Exchanges warn investors of fake trading apps, impostors

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MUMBAI: The bourses on Wednesday warned investors to not fall for social media posts providing excessive returns by specialised apps that use names of established brokers and different intermediaries. While NSE stated in its warning that there have been circumstances the place folks impersonated representatives of Choice Broking and R Okay Global Shares & Securities, BSE did not identify any dealer or market middleman.
“It has been brought to the notice of (NSE) that persons named “Makhan Prajapati” and “Rakesh Sharma” claiming to be associated with entity named “Choice Broking” operating through mobile number “9977690997” and person named “Kuldeep Valiya” claiming to be associated with entity named “R Okay Global Shares & Securities” and operating through mobile number “9112569388” are providing securities market tips for trading and assured returns on investment in the stock market.He is also offering to handle investors’ trading accounts by asking them to share their login ID/passwords,” NSE stated. “Investors are requested to take note that Choice Equity Broking and R K Global Shares & Securities, registered trading members of (NSE), have informed that the above-mentioned person is not associated with them in any manner,” it added.
“Generally, impersonators carry out their activities via social media platforms and messaging apps such as Facebook pages and WhatsApp groups. They make enticing promises of guaranteed high returns,” BSE stated. When investors begin to imagine they’re coping with reliable registered intermediaries, they obtain the app and make investments by it.
“Reality is that their investments never actually occur on the stock exchanges. Instead, these transactions remain as paper trades within the app. When investors try to withdraw substantial amounts, the app suddenly becomes non-functional.”
BSE, in its letter, stated Sebi had been receiving complaints from investors/intermediaries about fraudulent trading actions in identify of outstanding Sebi-registered monetary establishments.


Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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