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Sebi warns against securities frauds using social media platforms

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MUMBAI : Markets regulator Sebi on Friday warned people about the proliferation of securities market-related fraudulent activities using various social media platforms (SMPs). It also asked people to report such activities on its portal, at https://mi.sebi.gov.in/.
With the rise in digital platform usage, fraudsters are enticing victims through trading advice disguised as educational content, Sebi said in a release. They utilise deceptive testimonials and offer unrealistic assurances of guaranteed or risk-free returns via these SMPs, it said.
According to the regulator, the most common securities market frauds observed on SMPs include unauthorised investment advisory services from organisations falsely claiming Sebi registration or showing fake Sebi certificates. Such activities also include floating trading platforms that impersonate that of Sebi registered entities and guarantee fixed returns. Under Sebi rules, no intermediary can guarantee any returns to investors.
Common securities market-related frauds also include misleading content designed to draw investors into private chat groups like “VIP group, Discounted trading group, Institutional Trading group, Official stock Community, Investment Club” etc through fraudulent advertisements.
Sebi also said that swindlers often try to attract investors by providing exclusive services on counterfeit trading/advisory applications, offering preferential trading advantages such as institutional trading account, IPOs at discounted prices, block trades at discounted prices, sure shot allocation in IPOs etc.
Sebi warned that the public should exercise caution and authenticate social media accounts claiming to represent Sebi-registered entities before dealing with them.
The regulator also said that it has introduced the ‘1600’ phone number series for service calls entities registered with it. “Investors should note the new ’1600’ phone numbering series to easily identify and attend service and transactional calls from Sebi-regulated/registered entities, thereby enhancing investor security and minimising the risk of fraud by unscrupulous entities using the regular 10-digit numbers,” it said.

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