PremiumThe National Stock Exchange (NSE) issued an alert for Investors on Friday on two individuals linked to the entity "Spider Trading." The stock exchange informed the investors that two individuals associated with the company "Spider Trading" were requesting investor information through the Telegram channel "Trade with Spider 3." Additionally, it misleads investors about its association with NSEIL and uses NSEIL's logo and an alleged fake statement made by Group Chief Technology & Operations Officer Mr. Shiv Kumar Bhasin.
NSE said in a statement that “It has been brought to the notice of the Exchange that persons named “Mira Patel" and “Ayan Soni" associated with entity named “Spider Trading", operating through mobile number “9038145361" and “9038433193", website “tradewithspider.com", telegram channel “Trade with Spider 3", software named “Trade with Spider" is offering to handle trading account of investor by asking investors to share their user id and password and is guaranteeing returns on investment. National Stock Exchange of India Limited’s (NSEIL) logo and a statement alleged to have been given by Mr. Shiv Kumar Bhasin, Group Chief Technology & Operations Officer which falsely represents partnership with interface.ai has also been seen included in one of the brochure available on twitter account of “Trade With Spider 3" offering monthly returns."
“Investors are cautioned that ‘“Spider Trading, Trade with Spider 3", “Trade with Spider’’’, ‘‘interface.ai’’’ or whatever name associated with “tradewithspider.com" has neither been associated with NSEIL nor been recognized/aided by NSEIL or by any of its subsidiary. NSEIL’s logo and the alleged statement of its CTO have been maliciously included to misguide the investors," said NSE.
In an attempt to alert investors and safeguard them, NSE said in an official statement that “The investors are advised not to trade in the securities markets based on the tips/recommendations provided by unregistered investment advisers. The investors should not get attracted or lured by such trading tips and stock specific recommendations. The investors are also cautioned and advised not to subscribe to any such scheme/ product offered by any persons/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. Further, investors are advised not to share their trading credentials such as user id and password with anyone. It may also be noted that the said persons/entity are not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited."
According to NSE, participation in such prohibited schemes is at investors' own risk, cost and consequences as such schemes are neither approved nor endorsed by the exchange.
The investors may note that for any kind of disputes relating to such prohibited schemes none of the following recourses will be available to investors as per the exchange:
1. Benefits of investor protection under Exchange's Jurisdiction
2. Exchange dispute resolution mechanism
3.Investor grievance redressal mechanism administered by Exchange.