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IDirect nstinct I - content.icicidirect.com

IDirectnstinctanoiveshIFebruary 7, 2018 ICICI Securities Ltd | Retail Equity Research I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management interaction or some immediate triggers that may havea positive impact on the future of the company Target price is based on forward estimates, which will be published along with Detailed CoverageReport or Nano Nivesh report as the case may be The intent is to capture price action by coming out with a gist, which may or may not be an interimreport between management interaction and publication of the final report The fair value of I-direct Instinct stocks is subject to expected growth potential in the future.

ICICI Securities Ltd | Page Retail Equity Research 3 ANALYST CERTIFICATION We /I, Mayur Matani, MBA and Akshay Gavankar, PGDM) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately

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