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It has been brought to the notice of the Exchange that person named “Jensmon V George” operating through mobile number “9995103502” is providing dabba/illegal trading platform with assured profit. He is also offering to handle trading account of investor by asking investors to share their user ID and password.
The 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. Further, investors are advised not to share their trading credentials such as user id/ password with anyone. It may also be noted that the said person/entity is not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited.
In terms of Sections 23(1) of 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. As per Section 25 of SCRA, offences punishable under section 23 are cognizable offences within the meaning of Code of Criminal Procedure,1973 and as such can be investigated by state law enforcement authorities also. In addition to being violative of the securities laws, dabba trading also falls within the purview of Section 406,420 and Section 120-B of Indian Penal Code,1870.
Investors are cautioned and advised NOT to trade on such illegal trading platforms. Participation in such illegal platforms is at the investor’s own risk, cost and consequences as such illegal trading platforms are neither approved nor endorsed by the Exchange.
The investors may note that for any kind of disputes relating to such prohibited schemes none of the following recourses will be available to investors:
1. Benefits of investor protection under Exchange's Jurisdiction
2. Exchange dispute resolution mechanism
3. Investor grievance redressal mechanism administered by Exchange.
Investors are advised to take note of the above.
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