NSE Warns Of Fraud By Fake Stockbroker Using Forged SEBI Registration
Lazard Asset Management India is falsely presenting itself as a registered stockbroker with the SEBI, using a fake registration certificate, according to the exchange.
The National Stock Exchange issued a warning on Thursday about fraudulent activities linked to Lazard Asset Management India.
This warning followed a complaint about a WhatsApp group called 'JO HAMBRO' that is enticing investors with offers to buy shares at discounted prices outside regular market hours. The group is reportedly collecting money from retail investors under the false pretense of offering a 'Seat Trading Account.'
In this group, Lazard Asset Management India is falsely presenting itself as a registered stockbroker with the Securities and Exchange Board of India, using a fake registration certificate, according to the exchange.
"We wish to clarify that no entity by the name of Lazzard Asset Management India is registered with Sebi as a stock broker. The forged Sebi registration certificate circulated in the WhatsApp group is entirely fabricated and illegitimate," NSE said in a statement.
Accordingly, the bourse has cautioned investors and advised them not to deal with such persons or entities in any manner. Also, it asked investors to verify the credentials and regulatory status of any financial entity before engaging in any transactions or transferring funds.
Investors should note that they will not have access to an exchange dispute resolution mechanism, investor grievance redressal mechanism if they engage with such unauthorized schemes, it added.
(With Inputs From PTI)
