Disclosure Document

       Name of Investment Adviser: LLama Research LLP
       SEBI Registration No.: INA000018780 (Granted on January 18, 2024)
       Registered Office: 106, Mulberry Homes, Dandi Road, Narthan, Beside DPS School, Surat – 395005, Gujarat, India
       Principal Officer: Mr. Karan Shah, CFA, FRM
       Contact: +91-8800395987 | support@llamaresearch.in

1. Purpose of this Document

This Disclosure Document provides essential information about LLama Research LLP and its Investment Advisory Services. Its objective is to enable prospective and existing clients to make an informed decision before engaging our services.

2. About LLama Research

        Background & Philosophy
LLama Research LLP is a SEBI-registered Investment Adviser providing goal-based, research-driven investment advice. Our philosophy is built on Growth and Quality at a Reasonable Price (GQRP), rooted in the thinking of Peter Lynch, Charlie Munger, and Ralph Wanger.

Our proprietary data-driven framework blends fundamentals with timing discipline, ensuring that client portfolios are structured for both resilience and opportunity.

We align our interests with those of our clients by:

• Understanding each client’s risk profile, goals, and return expectations.
• Designing asset allocation strategies suitable to their needs.
• Conducting periodic reviews and recommending corrective actions when necessary.

3. Terms & Conditions

LLama Research provides non-discretionary investment advisory services only. Clients take investment decisions at their own risk based on advice provided. Fees, tenure, and service terms are governed by the Investment Advisory Agreement executed between LLama Research and each client.

4. Disciplinary History

No action has been taken against LLama Research LLP or its Principal Officer by SEBI or any other regulatory authority since registration.

5. Compliance & Audit

We comply with Regulation 19(3) of the SEBI (Investment Advisers) Regulations, 2013 relating to annual compliance audits. Disclosures for last and current financial years are as under:

6.  Affiliations

LLama Research LLP has no affiliations with any intermediaries such as stockbrokers, portfolio managers, or distributors. We operate as an independent advisory entity.

7. Remuneration & Consideration

LLama Research does not receive remuneration, compensation, or any other form of consideration from product issuers for advisory services.

We do not recommend brokers or intermediaries and have no commission-sharing arrangements.

8. Proprietary Investments

LLama Research LLP and its partners may hold positions in financial securities outside the recommended list. Where overlap exists with recommended securities, prior disclosure is made to clients.

9. Conflicts of Interest

We maintain independence by avoiding broking, distribution, and third-party commission activities. Any potential conflict of interest arising from      proprietary positions or research coverage will be disclosed transparently to clients.

10. Product & Risk Disclosures

• No Guaranteed Returns: Investments in securities, mutual funds, and derivatives are subject to market risks. No guarantee or assurance of returns is offered.
• Past ≠ Future: Historical performance does not indicate future outcomes.
• Market Risks: Portfolio NAVs may fluctuate due to economic, policy, or global events.
• Equity Risks: Stock values may fall due to poor company performance, liquidity constraints, or adverse macroeconomic conditions.
• Debt Risks: Fixed-income products face interest rate risk, credit risk, and reinvestment risk.
• Commodity & Derivatives Risks: Use of gold, silver, or derivatives may add volatility. Derivatives require skill and may amplify both gains and losses.
• External Risks: Acts of government, war, natural disasters, or regulatory changes may impact returns.

Clients are advised to review product documents, fact sheets, and risk disclosures available on SEBI/NSE/BSE websites before investing.

11. Confidentiality

All client information is treated with strict confidentiality and will not be shared without prior consent, except where required by law or regulation.

12. Grievance Redressal / Escalation Matrix:

    Details of designation	Contact Person Name	Contact No.	Email-Id	Working hours when complainant can call
    Customer Care	Viddhe Shah	7875245033	Viddhe.shah@llamaresearch.in	9 am – 6 pm
    Head of Customer Care	Viddhe Shah	7875245033	Viddhe.shah@llamaresearch.in	9 am – 6 pm
    Compliance Officer	Karan Shah	8800395987	Karan.shah@llamaresearch.in	9 am – 6 pm
    Principal Officer	Karan Shah	8800395987	Karan.shah@llamaresearch.in	9 am – 6 pm

      Investor Relations Officer:

Mr. Karan Shah, CFA, FRM (Principal Officer)
LLama Research LLP
106, Mulberry Homes, Dandi Road, Narthan, Beside DPS School, Surat – 395005, Gujarat
Phone: +91-8800395987
Email: support@llamaresearch.in

If grievances are not resolved, clients may escalate complaints to SEBI through the SEBI SCORES Portal (https://scores.sebi.gov.in).