SEBI against Indian Trading league (SAMCO)
Fellow traders and investors,
Check the recent advise from SEBI to the exchanges, circular from BSE:
As per the communication received from SEBI, regarding leagues/schemes/competitions etc offered by third party or Group Company/associate of stock broker, which may involve distribution of prize monies and advertisements issued in this regard by Stock Brokers, Trading Members are hereby advised to ensure that they shall not carry out advertisements in which celebrities form part of the advertisement.
SEBI has now also put a caution note to all investors, check this release
A. LEAGUES / SCHEMES / COMPETITIONS WHICH MAY INVOLVE DISTRIBUTION OF PRIZE MONIES
It has come to the notice of SEBI that various entities are soliciting investors by offering leagues/schemes/competitions etc. related to securities markets. Some of the schemes may involve distribution of prize monies. Participation in such schemes including sharing of confidential and personal trading data is at investors’ own risk, cost and consequences as such schemes are neither approved nor endorsed by SEBI / SEBI recognized Exchange(s).
SEBI is issuing this caution to investors to warn about such schemes offered by third party or group company/associate of stock broker(s) etc. The investors may note that for any kind of disputes relating to such schemes or enforcement of any agreement / MoU, etc., none of the following recourses will be available to investors of such schemes:
- Benefits of investor protection under SEBI/ Exchange(s) Jurisdiction
- Exchange dispute resolution mechanism
- Investor grievance redressal mechanism administered by Exchange(s)
It is quite clear that these circulars are intended against Indian Trading league (Samco). It is important that all of us investors/traders are aware of the above.
Empowering Indian retail investors/traders,