The National Stock Exchange (NSE) on Wednesday warned investors against a person and entities engaged in dabba/illegal trading.
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The National Stock Exchange (NSE) on Wednesday warned investors against a person and entities engaged in dabba/illegal trading.
The stock exchange said in a statement that investors are cautioned not to subscribe to any such scheme or product offered by any person in the stock market as the same is prohibited by law.
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The NSE said that the person named “Aditya” associated with entities named “Bear&Bull PLATFORM” and “Easy Trade”, operating through mobile numbers “8485855849 and 9624495573”, is providing “dabba/illegal trading services”.
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“It may also be noted that this person is not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited. A police complaint has been lodged in this regard,” said the NSE.
The exchange also cautioned investors against an Instagram account and a Telegram channel which have been found offering investment tips.
In terms of Sections 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 the fine up to twenty-five crores or with both”, warned the NSE.
Dabba trading also falls within the purview of Section 406, 420 and Section 120-B of the Indian Penal Code,1870, the exchange said.
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