In a recent advisory, the National Stock Exchange (NSE) has alerted investors about an individual making false assurances of guaranteed returns on stock market investments.
The NSE’s cautionary notice follows the discovery that Amit Lilhare, an authorized representative of a registered stock broker, was involved in misleading practices. Lilhare reportedly guaranteed investment returns and collected commissions based on these promises.
The NSE’s statement highlighted that Lilhare, identified by PAN ADFPL4472R, operated through multiple addresses and offered investors assured returns, collecting commissions directly into his personal bank accounts. The Exchange has indicated that it is currently pursuing disciplinary actions against the broker involved.
The NSE warned investors to avoid any schemes or products that offer guaranteed returns, emphasizing that such offers are illegal and against regulations. Investors are advised not to share their trading credentials, such as user IDs or passwords, with anyone.
The Exchange further clarified that participation in these illicit schemes is at the investor’s own risk and that such schemes are neither sanctioned nor supported by the NSE.
Consequently, investors involved in these schemes will not be able to access the following protections:
- Investor protection benefits provided by the NSE
- The Exchange’s dispute resolution services
- Investor grievance redressal mechanisms managed by the NSE
