NSE Warns Against Guaranteed Returns Scam

The National Stock Exchange (NSE) issued a warning to investors about an unauthorized person offering guaranteed stock market returns. Identified as Amit Lilhare, the individual was collecting commissions in personal accounts. The NSE is taking disciplinary actions while reinforcing alerts against unregistered investment schemes.

The National Stock Exchange (NSE) has issued a stern warning to investors about an individual offering guaranteed returns in the stock market. The warning was issued after it came to light that an authorised person of a registered broker was making such promises and collecting commissions from investors.

The NSE specifically named Amit Lilhare, who was found to be operating through various addresses and collecting commissions on these promised returns in his personal bank accounts. The exchange confirmed that disciplinary actions are being taken against this trading member.

In February, the Securities and Exchange Board of India (Sebi) also cautioned investors against falling prey to unregistered entities that promise assured or excessively high returns on investments.

(With inputs from agencies.)