NSE alerts investors against assured return schemes offered by Nag, Debnath

Leading stock exchange NSE on Wednesday asked investors not to subscribe to any scheme with assured returns offered by two persons -- Shubhrakanti Nag and Suprakash Debnath.

This comes after the National Stock Exchange of India (NSE) noted that Nag and Debnath were operating various proprietary bank accounts in the name of Profit Axis PMS Services, Stox Gurukul, and Tradenext Securities for collecting funds from investors through a guaranteed return scheme.

The exchange pointed out that these entities are not registered either as a member or as an authorised person of any registered member of the exchange. However, they are found to be associated with a registered trading member Tradenext Securities Ltd and its directors Shubhrakanti Nag and Suchana Das Nag.

In a statement, NSE has cautioned investors not to subscribe to any scheme/ product offered by these or any entities or individuals offering assured or guaranteed returns in the stock market as the same is prohibited by law.

"Participation in such prohibited schemes is at investors' own risk, cost and consequences as such schemes are neither approved nor endorsed by the exchange," it added.

For any kind of disputes relating to such prohibited schemes, mechanism such as benefits of investor protection under exchange's jurisdiction, exchange dispute resolution mechanism and investor grievance redressal mechanism administered by exchange, would not be available to investors.