NSE Warns Investors about Telegram Channel 'Banknifty Express'
Moneylife Digital Team 25 July 2024
National Stock Exchange (NSE) has issued a warning about a Telegram channel, 'Banknifty Express' that is operating through mobile number 8306829377 and collecting funds from the public and providing securities market tips for trading and assured or guaranteed returns on investment in the stock market.
 
"Investors are cautioned and advised not to subscribe to any scheme or product offered by any person or entity offering indicative, assured or 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 or password with anyone," NSE says in a release.
 
According to the Exchange, the operators behind the Telegram channel 'Banknifty Express' are not registered either as a member or authorised person of any registered member of NSE.
 
NSE says it has provided a facility on its website under 'Know/Locate your Stock Broker' (https://www.nseindia.com/invest/find-a-stock-broker) to check details of registered members and authorised persons of these member. "Further, the designated bank accounts named as client bank accounts to receive or pay money from and to investors as disclosed by the trading members to Exchange are also displayed under the link. Investors are advised to check the details while dealing with any person or entity."
 
The Exchange says it does not endorse such schemes. "Participation in such a prohibited scheme will be under the investors' own risk, cost, and consequences as such schemes are neither approved nor endorsed by the Exchange," it added.
 
Further, according to the Exchange, its dispute resolution mechanism, investor grievance redressal mechanism and protection offered to investors as per the norms would not be provided if any kind of dispute were raised by anyone indulging in this prohibited scheme.
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