series-XV certification — before publishing any India-specific company research. Until then, our India content is education and methodology only. When that registration is granted, this page will carry the disclosures a registered Research Analyst must provide: the registration number, a formal Investor Charter, complaint redressal (SCORES / SMARTODR), a periodic complaints-status table, and conflict-of-interest disclosures.

United Kingdom, European Union & elsewhere

In the UK and EU, general recommendations addressed to the public are not licensed "advice" (which is a personal recommendation to a specific person); where we publish, we follow the applicable market-abuse and financial-promotion standards, including disclosing our interests. In jurisdictions that require a licence even for general, impersonal research — for example Australia and Singapore — we do not target their retail public with ranked calls until we are appropriately licensed or structured.

How we use AI

How we use AI. Our research process uses AI agents to read and structure large volumes of primary-source material (regulatory filings, transcripts, disclosures). Every material observation is traced back to a dated primary source and reviewed by a human analyst. AI assists the reading; it does not replace analyst judgment, and this site publishes methodology and education — not automated calls.

Concretely: AI helps us process filings, concall transcripts, rating rationales, and public disclosures at a scale a single analyst could not read by hand. It never issues a conclusion on its own. Every observation that reaches this site is checked back to the exact dated sentence it came from and signed off by a named human analyst. We do not publish machine-generated stock calls.

Privacy policy

This privacy policy explains what personal data Esploro collects, why, and your rights over it. It is aligned to India's Digital Personal Data Protection Act, 2023 (DPDP Act), and we honour equivalent rights — such as those under the EU/UK GDPR — for readers elsewhere. We collect as little as possible and we never sell your data.

What we collect

• Your email address — only if you choose to join our waitlist. That is the sole personal detail we ask you to provide.
• Basic, aggregate analytics — standard, privacy-respecting usage data (such as page views and general traffic patterns) that help us understand what content is useful. We do not build advertising profiles or track you across other websites.

Lawful basis and purpose

Our lawful basis for processing your email is your consent, given when you submit the waitlist form. The purpose is limited and specific: to send you occasional emails about our research method and value-migration writing, and to notify you when the research service launches. We do not use your email for anything else, and we do not send stock tips or stock calls.

No sale of data

We will never sell your personal data, and we do not share it with third parties for their own marketing. We use a small number of reputable service providers (for example, an email delivery service and website analytics) strictly to operate the site; they process data only on our instructions.

Retention

We keep your email address only for as long as you remain on the waitlist or subscribed. If you unsubscribe or ask us to erase your data, we delete it promptly, except where we are legally required to retain a limited record.

Your rights

Under the DPDP framework you have the right to access the personal data we hold about you, to have it corrected if it is inaccurate, to request its erasure, and to withdraw your consent at any time (every email includes a one-click unsubscribe, and withdrawing consent is as easy as giving it). You also have the right to raise a grievance about how we handle your data.

Grievance and data contact

For any privacy request — access, correction, erasure, withdrawal of consent — or to raise a grievance, write to hello@esploro.group. We will respond within a reasonable time and in line with our obligations under the DPDP Act.

Terms of use

By using this site you agree to these terms. They are short by design.

• Educational content. All content is provided for educational and informational purposes only. It is not investment, legal, tax, or financial advice, and it is not a recommendation or solicitation to transact in any security.
• No warranty. The content is provided "as is". While we work hard to trace every observation to a primary source, we make no warranty that the site is complete, current, or free of error, and we may update or change it at any time.
• No liability for investment decisions. Any decision you make is your own. To the fullest extent permitted by law, Esploro Group and its founder are not liable for any loss or damage arising from your use of, or reliance on, anything published here. Consult a registered adviser before investing.
• Intellectual property. The methodology, written content, brand, and design on this site are the intellectual property of Esploro Group. You may read and share links to our pages, but you may not republish or resell our content without permission.
• Governing law. These terms are governed by the laws of India, and any dispute is subject to the jurisdiction of the courts of India. Wherever you read us, you remain responsible for complying with the laws of your own jurisdiction.

Contact

For anything at all — questions about the method, privacy requests, corrections, or press — write to hello@esploro.group. There is a real person on the other end.