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SEBI warns investors to beware of bogus firms claiming to offer portfolio management services

Securities and Exchange Board of India (SEBI) has warned investors to beware of fake entities who claim to provide Portfolio Management Services.

In a press release, the SEBI said that some entities having names similar to SEBI registered intermediaries are misleading the public by seeking small amounts of money and promising high returns. It said, these entities are luring the public through pamphlets and social media platforms.

The SEBI has clarified that its registered intermediaries cannot offer products with an assured or fixed return on investment. It added that such unauthorised money never makes it to the securities market.

Asking the public to remain cautious of such ponzi schemes, the SEBI has informed that a Portfolio Manager cannot accept funds or securities worth less than fifty lakh rupees from the client and cannot promise any guaranteed or assured return, either directly or indirectly. The SEBI has advised the public to do proper due diligence before trusting their money in such unauthorized schemes.

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