At Paytm Money, your safety and well-being are our top priority. As part of our ongoing efforts to keep investors informed and protected, we would like to alert you to the growing presence of unregistered advisors and entities in the market.
What’s Happening?
The Exchange has identified certain individuals engaging in illegal and misleading activities, including:
- Promising assured or guaranteed returns on stock market tips
- Offering dabba (illegal) trading services
- Managing investors’ trading accounts without proper regulatory approval
These practices are not only misleading but also illegal.
Entities Involved
Some Specific Unregistered Advisors Brought to Light in the Month of April Include
| Sr. No | Name / Entity | Contact | Online Presence / Details |
|---|---|---|---|
| 1 | Priya Thakur (Elite Brokerage) | 8819954312 | Website: https://Elitefx.co.in; Facebook: DABBA TRADING MT5 (https://www.facebook.com/groups/533195568694626/); Providing tips, guaranteed returns, account handling, and illegal trading |
| 2 | Online Dabba Trading (Telegram Channel) | NA | Telegram: https://t.me/Online_Dabba_Trading; Providing tips, assured returns, account handling, and illegal trading |
| 3 | Raju Bhai Solanki (Tradeverse) | 9111214332 | Website: https://usa.tradeverse.site/; App: https://usa.tradeverse.site/apks/app-2.apk; Providing illegal/dabba trading services |
| 4 | Gurvinder Singh (Gurvinder Wealth) | 9034164184 | WhatsApp: http://www.whatsapp.com/channel/0029Vb6rrjT6WaKx9N2XtP2s; YouTube: https://www.youtube.com/@GURVINDERWEALTH; Providing tips, guaranteed returns, account handling, PMS services |
| 5 | Wealth Research (Gourav Dutta) | 9174001022, 9174001021 | Website: https://wealthresearch.in/; Email: support@wealthresearch.in, hr@wealthresearch.in, compliance@wealthresearch.in; Providing unauthorized investment advice |
Advisory for Investors
To safeguard your investments and ensure smooth transactions, keep the following points in mind:
- Ensure that any payout of funds or securities is credited to your account within one working day from the payout date.
- Be cautious while granting a Power of Attorney (PoA) to your stock broker. Clearly understand the rights you are giving and the validity period. It is important to note that PoA is not mandatory as per regulatory guidelines.
- You can use online facilities such as Speed-e and Easiest provided by depositories for transferring securities, which can act as an alternative to PoA.
- Make sure you receive contract notes within 24 hours of executing trades and a statement of account at least once every quarter.
- Securities given as margin should not be used by the broker for raising funds under any circumstances.
- If you have opted for a running account, ensure that your broker settles it regularly and not later than 90 days, or 30 days if you have chosen that option.
- Avoid keeping unused funds or securities idle with your stock broker.
- Regularly log in to your account to verify balances and cross-check your Demat statements for accuracy.
- Review messages sent by exchanges regarding your balances and report any discrepancies immediately.
- Keep your mobile number and email ID updated with your broker to ensure you receive all important alerts from exchanges and depositories.
- In case of any discrepancies, first contact your broker. If the issue is not resolved, escalate it to the exchange or depository.
(Source: NSE)
Warning Against Fraud and Unauthorized Activities
- Investors are advised not to engage with individuals or entities that approach them through social media platforms such as WhatsApp, Telegram, Facebook, or Instagram with trading offers.
- Be cautious of anyone claiming association with reputed financial institutions or showing fake certificates allegedly issued by regulators or exchanges.
- Avoid dealing with entities that promote unregulated trading platforms or applications that resemble registered brokers.
- Do not trust offers that promise guaranteed or assured returns in the stock market, as such claims are misleading and often fraudulent.
- Never share your trading account login credentials, including your user ID and password, with anyone.
- Stay away from offers that claim to provide access to special or institutional accounts with exclusive benefits or higher returns.
- Be alert to schemes offering easy profits through pre-IPO opportunities without proper verification.
- Avoid illegal practices such as dabba trading or any off-market trading arrangements.
- Be cautious of trading courses, seminars, or mentorship programs that promise unrealistic profits or guaranteed success.
Important Note on Investor Protection
Investments made through such unauthorized schemes are not covered under regulatory protection. You will not have access to exchange dispute resolution mechanisms in case of any issues. Grievance redressal systems provided by exchanges will not be available for such transactions.
Our Advice
Always stay alert and verify the credentials of anyone offering investment advice or trading services, especially unregistered advisors. If it sounds too good to be true, it probably is. If you ever feel unsure or spot any suspicious activity, don’t hesitate to contact us. We’re here to help. Stay smart. Stay safe.
Disclaimer: Investment in the securities market is subject to market risks. Read all the related documents carefully before investing. Investors are requested to do their own due diligence before investing.
SEBI Reg No.: Broking – INZ000240532, Research Analyst – INH000020086, Depository Participant – IN-DP-416-2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707), MCX (57525), NCDEX (1315), MSEI (85300).
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