1. The 3-Tier Sourcing Hierarchy
In capital markets reporting, financial analysis is only as reliable as the underlying documentation. Digital Arthalaya enforces a strict 3-tier sourcing hierarchy for every figure, price band, lot size, and financial metric:
Tier 1: Mandatory Source
Primary Statutory Filings
SEBI Draft Red Herring Prospectuses (DRHP), Red Herring Prospectuses (RHP), exchange filings (BSE/NSE), and official registrar records.
Tier 2: Corroboration Only
Authorized Secondary Records
Official statutory newspaper advertisements, lead manager disclosures, verifiable analyst call transcripts, and corporate releases.
Tier 3: Zero Tolerance Ban
Disqualified Channels
Anonymous WhatsApp forwards, Telegram tip groups, unverified social media threads, and speculative rumors are banned as factual sources.
2. Sourcing Verification & Admissibility Matrix
To maintain full accountability, this matrix defines how our editorial team verifies and admits different data categories into published reports:
| Data Category |
Permissible Source |
Verification Mechanism |
Status |
| Issue Price & Lot Size |
RHP, Price Band Ad, Exchange Notice |
SEBI & BSE/NSE Official Portals |
Tier 1 Verified |
| Revenue & PAT Figures |
Restated Audited Financials in RHP |
Statutory Auditor Audit Exhibits |
Tier 1 Verified |
| Subscription Telemetry |
NSE & BSE Cumulative Bidding Feeds |
Exchange Feeds at 5:00 PM Close |
Exchange Validated |
| Allotment Status |
Registrar Query Engines (Link Intime / KFintech) |
Direct Registrar Public Queries |
Registrar Confirmed |
| Company Background |
Offer Document Business Overview |
Corporate Disclosures & ROC Filings |
Secondary Check |
| Social Media Tips & Rumors |
Telegram / WhatsApp Forwards |
Unverifiable Informal Claims |
Strictly Banned |
3. 4-Step Editorial Verification Workflow
Every article, table, and data guide published on Digital Arthalaya undergoes a structured four-stage verification sequence:
1
Document Ingestion
Extraction of primary metrics directly from official SEBI DRHP/RHP filings and exchange circulars.
2
Mathematical Audit
Audit of valuation multiples, basic vs diluted EPS, market capitalization math, and lot size minimums.
3
Regulatory Check
Cross-checking against SEBI ICDR regulations, lock-in period mandates, and promoter holding quotas.
4
Editorial Sign-off
Final human editorial review ensuring compliance, non-advisory tone, and clear risk disclosures.
4. Quantitative Multi-Point Verification
Financial figures can be inadvertently misrepresented if calculations are done carelessly. We enforce rigorous mathematical standards:
Fresh Issue vs Offer for Sale (OFS) Split
Every IPO review clearly differentiates capital injected into the company for growth from proceeds going to existing selling shareholders as stated in the 'Objects of the Offer' exhibit.
Valuation Multiples & P/E Calculations
When reporting P/E ratios, we specify whether multiples are based on annualized basic or diluted EPS, and whether historical or post-issue equity bases are utilized.
Peer Comparison Context
Listed peer group comparisons are sourced directly from the RHP's 'Basis for Issue Price' chapter, with explicit methodology notes for any additional industry comparisons.
5. Grey Market Premium (GMP) Verification Policy
Grey Market Premium (GMP) reflects unofficial over-the-counter (OTC) sentiment among market participants prior to listing. Because GMP is not regulated by SEBI or stock exchanges, our reporting strictly adheres to clear safeguards:
Mandatory Statutory Warning on Grey Market Premium:
GMP is an unregulated, unofficial market indicator with zero legal standing. It fluctuates continuously and does NOT guarantee listing prices or investment gains. It is published solely for market observation.
We cross-reference multiple independent observation points before reporting any rate. If liquidity is thin or figures conflict significantly, we report "GMP data not sufficiently verified" rather than publishing speculative estimates.
6. Zero-Tolerance Prohibited Practices
To protect reader trust and comply with regulatory norms, Digital Arthalaya strictly enforces zero tolerance for:
Return Guarantees
Zero tolerance for headlines promising "Guaranteed 100% Listing Gains" or speculative "Jackpot IPO" labels.
Unconfirmed Rumors
Strict ban on reporting unconfirmed listing dates, anchor allocations, or takeover chatter without filings.
Artificial Timestamp Bumping
Articles are NEVER backdated or falsely updated without substantive editorial revisions.
Unverified Machine Output
AI tools may assist with data organization, but every published figure must be verified against source filings.
Trust, Governance & Policies Gateway
Review the complete set of policies defining our journalistic independence, corrections mechanism, and legal standards.