The Bombay Stock Exchange (BSE) on December 19, 2024, issued an advisory on the Impersonation of Research Analysts and Unauthorised Market Practices.
Considering the recent investor complaints and media reports, it is observed that some unscrupulous persons/ entities operating through Indian and International mobile numbers, through impersonation on social media platforms like WhatsApp Groups, Telegram Channels, Facebook, Instagram Channels, etc. are falsely claiming to be associated with reputed financial institutions, showcasing fake certificates purportedly issued by SEBI/ Exchanges.
In view of the above and to protect the investors from unauthorized schemes/frauds due to impersonation, Research Analysts are advised to actively search the web/social media platforms for possible impersonation of their name regularly and immediately take the following actions:
• Initiate steps to take down such Apps/websites/social media posts etc. by filing an FIR with the cyber-crime police
• Issue public notices and take up the matter with concerned Social Media Platforms (SMPs)/ App Stores/ Authority (such as Apple for IOS, Google for Android and MeiTY for websites etc.)
• Notify clients about such impersonation findings, guiding them to verify the authentication of the offer like asking them to visit the official website tagging official social media handles or calling customer care at email/phone no., etc. and advise clients not to participate/subscribe to any such product/scheme being offered.
[Notice No. 20241219-40]
