The National Stock Exchange (NSE) on Friday advised investors not to subscribe to any scheme offered by unregistered investment advisers or portfolio managers. Cautioning the investors, the exchange said that investors should not get attracted or lured by such trading tips and stock specific recommendations.

The advisory comes after the NSE found that individuals associated with entity named 'Trade with Jazz (TWJ)' were collecting funds from the public and were providing guaranteed returns on investment. TWJ is a Pune-based investment management company.

The stock exchange, in a statement, said three persons named ‘Swaraj Takale’, ‘Sameer Narvekar’, and ‘Neha Narvekar’ associated with entity named ‘Trade with Jazz (TWJ)’, operating through mobile numbers ‘8882015566’ and ‘7507770749’ and Telegram channel ‘Trade with Jazz’ were collecting funds from the public by providing securities market tips and investment plans assuring/guaranteeing returns on the investment made.

“The investors are advised not to trade in the securities markets based on the tips/recommendations provided by unregistered investment advisers/ portfolio managers,” the bourse said in a notification.

The exchange warned that investors should not subscribe to any such scheme/ product offered by any persons/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law.

The exchange further said that the above mentioned persons/entity are not registered either as a member or authorised person of any registered member of the NSE.

“Participation in such prohibited schemes is at investors' own risk, cost and consequences as such schemes are neither approved nor endorsed by the Exchange,” the bourse said.

“The investors may note that for any kind of disputes relating to such prohibited schemes none of the recourses will be available to investors. These include benefits of investor protection under exchange's jurisdiction; exchange dispute resolution mechanism; and investor grievance redressal mechanism administered by exchange.

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