BSE Cautions Investors Against Unprompted Messages About These Firms
The Bombay Stock Exchange is located at Dalal Street, Mumbai. BSE was Established in 1875. Bombay Stock Exchange was founded by Premchand Roychand. He was one of the most influential businessmen in 19th-century Bombay.
This stock exchange is Asia’s first stock exchange. With a median trade speed of 6 microseconds, it claims to be the world’s fastest stock exchange. With an overall market capitalization of more than $2 Trillion last recorded in July 2017, the BSE is the world’s 12th largest stock exchange.
BSE has issued a list of firms cautioning investors from unsolicited SMSes are being received by investors on their mobile phones to induce investment and sale of shares. BSE has also asked investors to report such unsolicited messages on 91-7506840578.
An official last week mentioned that SEBI would surely look into the matter of the circulation of several key financial details before they were made public through SMSes. The official also added that SEBI would also seek clarification from listed firms as well as brokerages who allegedly claim to be associated with them.
According to the said unofficial, Sebi has already taken action against several entities who have been said to provide investment advice without registration. These entities include MCX Biz Solutions, Moneyworld Research and Advisory, Global Mount Money Research and Advisory, Orange Rich Financials, GoCapital, CapitalVia Global Research among some more.
On November 17 also BSE released a notice where they cautioned the traders to be careful of unsolicited messages by unauthorised entities.
Bse has also cautioned investors that even after giving the warning if they still want to get involved in these schemes and then they will be at investors’ own risks, cost and consequences. And that such schemes are not endorsed by any of the Exchange.
So clearly the disputes relating to enforcement of any agreement/ MoU signed by investors themselves to enter into such schemes, none of the recourses such as Stock Exchange dispute resolution mechanism, Investor grievance redressal mechanism administered by Stock Exchange as well as the benefits of investor protection under SEBI/Stock Exchange jurisdiction will no longer be available to those investors.
Further, the BSE added they are aware of the certain entities that have been circulating communications soliciting different schemes to purchase the shares of the Exchange while they are already unlisted.
Such offers to such communications should be carefully evaluated with respect to their legality as well as the risks involved in the same.