The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have issued a joint advisory cautioning investors against fraudulent individuals and entities offering fake trading opportunities. These scammers use Indian and international phone numbers, as well as social media accounts, to impersonate reputable financial institutions and lure investors into their schemes.
The advisory warns investors to be cautious of social media groups offering stock recommendations and market analysis, and to avoid downloading apps promising investment opportunities. Investors are also advised not to share their trading account credentials or subscribe to schemes guaranteeing returns without verifying their authenticity.
Common forms of scams include:
– False association with reputable individuals or organizations
– Unregulated trading platforms and unauthorized trading applications
– Guaranteed high returns with official accounts
– Offers to handle investors’ trading accounts and requests for login credentials
Investors are urged to report suspected fraud to the Chakshu facility or cybercrime helpline. The stock exchanges also advise investors to verify the authenticity of trading apps on their official web pages.
