NSE Alerts Investors Against Pune-Based Broker Offering Assured Stock Market Profits
Pune, 3rd August 2024: The National Stock Exchange of India (NSE) has issued a cautionary notice to investors regarding unauthorized investment schemes promoted by Amit Lilhare (PAN: ADFPL4472R), an Authorized Person of a registered stockbroker. Lilhare, operating from multiple addresses, has been offering assured/guaranteed returns on stock market investments and collecting commissions in his personal bank accounts. Disciplinary actions against the trading member are underway.
He has addresses in Durg, Chhatisgarh and Hadapsar in Pune, Maharashtra, NSE stated in a press release.
Warning to Investors
“Investors are strongly advised against subscribing to any schemes or products that promise assured or guaranteed returns in the stock market, as such practices are illegal. It is crucial not to share trading credentials like user ID and password with anyone. NSE has provided a “Know/Locate your Stock Broker” facility on its website, where investors can verify the details of registered members and their authorized persons”, NSE said.
Additionally, the designated bank accounts for client transactions are disclosed on the NSE website. Investors should verify these details before engaging in any transactions.
Risks and Consequences
Participation in such prohibited schemes is at the investor’s own risk, cost, and consequences. These schemes are neither approved nor endorsed by the NSE. Investors should note that engaging in such schemes will disqualify them from the following:
1. Benefits of investor protection under NSE’s jurisdiction.
2. Access to NSE’s dispute resolution mechanism.
3. Recourse to the investor grievance redressal mechanism administered by NSE.
The NSE is the world’s largest derivatives exchange by trading volume, according to the Futures Industry Association (FIA) for the calendar year 2023. It ranks third globally in cash equities by number of trades, as per the World Federation of Exchanges (WFE) for 2023. Established in 1994, NSE was the first Indian exchange to implement electronic trading and has consistently been the largest stock exchange in India by turnover for equity shares since 1995, based on SEBI data.
