Himani Chowdhary Instagram – 🚨 SCAM ALERT 🚨
👉🏻 SEBI has penalised more than 44 registered investment advisors in 2023 owing to non compliance of regulations
👉🏻 This company did these things
1️⃣ False Promises: Money Market Manthan made false promises on its website, saying you’d definitely make big profits by following their advice. This is not allowed because it’s impossible to guarantee profits in the stock market.
2️⃣ Tricking Clients: The company manipulated how they assessed clients’ willingness to take risks when investing. If a client didn’t initially want to take high risks, they would ask them questions in a way that made them seem like they did.
3️⃣ Overcharging: Money Market Manthan charged its clients too much money. They started with low fees but then suddenly increased them after gaining the client’s trust. Collected 3x money as fees for small investment amount.
4️⃣ Weak Penalty: Despite these wrongdoings, the company and its founder were fined a relatively small amount compared to the money they made.
👉🏻 They earned 1.4 cr. in 2018-19 and paid a penalty of 8 lacs plus refund | Posted on 14/Sep/2023 14:21:55
