BSE flags EasyInvest for illegal trading advice; alerts public on fake advisory accounts

The Bombay Stock Exchange, commonly known as BSE, on Thursday, November 27, issued a warning to investors about an unauthorised body – EasyInvest. The stock exchange said the entity is disseminating investment and trading recommendations and collecting funds from citizens to trade in the equity market.

In a circular, BSE stated, "It has been brought to the attention of the Exchange that the following entity is allegedly engaged in unauthorised activities like investment and trading recommendations without registration with SEBI or the Exchange and soliciting funds from investors for trading in various securities, including Indian Listed Equity Shares."

EasyInvest is not a registered member of the BSE, the exchange clarified, and urged investors to verify the credibility of the advisory before acting on its information.

"Please note that these entities or individuals are neither registered as members nor as authorised persons of any registered member of the BSE Limited. The Exchange provides a facility to verify the registration of Exchange intermediaries at official websites," BSE further noted.

The exchange also cautioned the public against subscribing to schemes or products that promise indicative or guaranteed returns in the stock market, as such offerings are prohibited by law.

Last month, BSE had warned investors that some mischievous elements may spread misleading property advisories by creating fake social media IDs using photographs of BSE officials.

"It has come to the attention that photos of senior BSE officials are being used to create fake social media IDs. The IDs created claim to provide a wealth advisory solution to mislead gullible investors," the stock exchange said in a statement.

BSE officials are permitted to initiate or endorse any wealth management or advisory service in any capacity; however, investors should not be misled by such fraudulent misrepresentations.

"Investors are urged not to rely on any stock/share recommendation from any such fake social media handle and verify the source of communication before making any investment decisions," the stock exchange said.

With IANS Inputs