Fight Back against Stock Tip SMS. Zerodha Takes the Initiative
Unsolicited stock tips via SMS and calls are a serious menace. In addition to the annoyance, this illegal activity brings significant losses to investors who fall victim, and damage the capital market ecosystem. Online stockbroker Zerodha has started an initiative to curb the menace of unsolicited stock tips that are spread through SMS.
Zerodha has started a webpage
for reporting such stock tip SMSs. It says, "We have been receiving an increasing number of reports from irate clients who incorrectly assume that we are complicit in leaking their phone numbers to unscrupulous tipsters. We do not. We have come to the understanding that this problem is not unique to us or our clients, but plagues the entire industry. We have received reports of leaks happening at the telecom and SMS gateway levels."
"We reached out to other brokers, broking associations, exchanges, Securities and Exchange Board of India (SEBI), Telecom Regulatory Authority of India (TRAI), and various cyber cells in an effort to figure out the source of the leaks, and to curb the problem. We, along with other brokers and the regulatory bodies are working hard to curb this menace, but...