eGovWatch: Sebi launches SMS campaign against fraudulent schemes
Market regulator Sebi has launched a major SMS campaign to create awareness among the public about fraudulent schemes claiming ‘big profits in less time’.
Securities and Exchange Board of India (Sebi), in the current fiscal, has busted more than 150 cases of frauds
against gullible investors involving close to Rs 13,000 crore.
The regulator is running a public awareness campaign through SMS that says “Be aware of schemes promising big profits in less time, this can be fraud.”
“Before investing do your due diligence,” it added.
The move is part of Sebi’s efforts to make the public aware about safeguards against high-return claims.
Besides, several fraudsters are tapping mobile messages to lure gullible investors with promise of returns.
Using SMS platform, Sebi has been specially targeting the CIS wherein investors are promised doubling of their investments within a few months, or guaranteed fixed returns for their entire life after investing some thousands or lakhs of rupees.
Besides, Sebi has already launched investor education and awareness programmes through newspapers.
In one of its awareness programme through newspapers, it said that “high return in less time means more trouble” and warns investors against promises of being made a “millionaire overnight”.
The market watchdog has been pursuing a massive Investor Education and Awareness Campaign since December 2012 through media on relevant topics of investor awareness.
As part of the campaign, advertisements are released through popular media such as TV, radio and print (newspapers) and are carried at pan-India basis in Hindi, English and 11 major regional languages.
So far, the campaign on topics like ‘Grievance Redress Mechanism’ and ‘Collective Investment Scheme’ have covered more than 90,000 TVC spots, more than 40,000 radio spots and over 600 print editions.
