NSE Issues Warning on Fraudulent Activities by Bogus Lazard Asset Management India

The National Stock Exchange (NSE) cautioned investors about fraudulent activities by a fake entity, Lazard Asset Management India. This scam involved a WhatsApp group luring investors with discounted shares offers, using a forged Sebi registration certificate. Investors are advised to verify credentials before engaging in transactions.

The National Stock Exchange (NSE) has issued a warning to investors about deceptive practices carried out by a fraudulent entity named Lazard Asset Management India.

According to the NSE, the caution follows a complaint regarding a WhatsApp group named 'JO HAMBRO,' which has been enticing investors to buy shares at discounted prices after market hours. This group allegedly collected money from retail investors under the pretense of a 'Seat Trading Account.'

The entity -- Lazard Asset Management India -- is falsely presenting itself as a registered stock broker with the Securities and Exchange Board of India (Sebi) using a counterfeit registration certificate. The NSE clarified, 'No entity named Lazard Asset Management India is registered with Sebi as a stock broker. The circulated Sebi registration certificate within the WhatsApp group is entirely fabricated and illegitimate.'

Consequently, the stock exchange urges investors to exercise caution and avoid dealings with such fraudulent entities. Investors are advised to verify the credentials and regulatory status of financial entities before engaging in any transactions or transferring funds. Notably, those engaging in unauthorized schemes will not have access to exchange dispute resolution mechanisms or investor grievance redressal mechanisms.

(With inputs from agencies.)