When you try helping/educating, people are waiting to pounce for no mistake of yours. It would have definitely helped had this post been out couple of months ago, probably going ahead we can prevent ourselves from being wiped out in such stocks. Better Late than never!
Only if everyone accepted their mistake and rectified going ahead.
May I request you to also respond on points raised about Zerodha being notified in time however couldn’t relay the same ahead or anything as it seems.
Just my personal opinion, if one get a call from some scammer asking for bank details saying he won a lottery and to deposit that money he need bank details etc and this person shared all the details which resulted in fraud, whose fault that would be? do we raise a complaint on mobile operator( Airtel/jio)?
yes, I whole heartedly feel sorry for the loss, it is hard earned money and life savings but please be realistic, think and act rationally.
Feel sorry about our communication abilities…
I am only asking if and whether Zerodha was informed and what did they do about it (no obligation) however for 2 primary reasons:
The onus is ALWAYS on you as an investor. It’s natural to look for other people blame, that’s human, but it’s your money isn’t it? If these people had even done a little bit of due diligence, they would have found that the exchanges publish a list of suspicious stocks here:
Seriously… Cut their calls mercilessly… They will understand that you won’t listen and will delete your phone number from their records… eventually…
Even SMS will stop… I’m not getting any messages these days…
That won’t help.
Best and most fun thing to do is simply argue with them on silly points and WASTE their time.
If many people do this, eventually they will realize they are losing more money talking on phone and finally shut shop.
if you cut their calls, you are actually helping them. Since they quickly move on to the next victim.
The best way is to report them to TRAI. TRAI blocks those numbers/handles. Check this
If a bunch of us reported, this will all stop.
I have tried reporting and reported many many spammers to TRAI via the app.
All i get is a SMS from my provider which says
“No action was taken as the call/SMS reported by you was found to be of service/non-promotional in nature.if you are not satisfied with the resolution,contact 198 or appellate to raise an appeal”
TRAI is a joke, just like SEBI and even RBI. These so called regulators do nothing. They make things worse.
We have to come up with novel ways to tackle this menace.
Zerodha, your mail is a clear case of too little too late. Evidently your business model benefits through increased trading activity regardless of investors loss. Why were there no broker safeguards, why haven’t you proactively informed investors upon seeing heightened spike in trading in the above mentioned penny stocks asking them to exercise caution? Inaction is clearly collusion, given you have benefited in the process.
I think Zerodha makes no money in delivery trading.
Only for intraday trading Zerodha makes money.
So I don’t think Zerodha made any mistake.
Investors should question SEBI what they were doing…
As a broker, Zerodha is doing the best that they can to protect an investor from getting cheated. It is one’s interest that results in a trade. No matter what Zerodha says, if the investor wants to take the risk, the onus is always on the investor. Before you take a trade, there are few things that you have to research. Like company performance, price fluctuations and volume which is traded in the exchange. It is easy for a person to do a basic check and to understand a scrip performance before investing. 
Also, Zerodha doesn’t gain anything from such kinds of trades. We are doing the best to make aware of the frauds happening in the market. Better late than never.
Why blame zerodha if the investors are dumb and lack common sense
Although your intent is noble and wise I am afraid we are attempting to reinvent a wheel which many greats tried in past and gave it up. This goes back to story of 9 great speculators met in Florida before 1929 crash happened. The list includes the great Livermore, Aurther Cutten, Richard Whitnney etc. In the end all of them die poor and horrible. Even the maverick WIlliam C Durrant (the only person who ever believed he can truly control the stock market) left with a pen and clothes. Has this taught any lesson to anyone? No, its get discussed as long as fresh in memory; only to be replaced by newer stories of our very own Manu Manek (disappeared), suicide of brokers during Ketan Parkeh fiasco. Nothing changed, neither it will. As this goes back to old adage of fear, greed and hope. The attributes makes money for some, takes money from some. That’s zero sum game!
No matter we go with megaphone, online blitzkrieg , regulatory heavy hand people will fall prey into these gimmicks. They fell, get up and fight another day. But only a handful of them get up, that’s how perseverance works. This is part of our process of being a stock trader or investor. It won’t change.
I know it sounds pessimism, its a futile attempt. Agree, few impostors making merry with bloods of innocent; but that’s how history has been written and lessons has been learnt; whether 1929, 1987 or our very own 1993. Actually by leaving these topics to individuals we can focus on our process which includes stay away from impostors and gimmicks.
@nithin you or Zerodha are not liable for an investor’s decision to put their money into these penny stocks.
Having said that, and knowing Zerodha cares for its users and since other users above mentioned that NSE/ BSE publishes, maintains and updates a list of such penny stocks on their website if Zerodha can sync with that official list in real-time and just show an alert over that ordering window, whenever someone attempts to buy/ sell those stocks would be a great move. Just a simple alert saying “This stock is in the watchlist of NSE/ BSE. Know more.”
It’s like “Cigarette smoking is injurious to health” disclaimer. After this also if someone goes ahead, then God only saves him.
What do you say?
We are
Hmm… well put
Just want to add some information to what @nithin has started here to serve a purpose - Avoid Scams and save new traders.
Note: I am not a full-time active trader. I just love to learn and explore the consumer angle.
Who: EAGLE Research - a telegram channel
Zerodha Team: Please pudge a nudge against the two stocks after your verification.
Let me share my insights and analysis in the form of a small story for the good of fellow traders. I am clubbing experiences of my friends along with my observations.
TRAI DND: Forget it. It is of no real help. I am on an active full DND list, and still, I get spammed every day.
Long Story Short: Friend joined telegram group EAGLE Research. Being a new trader in the market, listened to their calls and invested in sanginita. He updated the same to me. I got interested in observing what is happening. Last year returns are good, but there is nothing significant about this company. A month after purchasing sanginita, it hit LC. No buyers, My friend got panicked. I too joined the telegram group to observe their calls and the market buy/sell activity. One word, it is them who is pumping and dumping - as simple as that. Any experienced trader can figure this out. I reported the group as spam and exited.
My friend though took exit yesterday with a moderate loss; it would have been avoided if zerodha had taken the earlier proactive reports in this thread serious and added a nudge against the scrips. After all, every trader is Zerodha’s customer - big or small.
But lemme tell you what happened next. As a channel admin, they have access to our mobile numbers, and as soon as I exited, starting today, they began to send SMS alerts to my mobile number. I agree, from a customer perspective I’m responsible in giving my mobile no. to them by joining the group, but the next part should lie with TRAI to curb these unsolicited SMS which they are failing to do big time. Not only TRAI even the Operators just ignore and TRAI DND app is a joke.
SMS Received:
Opening the URL will lead to this spam channel page:
Lesson: Do not join groups/channels just because they are freely available. We never know who sells our data to whom.
So, this leads to getting SPAM calls/Messages.
Though @nithin at Zerodha has suggested raising a DND complaint, it hardly helps. Zerodha should proactively write to TRAI/DOT for the betterment of the trading ecosystem, especially these trade scammers, and I hope the market leader would take this as an initiative.
If really concerned about consumer/market/trading eco-system what TRAI/platforms like Zerodha can do:
Just my thoughts!
Appreciate your intention, can you post screenshot of scrip names also in sms text if you have,please.
