NSE advises investors to be cautious of authorised persons of registered stock brokers assuring guaranteed returns

Mumbai (Maharashtra) [India], August 2 : In a caution to the investors community, the National Stock Exchange said that one Amit Lilhare (PAN: ADFPL4472R), who is an "authorized person" of one of its registered stock broker, is providing "assured" and "guaranteed" returns on stock market investment.
The investors are cautioned and advised not to subscribe to any such scheme or product offered by any person or entity offering indicative, assured, guaranteed returns in the stock market as the same is prohibited by law.
In its advisory dated August 1, the stock exchange asserted that the said individual is operating through various addresses -- BL.No.27, Plot No. 22, Second Floor White House, Nehru Nagar, East Bhilai, Durg-490020, Chhattisgarh; and A 2/302, Dream Estate, Handewadi Road, Nr. JSPM College, Hadapsar, Pune-411028, Maharashtra
He is also collecting a commission on such assured/guaranteed returns from investors in his personal bank accounts, NSE said.
The exchange is in the process of taking disciplinary action against the trading member.
"It has been brought to the notice of the Exchange that Mr Amit Lilhare (PAN: ADFPL4472R), Authorised Person of one of our registered Stock Broker, operating through various addresses (mentioned below) is providing assured/guaranteed returns on investment in the stock market and is also collecting a commission on such assured/guaranteed returns from investors in his personal bank accounts," NSE's advisory read.
Further, investors are advised not to share their trading credentials such as user id/password with anyone.
The exchange has provided a facility of "Know/Locate your Stock Broker" under the link https://www.nseindia.com/invest/find-a-stock-broker on its website, to check the details of the registered member and its Authorized Persons.
Further, the designated bank accounts named as client bank accounts to receive/pay money from/to investors as disclosed by the trading members to Exchange are also displayed under the said link. Investors are advised to check the details while dealing with any person/entity.
"Participation in such prohibited schemes is at investors' own risk, cost, and consequences as such schemes are neither approved nor endorsed by the Exchange," NSE categorically said in its cautionary advice.
In other news, a milestone for NSE, the Nifty 50 index hit the 25,000 mark for the first time during Thursday session, and managed to hold on to the gains. Today, it is, however, a shy below the 25,000 mark.
The index hit the 20,000 mark for the first time on September 11, 2023, and took 221 trading days from that level to hit the 25,000 mark on August 1, 2024.
"In a way, the last impetus came from the budget of the financial year 2024-25 and now people will be waiting for RBI interest rates declaration or the Fed interest rate declaration, so those are the kind of new triggers. And of course India is the fastest growing large economy in the world so our own numbers on a quarter basis," NSE MD and CEO Ashishkumar Chauhan said yesterday, talking to reporters.
"So that's where now slowly the market has realized that it's a good budget which is going to improve the growth in the economy, and that's what they are now voting with their money," he added.