Sebi bars 12 websites for giving fraudulent market tips


ET Market News

Dated March 25, 2019

Sebi bars 12 websites for giving fraudulent market tips.

These advisory firms were engaged in the business of fraudulent investment advisory activity.

Such fraudulent plan, scheme, device were used by the noticees several times through different websites, the release said.

Markets regulator Securities and Exchange board of India (Sebi) has barred a dozen of websites after receiving complaints from investors that certain investment advisory portals cheated them.

The order contains a list of websites including trade4target.com, niftysureshot.com, mcxbhavishya.com, callput.in, newsbasedtips.com, futuresandoption.com, optiontips.in, commoditytips.in, sharetipslive.com, thepremiumstocks.com, callputoption.in and tradingtipscomplaints.com.

According to Sebi, these advisory firms were engaged in the business of fraudulent investment advisory activity.

In a release, the markets regulator said, “The modus operandi adopted by these noticees shows that they were actually practicing prima facie fraudulent investment advisory activity. From the findings of the examination, it prima facie appears that the noticees were running a premeditated device, plan or scheme where under, the gullible investors would be lured by the unrealistic profit commitments on the websites and then money would be extracted from them in the name of subscription fee and later, the persons operating the websites would vanish.”

Such fraudulent plan, scheme, device were used by the noticees several times through different websites, the release said.

Some of these websites also contained a link over a Sebi logo with the word ‘approved’ below it, which contained the scanned copy of Sebi registration.

With an objective to lure investors, these websites were using terms such as ‘zero loss’, ‘jackpot’, ‘rumour based’, ‘sureshot’, etc. in the names of the packages offered in their websites and promise accuracy between 90-99 per cent.

The subscription promises investors to get a daily message, tips during live market hours and one-to-one customer support.

Link https://economictimes.indiatimes.com/markets/stocks/news/sebi-bars-12-websites-for-giving-fraudulent-market-tips/articleshow/68563286.cms

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