NSE Warns About Bhavika Patel, Who is 'Luring Investors' with Guaranteed Returns

Moneylife Digital Team 16 January 2023

National Stock Exchange (NSE) has issued a warning about one Bhavika Patel, an unregistered investment advisor, who, the Exchange says, has been trying to cheat investors.

In a release, NSE says Bhavika Patel calls various investors from a mobile number +91-886-656-9092. She is allegedly offering to handle investors' trading accounts and asking them to share their user ID and password for guaranteed returns.

"The investors are cautioned and advised not to subscribe to any such scheme/ product offered by any person offering 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 and password with anyone. It may also be noted that Bhavika Patel is not registered either as a member or authorised person of any registered member of the NSE," the Exchange says.

NSE has also said it does not endorse such advisory and trade practices. The investors were also informed that the dispute resolution mechanism, investor grievance redressal mechanism, and protection offered to investors as per the norms of NSE will not be provided if any kind of dispute is raised by anyone who had indulged in this prohibited scheme.

"Participation in such a prohibited scheme will be under the own risk, cost, and consequences of the investors as such schemes are neither approved nor endorsed by the Exchange," NSE says.