Fraudulent trading schemes offered in the name of FPI

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MUMBAI: Claims of offering trading schemes through FPIs or Foreign Institutional Investor (FIIs) sub-accounts or institutional accounts with special privileges are false, fraudulent and illegal, the Securities and Exchange Board of India (SEBI) has clarified. ) has done.

SEBI has advised investors to be wary of receiving several complaints regarding Indians joining fraudulent trading platforms claiming to be associated with SEBI-registered Foreign Portfolio Investors (FPIs). Such scams have been reported to prey on people through online trading courses, seminars and mentorship programs in the stock market and through social media platforms such as WhatsApp and Telegram as well as live broadcasts.

Scams of this type have been reported claiming to be associated with or employees of SEBI-registered FPIs, asking people to buy shares, subscribe to IPOs and download applications with the benefits of institutional accounts without the need to open an official trading or demat account.

These scams have also been found to be using mobile numbers registered in false names of others for such activities.

SEBI has clarified to investors that the FPI investment route is not available to residents of India with certain exceptions as per SEBI (Foreign Portfolio Investors) Regulations, 2019. There is no provision for institutional account and investors cannot directly engage in equity market without demat account with SEBI registered broker or trading member as well as trading and DP. SEBI has not provided any relaxations to FPIs in respect of securities market investments by Indian investors.

SEBI has urged investors to be wary of such fraudulent claims made through social media messages, WhatsApp groups, Telegram channels or even apps that claim to invest in the stock market through FPIs or FIIs registered with SEBI.

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