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Concerned about the rise of securities market-related frauds on social media platforms, the capital markets regulator SEBI has issued an advisory warning investors to exercise caution and verify the authenticity of social media handles of SEBI-registered entities before accessing them.
SEBI has observed a surge in securities market-related frauds on various social media platforms, including YouTube, Facebook, Instagram, X (formerly Twitter), WhatsApp, Telegram, Google Play Store, and Apple Store, among others.
“The increasing adoption of digital communication platforms has led to scamsters enticing victims with trading calls in the guise of educational services. They also provide misleading or deceptive testimonials, promise or guarantee of assured or risk-free returns, and more, through various social media platforms,” according to a SEBI statement.
SEBI has noticed unregistered investment advisory services being offered by entities that falsely claim to be registered intermediaries with SEBI or showcase fake certificates purportedly issued by the regulator.
Additionally, SEBI has observed the impersonation of SEBI-registered entities by fraudulent trading platforms, WhatsApp, and Telegram channels that deceptively claim or suggest affiliation with SEBI-registered entities, promising assured or risk-free returns.
“Scamsters are luring gullible investors by claiming to offer exclusive services on their platform (fake trading/advisory apps) that facilitate securities trading, allowing subscribers to enjoy preferential services, including institutional trading accounts, IPOs at discounted prices, block trades at discounted prices, and guaranteed IPO allocations,” said SEBI.
Furthermore, misleading and manipulative content has been created by scamsters to entice investors to join private chat groups or channels on WhatsApp/Telegram through fraudulent ads/posts on various social media platforms.
“Investors are advised to exercise caution and due diligence to verify the genuineness of social media handles of SEBI-registered entities while accessing them,” the regulator noted.
Moreover, while investing in the securities market, investors are advised to deal only with SEBI-registered intermediaries and authentic trading apps, it added.
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