WARNING! How immense success of Zerodha, Angel One is creating stock broking copycats - BEWARE!

Zerodha and Angel One are one of the biggest stock brokers by volume. Leading brokerage houses have one of the highest client base.

However, this has also given rise to a number of frauds for the gullible investors.

According to a report in The Times of India, these fraudsters are using illegal means to cash in on the brand value and reputation of the two established brokers.

Suman Mahajan, Susmita Nag, and Tushar Kanti Mondal were the three individuals taking money from unwary investors and promising them a profit by investing it in stocks. Angel One and Zerodha both voiced complaints about them and their entities in the conversations, NSE said while cautioning investors not to deal with these entities.

“It has been brought to the notice of the exchange that persons named Suman Mahajan, Susmita Nag and Tushar Kanti Mondal are collecting funds from the public and providing assured/guaranteed returns oninvestment and unauthorised portfolio management services in stock market in the name of ‘Angel One Industry’, ‘Zerodha Industry’, ‘Dream Solution’, ‘Dream Solution Stock Broking Services’, ‘Natural Health Care’, ‘Health Solutions’, ‘Natural Health Care and Hospitality’,” TOI quoted from NSE circular.

According to the National Stock Exchange, Angel One and Zerodha Broking are registered brokerage houses who have told the exchange that these firms are not affiliated with them.