Did I just get scammed by Fyers?

I was trying to open an account online with fyers. After my documents were verified by their executive, he said he was going to do the e-signing process and asked me to share aadhar OTPs which I received on my phone. Two OTPs were generated and I’m guessing one was for an equity account and one was for a commodities account as i wanted to activate both.

I was a bit skeptical about sharing the OTPs with him and why he was doing the e-signing process himself instead of letting me do it on my own but I thought it was going to be fine. Now I’m actually worried that he could’ve done some kind of fraud using those OTPs since he also has all my documents like PAN, etc. My fyers account did get created in the end but is there anything fishy he could’ve done or am I just being paranoid?

Also, I was a dumbass and I won’t do such stupid things again.

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As far as i know, fyers is fair with everything i deal with. What happened with you could be legit. But still im wondering what would someone will gain with AADHAR OTPS? If its transaction, you should be worried.

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Nothing to worry. Not only fyers many brokers doing this

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Even if it wasn’t a scam, it’s pretty dumb. Fyers might not scam you as a company, but an individual who works at Fyers can go rogue and scam you.

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Thanks for the replies guys. My first thought was that he could’ve changed my aadhar’s phone number to his own number for whatever reason using the OTP. Then I thought what if he creates his own trading account with some other broker using my documents and OTP to do some trading activity and the income tax from that gets put on me? I don’t know if that’s even possible lol. I’m probably overthinking this way too much.

Fyers one of worst brokers. They make their own rules. They don’t follow the laws in india.

Stay away from them.

They were more interested in getting my aadhar than opening a account.

They are a shady company.

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Not possible, we’ve bank accounts linked to our trading accounts. How will he transfer money to that trading account? The bank account needs to be in the same name, and only you’ve access to your bank account.

That’s a bolt from the blue.

Thank you for the heads up

I had closed my fyers account back in 2018. I sent physical closure form to them. I thought they had closed my account. But since few months I started to receive Broker’s report on my phone. I wondered why fyers is sending me along with Zerodha as I had closed account with fyers. I contacted support and to my surprise they told me that my account is still active with them in 2023. How is this possible even when I had sent them a closure form.? Now I ask them to close my account. They do have facility to close account online which doesn’t work. They are asking me to again send them Demat closure form by courier. I sincerely doubt about honesty of Fyers.

Several years ago, brokers were hesitant to close accounts even when you requested it. They didn’t want the client base to go down.

Recently, after the competition shifted to counting active accounts, brokers are now happy to accept your account closure request.

Just resubmit the form again; it’s not complicated.

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Send them closure form again and preserve the courier receipt. If they don’t process, complain to SEBI SCORES

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There is an option to apply for closure in their myaccount online portal.

All this dint happen … now wnt happen cos those otp cnt be used again … so u cn chill jst dnt repeat same mistake … i m sure now u ll do a different mistake :wink:

I sent today Account Closure form. Let’s see what they do…?

Yeah if they don’t close my account this time, I will move to SCORES…

This option is not available for those who only have trading account and not demat account with fyers…

What document did you shared?
Was it normal Aadhaar or Masked Aadhaar?

If they asked for aadhaar number, ask them why they were asking for 12-digit aadhaar number?
Collection of 12-digit aadhaar number by pvt entities is not allowed.
And in future do not share these details with anyone and wherecer possible use Masked Aadhaar.

Zerodha do this in a better manner, they ask for masked aadhaar & they perform eSigning online and which can be compelted with 16-digit VID without sharing your 12-digit aadhaar. A seperate VID can be generated using our 12-digit aadhaar for each specific use. This is maximum precaution we can take while using aadhaar.

In aaddition to above one can use Biometric & Aadhaar Lock Features. Which can enabled or disabled using aadhaar website or mAadhaar app (Do this if you don’t need to perform aadhaar authentication frequently). Do note sometimes unlocking aadhaar (not biometric lock, biometric locking/unlocking happen quickly) doesn’t work at 1st attempt and might require some waiting and multiple attempts.

UIDAI Recommended Precautions - https://uidai.gov.in/images/Aadhaar_Usage-Dos_and_Donts.pdf

Also they published a Press Release on PIB Website on 27th May 2022, which they later retracted.