The National Stock Exchange of India (NSE) has warned against dealing with two unregistered entities offering illegal trading services, assured returns and account-handling facilities through social media platforms and messaging applications. The Exchange has also warned investors against participating in such schemes, stating that they are prohibited by law and not recognised by NSE.
In one advisory, the National Stock Exchange (NSE) said that persons identified as 'Sahil' and 'Yogendra', associated with an entity called Kwik Trade, are allegedly providing
dabba (illegal) trading services.
According to the Exchange, the entity is operating through mobile numbers 8062524207, 07965808073 and 8062524268. It is also active through a YouTube channel named 'Kwiktrade' (
www.youtube.com/@kwik.tradeofficial), Instagram pages 'Kwik Trade' (user ID: kwik_trade_marketing) and 'kwik__trade', and Telegram channels 'Kwik Trade' (
t.me/+XkZ4G7k2mvhjNjk1) and 'KWIKTRADE' (
t.me/kwiktrde).
The Exchange warned that dabba trading is illegal and can attract severe punishment under the Securities Contracts (Regulation) Act (SCRA), including imprisonment of up to 10 years, a fine of up to Rs25 crore, or both. NSE also noted that such offences are cognisable under the Bharatiya Nagarik Suraksha Sanhita, 2023, and may be investigated by state law enforcement agencies. Additionally, dabba trading may attract provisions of the Bharatiya Nyaya Sanhita, 2023.
In a
separate cautionary notice, NSE warned investors against a person identified as 'Ankit', who is allegedly operating through mobile numbers 9509244202 and 9216365502.
According to the Exchange, the individual operates a Telegram channel named 'Ankit Trading' (
t.me/+X5umHliFEvcwYzY1), where he allegedly promises securities market tips, assured or guaranteed returns, and account-handling services. NSE said the individual reportedly asks investors to share their trading login IDs and passwords, exposing them to significant financial and cybersecurity risks.
NSE advised investors never to share their trading credentials with anyone and to verify the registration status of brokers and authorised persons using the ‘know/locate your stock broker’ facility available on its website. Investors have also been urged to verify the designated client bank accounts disclosed by registered trading members before transferring funds.
The Exchange reiterated that participation in illegal trading platforms or prohibited investment schemes is entirely at an investor's own risk and that such entities are neither approved nor endorsed by NSE. Consequently, investors using these platforms will not have access to the exchange's investor protection framework, dispute resolution mechanism or grievance redressal process in the event of any dispute.
NSE has urged investors to remain vigilant, avoid entities promising guaranteed returns or illegal trading services, and deal only with brokers and intermediaries registered with the exchange. The advisories have been issued in the interest of investors to help curb fraudulent activities in the securities market.
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