Scam alert! What Zerodha's Nithin Kamath said on Trafiksol ITS Technologies IPO, Baap of Chart
Zerodha Founder and CEO Nithin Kamath on Saturday took to social media platform X to warn investors of the stock market malices happening daily and how investors were being fooled by scamsters.
Citing market regulator Securities and Exchange Board of India's (Sebi’s) two recent orders — Trafiksol ITS Technologies IPO and Baap of Chart — Kamath reiterated that shortcut to make a quick buck is the surest way to lose money in the markets.
“SEBI recently passed two orders related to two different scams. In the first scam, an SME company raised Rs 44 crores through an SME-IPO to buy software, among other things. But the company that it was buying software from was a shell company complete with fake financials and a fake list of clients. The second order was against a popular finfluencer who collected Rs 17 crores by selling courses, seminars, etc.," Kamath tweeted.
«This just proves that old saying: if something is too good to be true, it almost always is. Taking shortcuts to make a quick buck is the surest way to lose money in the markets. We wrote about both scams on the @zerodhamarkets,» the tweet said further, sharing 'The Daily Brief by Zerodha' blog post link.
The blogpost calls these two cases, «scams».
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