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ARTICLE · 11 AUGUST 2025

BSE Re-issues Urgent Warning On Fake Research Analysts

IndiaLaw LLP
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A fresh circular dated 4 August 2025 (Notice No. 20250804-59) has brought the spotlight back on a problem that refuses to go away: crooks posing as SEBI-registered Research Analysts...

IndiaCriminal Law
Rahul Sundaram
Rahul Sundaram

A fresh circular dated 4 August 2025 (Notice No. 20250804-59) has brought the spotlight back on a problem that refuses to go away: crooks posing as SEBI-registered Research Analysts (RAs) to lure investors into bogus stock tips and fraudulent schemes. The exchange first sounded the alarm on 19 December 2024 (Notice 20241219-40), but the impersonators have kept pace, forcing regulators to tighten the screws.

Why the New Circular Was Needed

Despite the earlier advisory, investors continue to lose money to look-alike websites, cloned WhatsApp groups and Telegram channels that mimic the branding of genuine analysts. Complaints on SEBI's SCORES portal are still rising, showing that the fraudulent ecosystem is alive and well. SEBI has therefore asked the exchange to make the response protocol sharper and, crucially, compulsory.

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