Bombay Stock Exchange (BSE) Limited issued a warning to investors regarding an individual who is not registered with SEBI as a Research Analyst but is providing unauthorized services and seeking funds from investors. The stock exchange advised investors to avoid any schemes or products offered by this individual. The entity in question, Ashish Nayak Rocking Investment, operates an X handle for investment recommendations and a Telegram channel but is not registered with BSE Limited as a member or Authorized Person of any registered member.
BSE emphasized that these schemes carry significant risks and do not offer investor protection or dispute resolution mechanisms. It urged investors to verify the registration of intermediaries on its website and utilize SEBI’s portal for investor protection and dispute resolution services. Investors were cautioned that they engage in such schemes at their own risk and cannot seek recourse from BSE.
Investors were further advised against subscribing to any schemes or products promising guaranteed returns in the stock market, as such activities are illegal. Previously, BSE had cautioned investors against sharing their trading credentials like user id/password with individuals offering to manage their trading accounts on platforms like Telegram and Instagram. SEBI also recently highlighted the issue of unregistered investment advisory services falsely claiming to be registered with SEBI or displaying fake certificates from the regulator.
SEBI has prohibited its registered intermediaries or their agents from associating in any way, whether monetary or non-monetary, with unregistered entities for promoting or advertising services or products.
