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BSE Issues Alert on Fraudulent Social Media Accounts Using Officials’ Photos
The Bombay Stock Exchange (BSE) has issued a warning to investors about fraudulent social media accounts that are using photographs of senior BSE officials to provide misleading wealth advisory services.
In a statement released Friday, the stock exchange said, “It has come to the attention that photos of senior BSE officials are being used to create fake social media IDs. The IDs created claim to provide a wealth advisory solution to mislead gullible investors.”
The exchange emphasized that BSE officials are not permitted to initiate or endorse wealth management or advisory services in any capacity. This clarification comes amid growing concerns about investment scams targeting retail investors in India’s booming stock market.
“Investors are urged not to rely on any stock/share recommendation from any such fake social media handle and verify the source of communication before making any investment decisions,” the statement continued. The exchange strongly advised investors to engage only with registered intermediaries whose details are available on the Securities and Exchange Board of India (SEBI) and BSE websites.
The BSE also reminded the public that official communications are made exclusively through its website (www.bseindia.com) and verified social media accounts, including its handles on Instagram, Facebook, LinkedIn, Twitter (X), and YouTube.
This warning comes at a time when investment scams in India are on the rise, particularly as more retail investors enter the market. According to data released by SEBI, between April 2020 and March 2025, the regulator investigated 76 cases of investment-related fraud, resulting in disgorgement orders totaling Rs 949 crore in illicit gains.
The BSE, Asia’s oldest stock exchange and one of India’s primary trading platforms, handles thousands of investor grievances each month. In September 2025 alone, the exchange resolved 190 complaints against 126 companies. Additionally, it received 173 new complaints against 102 companies during the same month.
The exchange identified Suraj Products Ltd., Bajaj Auto Limited, and Reliance Home Finance Limited as the top three companies with unresolved complaints pending for more than a month as of September 2025.
Market analysts point out that these warnings reflect broader concerns about investor protection in India’s rapidly digitizing financial landscape. With the proliferation of investment advice on social media platforms and messaging apps, distinguishing legitimate information from fraudulent schemes has become increasingly challenging for retail investors.
“The democratization of investing through digital platforms has been a double-edged sword,” said a Mumbai-based securities lawyer who requested anonymity. “While it has brought millions of new investors into the market, it has also created new vulnerabilities that fraudsters are quick to exploit.”
Various central government agencies, law enforcement bodies, and regulatory organizations have been working together to prevent, detect, and combat investment-related fraud in India. These efforts have intensified as the country’s equity markets continue to attract significant retail participation.
Financial literacy experts recommend that investors exercise due diligence before acting on any investment advice, particularly those received through social media or messaging platforms. They suggest verifying credentials, checking regulatory registrations, and being wary of promises of unrealistic returns.
As Indian markets continue to evolve, maintaining investor confidence through robust fraud prevention measures remains a critical priority for regulators and exchanges alike.
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8 Comments
Impersonating officials to defraud investors is a serious offense that should be prosecuted to the fullest extent. I hope the authorities are able to identify and shut down these fraudulent accounts quickly.
Agreed, this kind of behavior needs to be stamped out. Retail investors need to be able to trust that the information they’re getting is legitimate.
This is a concerning issue that could lead to significant investor losses. It’s critical for the public to be vigilant and verify the legitimacy of any investment advice before acting on it. Kudos to the BSE for quickly issuing this alert.
Absolutely, the exchange is doing the right thing by proactively warning investors. These types of scams can be very sophisticated and hard to spot, so caution is essential.
Fraudulent social media accounts posing as officials is a growing problem across many industries. It’s good to see the BSE taking proactive steps to warn the public. Verification and due diligence are so important when it comes to investment decisions.
Absolutely, blind trust in online personas can be extremely risky. The BSE is doing the right thing in urging investors to carefully vet the source of any investment advice.
Scams like this can really undermine public confidence in the markets. The BSE is wise to get out ahead of it with this clear warning. Hopefully it will encourage investors to be more cautious about unsolicited financial advice, especially on social media.
Hats off to the BSE for their swift action. Investor protection should always be the top priority, especially in a fast-moving market like India’s. Hopefully this alert will help prevent some people from falling victim to these scams.