Refund Policy

Effective date: 1 April 2025

This policy is issued in accordance with the SEBI (Research Analysts) Regulations, 2014 and the SEBI master circular for Research Analysts.

Payment terms

All fees are quoted in Indian Rupees and are exclusive of GST, charged additionally at the applicable rate. Fees may be paid by cheque, online bank transfer, UPI, credit or debit card, or through the Centralised Fee Collection Mechanism (CeFCoM) administered by BSE Limited. Cash is not accepted.

Fees may be collected in advance only to the extent permitted by SEBI from time to time.

For subscribers who are individuals or HUFs and are not accredited investors, total fees will not exceed ₹1,51,000 per annum per family, exclusive of statutory charges.

Cancellation and refund

You may cancel a subscription at any time by written notice to advisor@ankurkapur.com.

On premature termination — whether by you or by us — you are entitled to a proportionate refund of fees for the unexpired period of the subscription. No breakage fee is charged. This is the position mandated by SEBI for Research Analysts, and we apply it without exception.

The refund is calculated on a pro-rata basis from the date the cancellation request is received, on the fee actually paid, net of applicable GST already discharged to the government and net of any payment gateway charges that are non-recoverable.

Circumstances in which no refund is due

Fees for a period already elapsed and research already delivered.
Where access is terminated for sharing, redistributing or reselling subscriber content, sharing login credentials, or other material breach of the Terms & Conditions.
Where required KYC is not completed or maintained, resulting in the service being withdrawn — save that any fee for the unserved period will be returned.
Dissatisfaction with the performance of any security, portfolio or market outcome. Fees are charged for research, not for investment results, and no assured return is offered or implied.

Refund process and timelines

Send your request to advisor@ankurkapur.com with your registered name, subscription details, payment reference and reason. We will acknowledge within 3 business days, confirm the computation, and process the approved refund within 7 business days of confirmation.

Refunds are made to the original payment method wherever possible. UPI refunds typically reflect in your account within 5–10 business days after processing, depending on your bank. Where the original method cannot be credited, the refund is made by bank transfer to the account registered in your KYC records. Refunds are made only to the subscriber — never to a third party.

Failed and duplicate payments

If a payment is debited but the subscription is not activated, or a payment is duplicated, write to advisor@ankurkapur.com with the transaction reference. Confirmed failed or duplicate payments are refunded in full, without deduction, within 7 business days of verification.

Chargebacks

If you raise a chargeback with your bank or card issuer, we will contest it where the fee relates to a period already served or where subscriber content has been accessed, and will furnish the executed agreement, access logs and invoices as evidence. A chargeback raised while a refund is already being processed can delay the credit, since the two cannot run in parallel. Please write to us first.

Disputes

Any dispute regarding a refund may be raised at advisor@ankurkapur.com, and thereafter through SCORES (www.scores.sebi.gov.in) and the SMART ODR portal (smartodr.in), as described on the Contact Us page.