A Delhi-based unregistered advisory firm published a full front-page advertisement in a Hindi newspaper on July 13, promoting unauthorised stock market services and exaggerated claims of returns. The firm, which is not registered with the Securities and Exchange Board of India, acknowledged this in a phone conversation with NDTV Profit.
The firm is operating out of the Shahdara region of the capital city has operated for 16 years, according to its representative, who added that other similar outfits are active in the city. “Many others in the city are doing the same,” he said. The representative — whose identity was withheld by NDTV Profit — operates from a UAE-based number.
The advertisement promoted a platform branded as TradeDost, promising intraday margins of up to 500 times and carry-forward margins of 60 times. It also claimed to offer zero brokerage, instant deposits and withdrawals, and the ability to open a trading account in five minutes without any documents.
The firm further claimed to provide a “100% bonus” on registration, 24/7 customer support, and “guaranteed fast withdrawals in 30 minutes.” It claimed a client base of over five million users and described itself as “India's highest margin platform.”
Despite promoting trading in NSE, MCX, options, COMEX, and Forex markets, the firm did not mention any SEBI registration or affiliation with any recognised exchange.
The advertisement included two mobile numbers—+91 9555555620 and +91 9555555923—and directed users to a website, www.closefriendstraders.c, a domain that appeared incomplete or invalid.
It also referenced a Telegram channel—@closefriendstraders—and a YouTube channel named dabbatradingmcx. A Facebook link appeared incomplete: /closefriendstraders/dabbatradingmcx. A QR code was prominently displayed, inviting users to “Scan to join us,” allowing registration without regulatory checks or KYC norms.
The fine print of the advertisement included a disclaimer that read, “addictive, please trade responsibly & at your own risk,” highlighting the speculative and high-risk nature of the platform's offerings.
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