The Bombay Stock Exchange (BSE) issued a warning to investors regarding an individual who is not registered with SEBI as a Research Analyst but is providing unauthorized services. The individual in question, Gourav Dutta, operating the website Wealth Research, is neither a registered member nor an Authorized Person of any registered member of BSE Limited. The alleged entity has been engaging in unauthorized activities like investment/trading recommendations without Research Analyst Registration and soliciting funds from investors while posing as SEBI registered.
Investors are strongly advised against subscribing to any scheme or product offered by individuals or entities promising indicative or assured returns in the stock market, as this is prohibited by law. BSE had previously cautioned investors against sharing their trading credentials, such as user id/password, with anyone for trading in their account or managing their portfolio. The exchange highlighted the risks involved in schemes offered by individuals on platforms like Telegram and Instagram, emphasizing the lack of investor protection or dispute resolution mechanisms.
BSE emphasized the importance of checking the registration of intermediaries on its website and utilizing SEBI’s portal for investor protection and dispute resolution services. Investors engaging in such schemes do so at their own risk and are unable to seek recourse from BSE. SEBI has also raised concerns about unregistered investment advisory services falsely claiming to be registered intermediaries with SEBI or presenting fake certificates issued by the regulator. To address market abuse, a Market Intelligence portal has been established for market participants to report instances of market abuse.
