Stock market scams everyone should be aware of

February 10, 2020

Hindi: इस पोस्ट को हिंदी में पढ़ने के लिए यहाँ क्लिक करें।

The lure of easy money is what attracts people to trading and investing, including yours truly. But like someone once said, “Stock markets are the toughest place in the world to make easy money in the long run”. This realisation typically occurs when one is in a drawdown (the account is in loss). However, the sunk cost fallacy forces us to act irrationally in hopes of recovering losses. That weak moment is when even the sharpest amongst us fall prey to frauds. Below are the two most common ones that you need to be aware of. 

The fraud adviser who creates an intentional loss 

When on a financial loss, most of us instinctively tend to believe anyone who claims that they can help us get out of it. Of course, there are many good advisers and trainers who possibly can, but there are also many fraudsters claiming to be market experts prowling on social media and waiting to prey if you show weakness. 

While it is okay to pay a fee to a SEBI registered Investment adviser to help you out or to get trained by an expert on how to trade, what has to be avoided is sharing your login credentials to your account with any third party. While there might be many well-meaning advisers who might offer to trade on your behalf which might seem convenient, but it also exposes you to huge risk of a fraudster who can create a loss in your account using non-genuine trades and move your money to another trading account, making it very tough for you to even figure that you have been scammed. 


Over 30,000 options contracts are listed on the exchange, but only a fraction of them actively trade, while the rest are illiquid. These options contracts where there is no other trading are used by scammers to place illegitimate trades (buy high and sell low with the same account and in quick succession) which creates a loss in your account and profit in the other trading account. You would assume this is a genuine market loss, but it clearly isn’t. 

Apart from the loss, you are now also exposed to regulatory action. Any such trading activity in your account would be looked upon by the income tax department as money laundering (creating losses to avoid taxes, or convert white to black money or vice versa). SEBI considers such trades circular trading. Apart from the monetary penalty that such trades entail, you could potentially be banned for life from the markets by SEBI.

What can you do? 

  • Never share your login credentials with anyone enabling others to trade on your behalf.
  • Setup TOTP to add an additional layer of security to your account.
  • If you don’t understand options, don’t trade them even if someone is asking you to. Options are risky and you need to understand them well before you trade them. 
  • If you know options, know that when trading illiquid options, you can determine an approximate fair value of an option by using IV (Implied Volatility) of a liquid strike of the same underlying and using it in the Black and Scholes (B&S) calculator. You can see the IV on option chain on Kite.
  • If you had given access to someone who has created such an artificial loss, you can lodge a police complaint against the fraudster, let our compliance team know about it, and we will help you with the case. 

What are we doing? 

  • Since we have seen a rise in such scams recently, we now have an illiquid option check on the order screen to help you out even if you are being deceived by someone. Orders will get rejected on options contracts which we believe can be used for executing non-genuine trades to create a loss in your account. 
  • As a secondary check, we will also soon start running a background risk process to alert exchanges anytime orders are placed at a price which is far away from the theoretical price of the illiquid option (which will be calculated using IV of the liquid strikes). If trades are found to be non-genuine, we will request exchanges for trade cancellation and regulatory action.

Note: While we will run these checks and add new ones with time, they still aren’t foolproof and it is critical that you don’t share your login credentials with anyone, or place orders that you don’t understand based on someone’s instructions or advice.

The pump & dump scheme 

Pump & dump schemes have been made famous in many movies based on stock markets, and hence a much easier fraud to detect. But still, greed causes many to fall prey for it. Out of the 4900+ companies listed on the stock exchanges, over 1700 are what are called “penny stocks”. Penny stocks are small companies with market caps of less than Rs 100 crores. While there are many genuine small companies, there are also many that aren’t.

In a pump and dump scheme, the operators (people who hold the majority of the shares of the company) of these penny stocks move the price of the stocks up and down at will. To move the price up, the operators start placing small amounts of buy orders at higher prices incrementally, and since they own all the stock, the price starts moving up. Once it has moved up enough to make retail investors greedy – a buzz is created through SMS, social media, and online forums to push the price up even further. This is when typically most people get sucked into the stock and also when the operator starts selling the stocks. As soon as the selling is done at these high prices, the buzz stops and the stock falls back to the price where the upward journey started without giving anyone an opportunity to exit. Here are some recent examples

Again, apart from the loss, there is another issue to consider. The government introduced Long Term Capital Gains (LTCG) tax of 10% a couple of years ago to control money laundering fraud that runs through such penny stocks, a fraud estimated to be the size of tens of thousands of crores. The operator who moves the price of the stock from almost 0 to much higher before selling, would also do it by holding the stock for more than 1 year to benefit from lower long term capital gain (LTCG) tax (10% now, but was only 0% earlier) on the profits. So the operator isn’t just potentially ruining many gullible investor’s financial health, but is also potentially converting someone’s black money into tax-free white money in the process. With LTCG now at 10%, this now becomes the cost for an operator to convert black into white. Govt is hoping that it could act as a deterrent. Income tax department keeps a close watch on everyone transacting in such suspicious companies. What this means is that, even if you made some money trading such a stock, you could get an Income tax scrutiny notice which potentially can lead to a penalty of more than the profits earned. 

What can you do? 

  • Don’t trust stock tips that promise quick returns. Do your research before investing. At least, confirm if the business and promoters are legitimate.
  • Don’t trust SMS asking to invest in penny stocks. Many scammers send SMS using shortcodes that make it seem like it is from a reputed brokerage firm. Variations of the name “Zerodha” have been illegally used by scammers recently.
  • If you receive an SMS asking you to invest in a penny stock, make sure to report it to TRAI and help save others from falling to the fraud. Check this on how to report to TRAI. Also, post it here, so we can alert all other users.
  • Stay away from penny stocks, and if you did decide to let greed take over, think of it as a lottery ticket which potentially can be worthless. So, invest only what you can afford to lose. 

What are we doing? 

We now have a penny stock nudge on our buy order window (currently on the web and soon on mobile). The idea is to alert you if you didn’t know what you are investing is in a penny stock, and we will also have an additional warning for stocks which we think are currently being manipulated through SMS tips and social media buzz. Of course, you would be free to proceed, but hopefully, you won’t, and even if you did you will reduce the trading size to as little as possible to reduce your risk. 

Penny stock nudge on the order window

A confirmation to ensure you understand the risks

I hope you will share the above piece of information with as many people as possible and help them from falling prey to such frauds. If you are trading at Zerodha, we will do our best to ensure that you aren’t duped through nudges mentioned above.

Setup TOTP to secure your account

Happy Trading,  

Founder & CEO @ Zerodha

Post a comment

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  8. Mehreen says:

    hi Team Zerodha ,

    You have been doing excellent work with your offering and features , however there are so many more opportunities available to improve further client enhancement and offer few more features on UI , love your simple and easy kite application

    Please provide me one opportunity to present new features on UI to further simplify user experience
    i am into this market since 20 years and can help you with some new concepts

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  13. Piyush says:

    I think zerodha itself a scam .
    i cut my all order but today i see zerodha cut 59 ₹ from my account by just saying(Auto square off)

  14. Dharmesh says:

    Yes it is true, password should never be shared with anyone but my larger question is can you trust on Trading platform? Are they vulnerability free?

    I don’t think so, any trading platform is not putting their money to make their platform secured. All are on high risk!! Anyone having basic hacking knowledge can log in into your account and perform all the operation!!

    Who is responsible for this situation? Can trading platform like Zerodha or any others are going to pay your money ?

  15. Guddu Sharma says:

    Why not buy share

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  17. badshah says:

    i been asked many times by stock tip provider to give demat access credential to trade on your behalf. do it look safe to give access to someone asking from telegram stock tip provider. looking for your views.

  18. Ashutosh says:

    Plz account activi

  19. Mehul Shah says:

    Zerodha is doing marketing

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  34. Sharan says:

    Zerodha is a fraud company.
    I learnt this lesson after losing Rs. 8000/- today.

    They squared off my Intraday positions at a lower price citing technical error.
    This happened even when NSE had clearly informed about extension in trading hours until 5pm.

    This was done only by Zerodha, whereas other brokers like Angel broking allowed extra time for customers.

    Please never trade with Zerodha. It is better to go with known trading companies.

  35. Anita says:

    I got scammed by Forex Trade platform, please I need help

  36. Satyam Tiwari says:

    Koi ni

  37. Nick says:

    What is the use of this now. Many traders have been deceived by big gains and I am one of them. I lost almost 90% of my capital in Vishal fabrics. SEBI is charging so much for every trade but they can’t even regulate the stock prices which are rising or falling abruptly.. There is no future of stock if this still continues in India

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  39. Balwant says:

    Thanks for sugusting.

  40. B Biswak says:

    Zerodha us misappropriting your funds. They dont reply to complaints. They direct to the portal where you cannot complain reg. your funds. I am waiting action by Sebi.

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  42. Mk says:

    I wish I could have read this article before loosing 5 lakhs. I need your compliance team help, I have raised a support ticket but nothing much is happening there, the response from support was to report on TRAI and closed it

    I need legal help since that fraudster is roaming freely and will be causing huge losses to other investors too. I have lot of proof against the fraudster. Please help.


  43. Elena says:

    Cant appreciate enough, What Mrs Amelia and her team are doing for the trading community. Havent met one single who dosent appreciate her, She help you get all your lost and profits back. You can contact her on her email ameliaowen122@gmail. com

  44. Andy says:

    Cant appreciate enough, What Mrs Amelia and her team are doing for the trading community. Havent met one single who dosent appreciate her, She help you get all your lost and profits back. You can contact her on her email ameliaowen122@gmail. com

  45. Ketan sheth says:

    Zerodha Is really moving ahead with country like digitalization.
    I have opened my account in one day though online portal and started my trade too !!
    This shows the team hardwork and professionalism in service industry
    All the best to all team , please keep it up!!

  46. Harimohan says:

    I am Harimohan
    Maine zerodha par account open Kiya hai lekin Webcam verification (IPV) k liye cemra open Ka option hi Nahi aa rha hai bahut bar try Kar chuka hu. Ab kya karu
    Plz help me 🙏

    Plz help me 🙏

  47. Rahul Aditya says:

    I have been fooled by a fraud the same way it is mentioned in the blog.
    I did not find Zerodha’s compliance team.
    Tell me how to lodge a complaint.


  48. Hari kishore says:

    Sir, u r not just an entrepreneur, u are actively acting as a guide , alerting new and old investors, ur concern on trends, actions, timely representation at forums regularly is highly regarded and respected. Thanks for being there.

  49. Raghavendra says:

    OMAXE buy orders are blocked, when we try to buy we get “Buy orders in OMAXE are blocked as the stock is in watchlist for unsolicited SMS tips circulation.” error.

    When we see this share price, today(17-July) there is UP Price movements. how others are buying shares and why i am not able to buy.

    Please could some one explain me why?
    was eagerly waiting to buy it, even placed GGT but it is rejected.

    Thanks in Advance.

  50. Raghavendra says:

    Was trying to buy shares of OMAXE, tried to place AMO but it throws error “Buy orders in OMAXE are blocked as the stock is in watchlist for unsolicited SMS tips circulation.”

    how can I buy one share of OMAXE ?

    • Raghavendra says:

      Also on the OMAXE chart it shows, there is some small spikes in volume(1K+) on daily chart, they how people are buying it.
      but why is it not possible for me to buy one share?

      • sudip says:

        I am also facing the same issue, when try yo buy getting this error even for single share “Buy orders in OMAXE are blocked as the stock is in watchlist for unsolicited SMS tips circulation”.

        Please help

  51. S.SUBHA says:

    Sir: today i received a msg from zerodha informing my account was logged in by unauthorized person in mexico. i did not reveal my userid and password to anyone and the message asked me to change the password and i changed immediately.
    1. You promptly sent a message and i changed my password.
    2. if Some persons may intend to cause loss to my account using options and futures?
    is it to happen?
    3. the person who fraudulently logged in, my get details of my account and transfer my cash?
    4 As i do not know futures and option, is there any way to remove these from my screen

  52. govind verma says:

    I am a Ex-Army personnel having Client ID-SE8696 with Zerodha Broker. Buy Justdial Share Quantity 300 @ Rs 367.26 per share on 18 Jun 2020 at 15:24:23h and sold the same on 19 Jun 2020 in the morning @ Rs 376 per share but it is showing Loss Rs 818.90 where as it should be Profit Rs (376-367.26)=2622/- and considerable loss in ZEEL shares. Please look into the matter, please pass necessary directions to your staff and extend necessary help to me. Thank you. Sending complaint this time as “Nind Nahi Aa rahi h”… who will listen my problems

  53. Shrikant says:

    *Sure Shot* BUY More *OMAXE* For

    – INTRA-DAY Target *206+*
    – THIS WEEK Target *210+*
    – FINAL Target *600+*


    I receiving above message is it genuine or fraud

    • Matti says:

      All such messages should be treated as fraud. If someone knows that a stock is going to go up, they would buy it and not tell anyone. 🙂

  54. Nemish says:

    Hi Nitin,
    I trade in penny illiquid stocks, but due to your new policy, i have to mail you for purchase of such stocks, which i dont want to do. Can you disable this feature for me? Or you can have the option for opting in/out of this feature.
    What you have done is very good for Investors, but i would like to opt out.

  55. Meera says:

    Recently I have invested on PMS service in which I have revealed my username and password to them. There was an intentional loss of 10 lakhs (opition trading) within a period of 5 days. Since there was no response from him I have lodged a complaint against him and it is in process. To get further assistance in this regard I contacted Zerodha help desk the reply was irrelevant for the first time and at the second time we dint get any reply.

    Ticket ID : 20200211276268 and 20200303744997

    will zerodha look into this issue?

  56. Gulshan Rai says:

    Seems like you guys are actually the SCAM.
    I have observed that web/mobile platforms execute additional order automatically which is very strange. I have observed this many times but ignored but when this happened again I thought I must ask you guys about it . It could be 2 things (a) its a software/platform glitch or (b) Zerodha is doing unethical practice. I would like to have a call from the support team regarding this issue. 
    I have attached a screenshot and you can clearly see that there are two BUY orders within 3 seconds , the first order at 14:57:40 was requested by me but not the second one at 14:57:43. How it is possible to have a second order in next 3 seconds. 
    I have noticed this several times and this is creating untrust. 

  57. Naresh says:

    In future we need to very aware of stock market

  58. Srihari says:

    Hey what is ril-be-re

  59. vignesh Dongare says:

    My SL was taken by zerodha even if I didn’t setup my SL

    This platform can take your SL without even price is not shown in exchange and also one which you keep SL trigger . they take your SL over and above your trigger SL setup for money setup..

    Enclosure : i have all the proofs for this trade.

    i know many of my friends here also have faced the same issue.

    I want clarification and my lost money back..

  60. Komal says:

    I have opened an account in zerodga and the price for that us reducted from my account but i haven’t received any username and password till now, it’s been one week and i am checking daily on the app but it’s not processing forward…
    Please either help me get back my money or make my account ready by processing afterwords the digilocker page.. Please!!

  61. MD haamid khan says:

    i have deposited the fund value of xyz amount in zerodha from my bank account…suppose if deposited fund doesnt show to my zerodha account…what steps should i do to get mt money back…who would be liable for this money

    • Matti says:

      Create a ticket on our Support Portal. The funds generally show up immediately, though there may be delays some times. If the transfer fails, funds will be sent back to your bank account.


    USER no QX9250
    I understand that In money buy call options have to be physically settled on expiry but for every contract there is counter party who will be out of money in sell call option.
    What is position of that party in such situation

    • Matti says:

      Even the sell call option had to be physically settled if it’s ITM. The seller of the option has to deliver shares equal to the lot size.

  63. Suresh says:

    Now I am trading through zerodha trading it safe or not…Plz tell me…why.I am asking because a lot of amount cut of charges to my amount…

    • Matti says:

      Hey Suresh, Zerodha is completely safe. While our brokerage rates are very low, there are other taxes and exchange charges that you would need to take into account.


    User no QX9250

    Whether all future and options stocks are to be physically settled on expiry or only selected one

  65. dimitru at ivtcysec-recovery dotTech says:

    online investing for me was a terrible experience, from forex to binary trading. i lost a lot of my savings and inheritance, i had to stop and request for my money back from plusoption and thats where i realized its all a scam and they have been manipulating me and my account. Now how do i get my money back? ill just say i got lucky coming in contact with someone who helped me get most of my money back. so now i have made up my mind not to try any of these

  66. VINOD KUMAR says:

    Many good suggestions I came to know from this feature. Helpful for newcomers.

  67. ILIGCG88 says:

    What if I want to trade in illiquid options?

    • Matti says:

      Since trades in illiquid options can lead to serious losses, we’ve blocked them as explained in the post above as a risk containment measure for all our customers, and that will remain so.

  68. Ted says:

    Is there anyway to check if some unfair trading / option contracts which is illegal is done looking at your own account. Please help to find this out for our own accounts as many share the password to brokers / friends / aides / advisors / helpers including me

    Your response I Will be a great help

    • Matti says:

      You should never share your password with anyone. If you have, please reset your password immediately and don’t share it with anyone. If you share your account password, the liability of all trades done using the login details is on you.

  69. Saurabh says:

    I have zerodha account,last week on 25 March extra amount from my account deducted we are calling to customer care & local customer care nobody picking my phone my account I’d RY4577 name saurabh

  70. Murali Mohan Babu Nannuru says:

    Your efforts are simply superb.

  71. Binoy Krishna Banerjee says:

    Not accounting properly.

  72. Hemad Pant says:

    Zerodha itself is a scam, terrible customer service and no integrity.

  73. Rakesh Dhull says:

    Kindly improve your kite .It is the reason of people loosing their hard earn money. It is regular phenomenon of zerodha glitches 3-4 times in a week specially on expiry days.

    • Binoy Krishna Banerjee says:

      I have transferred an amount of Rs.4000.00 on 17 03 2020 through IMPS from my Linked a/c to ZERDHA linked HDFC bank account ending with a/c no.××××××××××1348not credited to my account till 22032020.7 days over.I want to know the problem.

  74. shailender deopa says:

    our Digio account created successfully ? msg from your side . kiya hai yeah fraud toh ni hai

    • Matti says:

      Digio is our partner that we use for e-signing your account opening forms. It is a government certified entity. Nothing to be worried about.

  75. shailender deopa says:

    still not getting my userid , how to operate my account . already paid Rs300

    • Matti says:

      Hey Shailender, extremely sorry about that. We are seeing a high number of account opening applications right now, due to which account opening would be slightly delayed. We’ll email you your account details soon.

  76. MADAN KUMAR RAM says:

    Main jharoda mein account open Kiya 1 month se jyada ho gaya all process complete ho gaya Bank proof PAN card aadhar card account opening charge de Diya abhi tak ID password nahin mila customer ko call nahin lag raha hai koi reply nahin aaya abhi Tak help me

  77. Narasimha says:

    good instead of this while loggin into zerodha create a banner for the awareness
    this nudge will ask for additional confirmation while buying and selling due to which entry/exit ordes placing at market price will change
    one banner should be fine while logging in,no need to remind for every trade

    • Matti says:

      Unfortunately, most people have a very short attention span and this would be close to ineffective if it was at login.

  78. Vinod Mathew K says:

    I get tons of mails and sms promising huge returns..luring me. I just send them to trash box..
    Thanks Zerodha team

  79. ALOK says:

    I am really thankful to the Zerodha Management (specially to Mr. Kamath) for making us aware of various frauds happening in the market. I also request Zerodha management to start advising on stocks on daily basis as others like Icici, angel, Motilal etc. do. It could be a short term or long term suggestions on Fundamental or Technical categories. Small Investors like me will highly be benefited. It is the prerogative of the investor to accept or reject the suggestions offered by ZERODHA RESEARCH TEAM

  80. M. Subramanian says:

    Very informative and useful not only for beginners but also experienced stock investers. I am more than 30 years of experience but I am not knowing these type of frauds by manupulating and rigging. Other brokers are interested only on their commission and not on the well being of their clients. Only when the clients earn something they can continuesly contribute to their brokers. It should be a win win situation which Zerodha is doing by educating clients. Let your efforts continue for the well being of clients and in turn you also. Hats off to Zerodha.
    – M. Subramanian Client No. KZ5575

  81. Govind Dhoot says:

    I have holdings of Cafe coffe day shares in my portfolio. But now, They are not appearing in my portfolio.
    What can i do now???

  82. Danda Ravinder Reddy says:

    It’s a good awareness of all investors

  83. Rajib Lochan Dhibar says:

    Thank you very much Dear Nithin Kamath for posting such a nice article.
    Proper knowledge can conquer frauds.
    You are saving the leaves (from falling) of a growing tree.
    A tree cannot become big & huge without its leaves.

  84. SATEJ PATIL says:

    Dear sit,
    I it is true.I also suffer from these fraud.3/4L.loss.and recent SMS fraud by global SMS of buy stocks AGRO PHOS,7NR retails, MARUTI udyog,Dargiling etc i have huge loss. What is solution to recover

  85. Sai Karthik says:

    Superb initiative by zerodha.. Thank you

  86. Rajasekar says:

    same incident happen on 2017.. i lost 2 lacks do u have any comments on zerodha… my account 44k (-) on that day now it is interest add on 67k (-) it is an technical error said zerodha team call center…

  87. Amrinder Singh says:

    Dear Nithin

    Thanks for the enlightening information.


  88. Akhilesh Sanjeevi says:

    Dear Nithin,

    Really well written article. The steps being taken by Zerodha to protect the interest of their investors is impressive.
    Keep up the great work.

  89. Anil K says:


    Pls clarify about this article that is circulating on WhatsApp.

    Zerodha squares-off largest (78000 units of TATAMOTORS) unauthorized trade within 15 minutes of trade day while client got T+1 days. This caused the client a total loss of 84 Lakhs within a single transaction. The entire fault is due to Zerodha’s liquidation.

    The issue has been dealt with NSE arbitration panel which found Zerodha guilty. They Zerodha appealed, the appeal panel again found Zerodha guilty of unauthorized trade. Zerodha again trying to litigate the matter in court witout providing relief to the client.

    The compalint has been filed in the consumer forum for further resolution.

    The government and SEBI oftenly request the investors to be careful and again requesting everyone to Beware from such Companies. You can buy daily stuffs online, where major risk is not involved. But when it comes to Finance, you should not rely on such online companies. Do not put your hard earned money in such companies.

  90. Anil K says:

    Some readers, going by their comments, are under the impression that pump and dump of penny stocks is also done through options route.
    I think you should make it clear that options are only available in selected stocks of f&o segment that are selected based on criteria of liquidity, turnover, etc. They almost never include penny stocks.

  91. Anil K says:

    Nithin, do you really think that the ltcg tax of 10% was imposed to trap the 20 or 200 operators making money thru this penny stock way. If the scale of the problem of black money conversion by this method was so big, don’t you think the government should improve their economic intelligence unit and nab these operators, rather than using a sledgehammer approach of a blanket tax that affects us all. We normal investors are thus paying for the governments inability to catch the crooks who manipulate these penny stocks. I don’t understand why it be so hard to catch these operators post facto especially since trading is entirely done digitally with traceability, KYC, pan, etc and what not.

  92. ANIL says:

    Thank you team ZERODHA.
    recently I come across two such type of stocks. They are promoting their stocks through social Media, I wish to share that information with ZERODHA.

  93. Sayli Kondhekar says:

    Hello Nithin,

    Such a nice initiative.

    Zerodha going the extra mile has enhanced the trust multifolds.

  94. Animesh Kurbetti says:

    Thank you team Zerodha for sharing such important information.
    It would have been very difficult for casual investors to get such information by surfing or through books.

  95. Purushotham says:

    Very useful information. Thanks for the concern shown towards traders who get cheated in stock market by fraudsters and giving useful advice as to how to not fall prey to fraudsters.

  96. Khushal says:

    Hello Nithin Kamath Sir,

    Quite good information shared

    Do we have the Option to check the IV of Options in Kite? can we see it in the market depth too of the options?
    Zerodha has yet not introduced the option chain in Kite.
    We try to pull data from nse which is very typical to automate.
    I think generally pump and dump is mostly done on small cap stock where operator can operate the stocks off course in Options too.

    Anyway, thanks for such time to time refresher training.


  97. Harmanjot singh says:

    Another pump and dump stock is

  98. Bharamagouda says:

    Thank you so much for your concern towards your customers ,,keep caring us !!
    Thank you

  99. Kishan says:

    Good information here, We must need to ignore fraud message and calls, i have received many calls from MP state and from other city for stock market related, don’t know who is sharing our phone number with this fraud people, Government & Zerodha and like other company must be take action on these and also our personal information i think not secure and someone sold that’s why this fraud person reach us via mobile number or email.

  100. Selvamohan says:

    Zerodha cares for its customers as well is a very ethical discount broker of NSE. Great work, Nithin & Team. Highly appreciated.

  101. Praveen Saraswat says:

    If penny stocks are illegal to trade or Invest why they are first listed in any of stock exchange?

    • Matti says:

      Hey Praveen, it is not illegal to trade penny stocks. These may have been companies that went bad after they were listed and the stock price is now being manipulated by unsavoury parties.

  102. Suyog Patil says:

    Excellent information about stock market awareness….keep it up Nitin and team Zerodha

  103. JAYASRI says:

    When It will get implemente in kite too?

  104. Rajakumar says:

    My query – I see you highlight a stock as Penny stock and ask us to be cautious at the same time You have it more than 5 small cases. What’s the deal here?

    • Matti says:

      Hey, as the post says, all penny stocks (stocks that have marketcap of less than 100 Cr.) needn’t be bad companies. We only show companies as penny stocks based on the marketcap. In any case, can you share the list of stocks you’re talking about? Will check.

  105. Peter Salazar says:

    Great Work Nithin,
    Moneylife has an article on your initiative this morning . Well worth a read. They are highly respected KOL in consumer advocacy
    link here

  106. Kiran Kumar says:

    I got cheated in the same way.
    First they have given me profit for some days and they put money when nifty call option when market is going down or opposite way I lost also 1lak.

  107. Richard pinto says:

    It is very good information given by Zerodha to its customers
    Hats up Zerodha

  108. Simran says:

    Pump and dump is the most common fraud going on for a long time and nobody does anything.

    In the end investors have to be aware.

  109. Bhalchandra Dagadu Borhade says:


  110. Harsh Pandey says:

    @nithin sir
    I was viticm of a fraudelent circular option trading as described above by a fraudster.
    Please guide me how to proceeed with your compliance team

  111. Shiv says:

    I am the victims of that Midcapgains fraud. Please advice how to come out from this.

  112. Syed says:

    This is a great initiative especially for someone who is new into trading/investment. Someone who has already burnt fingers on such trades would knew always there be chunk of people who would not know these traps.. Good job Zerodha!… hope to see this feature on mobile app too.

  113. MANOJ ANAND says:

    Excellent innovative idea. I am glad I chose zerodha. Thanks and keep it up.

  114. Rajeev says:

    I have made Rs 5lakh loss in option trading. My own mistakes only reason. If I don’t want to show this during itr filing ,any action my be there from IT dept??

  115. sriram says:

    9986400738 is also fake

  116. Khan says:

    firstly…Congrats and thank you Zerodha for educating us in timely manner. Also can someone throw a light about Trident because I already invested when stock split took place?

  117. Guruprashantha says:

    Hello Nithin
    It may not be new thing for you
    But for new investors its really a trap
    One Mr.Singh had notified you in agrophose mauria udyog and 7nr before the fall in case of big fall
    But you never responded.
    He sent mail on 21dec 2019
    And lc started from 26dec2019

    In other case of continental seeds I personally mailed to your support team and your team told they will see and there was no response.. And when I came to your office one of your executive named Salish told me that base on one or two whistle blower warning we can not react..
    What a great customer concern ZERODHA have..

    • Guru, firstly what we are trying to offer as a business is a great execution platform at very low cost. We ideally don’t want to be part of any decision making and hence don’t’ track any stocks nor have never advised on any stock – buy/sell or otherwise. But that said, we realized with an increase in such cases over the last few months that we had to do something and can’t keep quiet. That is why this entire new feature was built so that we can alert our clients going forward (no other broker does this today).

  118. MANJUNATH K says:

    Its really worth hearing from zerodha about fraudulent news by advisors and some of them saying themselves as reasearch team. thanks to zerodha team for helping their clients by posting this type of news and trying to take them in a right way

  119. Shaw anand says:

    Zerodha must be selling contact details of its clients to these fraudsters. This is not a fare matter. How can they got clients number.

  120. Narender says:

    It is very valuable information. Thank you Zerodha for making people educated and alerting about fraudsters.

  121. Manash Paul says:

    Being an account holder – We have a lot of trust on zerodha stature for best practices. Keep Roaring Zerodha.

  122. Krishvanth Suresh says:


  123. Selva says:

    Wait, I don’t get that penny stock part. Will I be penalized by the IT department just for trading in penny stocks.

    • No, not for just trading penny stocks. Assuming you bought some of the scammy penny stocks that is on IT department watchlist, made a lot of money out of it, then most likely you will get a notice asking for an explanation.

  124. Niranjan says:

    Thank you , very valuable information.

  125. Hassan says:

    This is nothing but a cover up. Can Zerodha exain how did these fraud companies even know that I trade on equity? And how did they get my phone nunber? Zerodha must be selling contact details of its clients to these fraudsters. If there’s another explanation, kindly enlighten. And pls stop pretending that u care.

    • Matti says:

      Hey Hassan, we don’t share customer contact details with third-parties. However, the issue of these fraudsters getting your contact information is an industry-wide issue that we are trying to fight. This is explained in more detail in this earlier blogpost.

  126. Chandan says:

    Valuable information 🙏👍👍

  127. Sandeep Aggarwal says:

    Whatever Zerodha is doing is just awesome.. Neat and clean trading atmosphere for traders.. No other brokerage ever thought of anything like this… Great..

  128. L KAMALAKSH RAO says:

    Useful news.
    One more info.some ten ,twelve years ago,one of my dormant account was operated by a trader in the DP.Shocked at seeing a long list of trades which I had not done,for several days and tensed ,Ialerted the executive who immediately sacked the concerned fellow by name Pandu.
    I was foolish enough not to have downloaded the entire list of trades ,mostly intraday,.Because by the time I relogged after my complaint ,the entire thing had disappeared.
    Later I closed my account.
    The fact is this DP is one of the highest ranked one in the country.
    Nevertheless it is mandatory that small investors regularly log in ,at least once a week to ensure such things do not happen ,that is what I feel.

  129. Ujjal Mondal says:

    Valuable information. I have been cheated by Capital Via, an advisory company. And I have lost my money. More over I have cheated by another company for 2nd time. They have called me over mobile phone and made me compelled to bye the stocks of profin C. And it is running loss near about 96%. It has been cheated by Multiv advisory company. I never heard about this company. But I have lost. Now I am afraid to invest in stocks. Actually I have no knowledge in stock market. That’s why I needed some advice to invest. That was the cause of my loss.

  130. NARAYANASAMY B says:

    Good steps taken by Zerodha. Your care, concern and close & tireless watch are very essential to save your most of the innocent and genuine clients. Best wishes.

  131. Simran says:

    No other broker lets the client to trade in illiquid options…..So you should also block such options for the investors.

    And work on your platform…thts been the major cause of real losses when kite server times out….

    • Blanket blocking all options isn’t optimal, which is what a few brokers do (not all). When there are big moves, illiquid ones can become liquid instantly. Also, clients who hold existing positions which turned illiquid because of market moves, they should be able to exit at will.

  132. Debodip Sen says:

    Thank you zerodha for informing.You guys are the best

  133. yash says:

    Thank U Zerodha.

  134. Danda Ravinder Reddy says:

    It’s a good information for all investers

  135. Yamanappa Ogennavar says:

    Very good initiative by Zerodha.
    Zerodha is helping small retail investors and also implementing steps to report frauds to Regulator.

    Thanks a lot

    Yamanappa Ogennavar

  136. Vasudevanrknair says:

    Nice.. Zerodha I appreciate your social responsibility. Kudos. Tks.

  137. G N Rao says:

    That’s the main reason I am registered with zerodha. Even HDFC securities do not have such helping attitude

  138. Samrat says:

    Awesome information. Proud to be part of zerodha. Thanks for alerting us.

  139. Chandan says:

    Very good initiative Zerodha…

  140. V T VISHWANATH says:

    If you added this feature 3 months before. I should have saved my money. Now I lost on pump and dump stock.

  141. nagaraj says:

    i think something wrong is going on, in option market as well, could you please share your opinion on this…….?
    is option market sacrosanct…..?

  142. Anita says:

    Thank you so much for sharing this piece of information,which will help us to be extra conscious ..

  143. Dev says:

    Loved it , I just love every post and every idea you share. Wish to meet you and have a long chat/interview.

    Thanks again

  144. Vijaykumar says:

    I really appreciate the awareness you are spreading , it’s very very special of you ZERODHA…
    GOD BLESS this team

  145. Yogesh says:

    Excellent. Today I am proud to be part of Zerodha.
    You guys are taking small steps for the sake of small Investors.
    Thank you.

  146. Anil Kumar Mahajan says:

    Valuable information. Thanks

  147. Adi says:

    Very good and informative article for beginners who easily fall prey to such scam

  148. AK Pradhan says:

    Valuable Info for all,But i wonder How does the Contact Nos n detail are available for the fraudster or scammers??? Is it from the Brokerage companies or Sebi?? How do the fraudster only targets small retail Investor into such scam??

  149. Hrishikesh says:

    That is really a good initiative.

  150. Rohit says:

    Valuable information.

  151. Aravinthan ID says:

    Very good intiative. Kudos to a Zerodha!

  152. Mahendra says:

    Hello Nithin,
    Thank you for coming up with such good idea. I would like to know if you can conduct some classes at nominal price as part of educating investors on how to trade so that they will be aware of the basics of trading. Once they know the basics, they can based on their interest learn more in order to to have a good source of income. Moreover, the majority of people who enter trading are the ones from the tax paying class and certainly on their behalf I request you to start something which will significantly improve their wealth thereby the wealth for India.:)

  153. Sahebrao says:

    Dear Nithin,

    You are doing good job of alerting investors of capital market. Good ! Keep it up !

  154. Aditya Prajapati says:

    I think this will help us a lot, and I appreciate the work of Zerodha team for making aware us about frauds and scams regarding trading.

  155. Digvijay says:

    This is great post and would request you to keep on updating such information !!

  156. Kevin says:

    Nice one. Keep up the good job. So transparent and creating awareness.

  157. S Venumadhav says:

    Thank you for giving useful information

  158. Vivek Vijay Shinde says:


    Thank you such an valuable information.


  159. JOSEPH says:

    Hi Nithin we truly adore you for your intiatives. Thanks and happy to be part of zerodha

  160. Abhilash R says:

    Zerodha you can come up with a list of genuine tip providing companies approved by sebi and that will be so helpful for traders and investors to choose. These fraudulent companies get numbers from some source and used to call traders with luring wrong details and cheating their money. You can try to come up with a list to help many new traders.

  161. Siva says:

    Thank you for alerting the investors about risk and developing the risk frame work over your platform.

  162. Dhawal M Shah says:

    This feature is just Awesome.
    You guys are way ahead from all the other Brokerages combined together.
    Thank You, as my own sister has invested in such penny stocks reading SMS. But now the Nudge from you will act as a Helmet,( surely will not give life but protect).
    Thank You Sir once again for saving small innocent investors who out of greed invest and loss all.

  163. srikanthg says:

    can we list out all the stocks with N nudge below:

    • Shashank says:

      Hi Srikanth,

      We already have this penny stock nudge on our buy order window (currently on the web and soon on mobile).

  164. Sushovan Dube says:


  165. Umesh shetty says:

    Thank you

  166. Hardik says:

    Thanks for the post, and appreciate you going extra mile.

  167. Mani Kandan says:

    Thanks zerodha

  168. mahadev phad says:

    Excellent Job Sir in 1st time in India

  169. VIJAYKUMAR G SANE says:

    thanks giving good hints

  170. ED says:

    Hi Sir,

    What about if we receive advisory from genuine ZMP.

  171. Vasista says:

    Hey Nitin! I very much appreciate your intent. But arent you indirectly manipulating people who say actually identified some opportunities in some of these illiquid stocks/options by the “illiquid alert”. Again, please dont get me wrong – im just a litle curious. Also, in this day and age if someone trusts someone by giving them their id password then god save you. Most probably you will be cheated.

  172. Chandan Baidya says:

    In the name of foreign investment FIIs are stealing our money and investing in their company if you see the chart pattern on long term basis you will see the truth

  173. Akshay Jain S says:

    Nice and innovative way to get awareness thanks

  174. Numan Nazir says:

    This is what I love about zerodha, they genuinely care about their customers. Not only do you guys build new features for customers but make side their trading experience is as simple and convenient and possible. This is what inspires trust. Great job!

  175. Ravi says:

    This is what is called a real Service to customers borne out of real concern and not just “What’s in it for me?” corporate attitude.

    Hats off to Zerodha. Keep up the good work.

  176. ME says:

    Very important info, thank you for sharing.

  177. Sudhakar reddy says:

    Thanks for valuable information. Also good initiations by Zerodha end to counter such frauds.

  178. panneer selvam says:


  179. Anil Nagaraja says:

    I have lost more than 1 lac in the pump and dump scheme..had given my credentials to someone else…it’s value has eroded by 20k in 1 week..I have no idea what to do..

    • Manu Manjunath K R says:

      Consultant any one…or zerodha and exit it before it goes down…slowly it will go down to zero and you lose everything…better to lose 20k and save 80k then lose everything

    • Saurabh Shrivastava says:

      First change the password..Then get financial education otherwise you will keep loosing hard earned money

    • Ganesh B says:

      Mr. Anil, even I also lost a lot of money through those kind of people. If you wish to or anyone can contact me for help. M: 8106241985.


      Ganesh Banda

  180. krushna palve says:

    I had loss of 10 k
    Due to advisory company located at indore
    Can i file complaint against it

  181. ABD says:

    Excellent initiative by Zerodha👌

  182. RAM RATAN SINGHAL says:

    Well, scams are regural phenomena and all broadcast provide safty majors. Still if someone knowingly fall into that, then they themselves are responsible for the same.


  183. KS says:

    Valuable insight!!!
    Thanks for sharing!

  184. Ranjan says:

    What is use of increase the ” Long Term Capital Gains” to 10% this will make the investor trouble right i dont think this is good.

    I am plan to buy good stocks and hold more the 1 Year will i need to pay tax on that. For one Year the stock will appreciated 10% on that i have to 10% than it will zero sum game

    Most of the comment look that fake comment from zerodha also

    • Matti says:

      You only pay 10% LTCG tax on the gains. So, if you bought a stock at 100 and it goes up to 110, you pay 10% of 10 (110-110) i.e., Rs.1 as LTCG tax. LTCG is only applicable for stocks held for more than 365 days.

  185. Mangesh Y Shirke says:


  186. Gokul says:

    It is features like these that show the world that Zerodha does seriously care for its customers. How I wish every business had such customer-centricity. Keep up the good work!

  187. Gautam Khanna says:

    Good info bro thank you

  188. mallikarjun says:

    Good job zerodha…keep us updating(‘.’)

  189. Vasanthrao says:

    Zerodha trading platform fraud and chitting costumes

  190. Henty Joseph says:

    nice one thank you

  191. Abhishek says:

    Thank you

  192. Amit says:

    Hi Nithin and Team,
    Really Gr8 work.
    Please allow Stock Options trading at market Price.
    For this You and team may consider:
    1. Regular traders and
    2. Liquidity in Stock options (like Reliance, MGL, Indusindbk etc)
    This will b gr8 help for traders

  193. Gopu says:

    This is why I love Zerodha. Low carb high protein stuff only.

  194. S Nagaraj says:

    Wow. Nice one. Thank you very much for your invaluable service to your clients and the nation. God bless you sir.

  195. Peter says:

    Timely Warning Nithin . Mucho Gracias!

  196. P K Mohan says:

    Excellent awareness creating facility. Helpful for retail traders. Thanks a lot to Zerodha team.

  197. srinivasan D says:

    thanks for the awareness ….zerodha

  198. HARIRAM says:

    Amazing… Very Useful News…. Last year I’ll resign my job. Now I am a full time trader. My life is smoothly running. Because the Only Reason is ZERODHA.. Very very thanks to ZERODHA and Nithin Kamath Sir…. Maybe zerodha is world’s No:1 Broker in coming years.. Congratulations………..

  199. hemant goyal says:

    I request start sms service also for any trade done in account so that person will get sms alert for buy and sale like we get in Samco and others.

    • Janaki says:

      Some brokers dont uodate our mobile n address properly so that their frauds are not known to ua immediately. By the time we come to know, it is too late. As many of us dont see our account on a daily basis… Until we came to be aware of these frauds which are unimaginable for small investors like us

  200. Suvajit says:

    I just love what you are doing for everyone. I kind of feel that you truly value that “Sharing is Caring”. Thank you!!

  201. Mohammed salim says:

    Now, I can see the no ticket token is generated from your side for any enquiry or query which was better earlier, You started refferal programme, i refereed my friend name, no action taken on that till now, your backside support team performance is now decreasing from the past perfromance.

  202. Amrit Singh says:

    Amazing! This will be really helpful. I have personally received a few spam messages and knew to avoid them, this will make sure that people a secure trading on this platform.

  203. Prudhvi says:

    This is nice. Small and new investors, should read this and prevent themselves from falling into trap.

  204. Teja says:

    Great info. All investors should be careful to make sure their investments are safe!

  205. 3days_Non Stop Vina says:

    thanks bro.. good initiatives.

  206. Rm3046 says:

    Appretiate Nithin, valuable info

  207. Ramesh Pandey says:

    This is brilliant, I am amazed on how Zerodha keeps coming up with new ways to solve problems and improve user experience.

    • Pradeep says:

      In telegram most group trading using boat like obr boat how much secure it is when we login to third party app.pls suggest

  208. Bikash Kalita says:

    Wow! Such the valuable information and zerodha tried for customers education,

    • Baka says:

      Excellent , if it would have been there few months ago . Thanks a lot

      • subodh says:

        Hi Nithin – The illiquid option check on the order screen button is not the correct solution as it is preventing genuine investors from trading far month options. for EX: today i was trying to Sell options of yes Bank April month(YES BANK April 45CE @1.90 but it was not allowing me to place the order. What should we do? not trade far month options. I am losing an opportunity here. i did not sell near month option because the premium was less.

    • Shridhar says:

      I’m Really appreciate Zerodha for there kind information’s giving to us. Even today I’ll be having so many fraud messages in my box but i never read or forward those msg to friends also. I just go on deleting them. TQ Zerodha Team

      • Mallinath says:

        I ignored many SMS and said that they are experts.
        Even gave call,then rejected at once.
        Thank you Kamat sir educating and making awareness to retail and small investors like me.
        With warm regards
        Mallinath Shrigani

    • Prabhakar says:

      Hi Sir
      I saw recently in YouTube channel many traders mentioned that zerodha itself cheating customers by triggering stop losses and not triggering stop loss orders and many other ways.
      Is it true

    • Bheemudu Sahu says:

      Very happy to see this information but in the same case I was lost nearly 3 lacs by giving my user ID and password.Even i don’t know now what can I do not understanding is it really lose or something happened fraud.

      • Manish soni says:

        Hi, Appreciate Zerodha and team to publish such awareness. However pls let us know where to report the case of fraud already happened. I lost 8 lacs in option trading because of a indore based company. I can share the further details if required.

        • Vishnu says:

          If that co. is Sebi registered then complain it under… it’s the Sebi complaint department…collect some proof too of fraudery..they will help you lot

          • Nirav Patel says:

            My contact number is 9724106640.. help I lost 3 lacs in optin trading.. now I want to start new journey as a trader..

      • Vishnu says:

        Please never share your I’d &pswd ….totally it’s fraud…as soon as possible change your password…in the beginning of my trading journey I also got trap in these situation…

      • Sankar P T says:

        I also losed one of the company called agrich and
        the taken my principal amount into zero balance. Am fighting with them now.
        Please guide me any leagal action can take fro them?

    • Akbar says:

      Very important and valuable information for many traders

    • Vikas says:

      No other broker team has taken that effort to educate the investors about the scams. This information may be one their site or somewhere but no one bothers that investor to read it.
      Thanks Zeridha, appreciate it.

    • Maansi says:

      Patel Wealth advisory is one of them this is fraud company I have very bad experience

    • Raj Shekar says:

      Thanks for the update and also you should be aware tht traders also lost money which were in profits becoz of ur technical issues … recently I lost abt 30k which were in profit earlier and when placed order to book profits it only gave error order not sent or etc when contacted phones never picked up … for info I can send u screen shots taken on the order window and also phone calls made form mrng 10 to 3:15 continuously .. Do u have any comments on this !!!

    • R.Muthurajan says:

      My account to withdraw in 07 FEB 2020 rs 2500 zrotha is processed then not come my account please help what I do best sir

    • Mahender says:

      Very well said facts of the markets all over, especially in India filled with SCUMgress cultured.

    • Purniah Boddapati says:

      I completely agree that this is a valuable information for us investors.

    • ALOK says:

      I am really thankful to the Zerodha Management (specially to Mr. Kamath) for making us aware of various frauds happening in the market. I also request Zerodha management to start advising on stocks on daily basis as others like Icici, angel, Motilal etc. do. It could be a short term or long term suggestions on Fundamental or Technical categories. Small Investors like me will highly be benefited. It is the prerogative of the investor to accept or reject the suggestions offered by ZERODHA RESEARCH TEAM

    • Raja says:

      About 10 days back, shared my credentials with Gujarat based team. I don’t know if they are SEBI registered. Today happened to see your SMS alert on scamsters & fraudsters.
      I paid an Annual sum to those people to trade in my account. Still went ahead & changed my pwd on seeing Zerodha sms.
      Pls revert if it’s ok now or am I still at risk.

      • Ray says:

        Yes you are at great risk. No broker can ask for your credentials. They are definitely fraudster. Also don’t give the subscription charge, no matter what unless and until it is reputed and old name and register number. This is how it happens. They give 500 positive call 500 negative for free, then from that positive lot again divided into 250-250, then 175-175. The 175 people get absolutely sure about the service (175 account get positive 3 times repeatedly, there for they are assured that the company is making him money) and lured to pay platinum or higher hefty
        annual membership. After that they don’t even care. You are already been charged. Trust me other than financial management company. Everyone offering advisery is pure fraudster. Even youtube and telegram ones also. They are there to loot newbies. I have fallen for sms trap and invested 5k and lost 3k. But learnt a big lesson. Then I researched and found many scams happening. I surly lost by my wrong trades but never lose money to fraudsters since. I studied and found all this scams are in organized manner an its an industry itself. They are smart people. So absolutely stay away and threat them with police. Bottom line never trust anyone. Study yourself.

    • Joy says:

      Thanks Zerodha. Wished it was published little earlier. Recently cheated by a firm called Proworth. Operated my account and sank my investment. We must be careful about such firms.

    • Ankita sengupta says:

      I m a new comer in the stock market and a CA final student .. I would like to thank you for letting this kind of warning cum valuable information in your app which helped me to be careful before investing..

    • Janaki says:

      Good info. But do u have legal persons to help us fight with our ealier brokerage firms for their frauds Done on our account ?? Many of us need help as we dont know the process and how to go about it??? May be at a cost? Also? Fine.

    • Sireesha says:

      Thank you🌹 team zerodha,

      For this valuable information as we are new to trading you guys are helping a lot in learning new things and helping us to beware of these kind of scams..
      Keep it up team,,
      Thanks once again

    • Dipapng says:

      Thks zerotha team

    • Clauder says:

      Being a scam victim can depressing, you were given empty promises. They usually stop replying after achieving their aim with hurts even more, i have been there too as i was too ambitious and wanted financial security which made me invest a chunk of my life savings. I never thought i would be getting back a dime back and already lost hope until i contacted a PeePee which was just a leap of faith as i wasn’t going to go down without a fight. I was able to recover a significant part of my investment through this recovery expert. Do not brood alone, make a move too. Write to Proxyphreak47(@)) gmailcoom

    • Mallikarjun says:

      Hi , please dont handover your account credentials to anyone thinking that he trade on behalf of you n u get good profit. I lost big money by doing so. Please I request all of my friends do research n invest. Never trust fraudster message