New Delhi, Jun 28 (IANS): The National Stock Exchange (NSE) issued an advisory on Friday, cautioning investors of certain individuals promising assured returns on investment in the stock market.
The exchange said in a statement that investors are cautioned and advised not to subscribe to any such scheme/product offered by any person/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.
It said that persons named Shivam Sharma and Rakesh Jain, operating through mobile numbers 9258085512, and 8171470164, and Hiren and Sunil, associated with “Sparsh Consultancy” operating through Instagram user ID “Tradedabba”, application named “Trade Vista” and mobile number 9285324929 and 7357901400, are "providing stocks tips and dabba/illegal trading platform with assured returns".
"It may also be noted that the said person/entity is not registered either as a member or authorised person of any registered member of the National Stock Exchange of India Limited," the NSE said.
Under Section 23(1) of the Securities Contracts (Regulation) Act, 1956 (SCRA), any entity/person who contravenes Sections 13,16,17 or 19 of the SCRA shall be prosecuted and on conviction, he shall be punishable with imprisonment for a term which may extend to ten years or with fine up to Rs 25 crore or with both, it added.
The stock exchange also advised investors not to trade on such illegal trading platforms.