NEW DELHI: Amid complaints against social media influencers sharing fake screenshots of their mark to market (M2M) profits in their demat account to impress younger traders, Zerodha CEO Nithin Kamath on Tuesday said it is very hard to solve greed.
“If someone is gullible enough to believe tall claims, they will be taken for a ride, one way or another. The only fix is to create awareness,” Kamath said in response to a tweet.
Mumbai-based trader Darshan Mehta had on Monday asked the billionaire broker on the social media platform to do something to stop fake M2M snapshots as a majority of them are of Zerodha app.
To sell training or mentorship programs to the younger retail crowd on Dalal Street, some influencers share fake screenshots of the profits they made on social media platforms like Twitter and Telegram.
It isn’t easy to make money trading, almost impossible, by following someone else, Kamath said.
Abid Hassan, CEO and Co-founder of options trading platform Sensibull said his team is working on the issue.
“We are working on this as we speak. Days away from launching it. This will cover Zerodha, Upstox, Angel, ICICI Direct, 5Paisa, and IIFL,” he said.
Amid increasing financialisation of household savings, the number of retail investors have been increasing steadily in the last few years. In September month alone, over 20 lakh new demat accounts were added, taking the total number of accounts to more than 10 crore.
In the last financial year, retail investors poured in Rs 1.6 lakh crore. Consequently, retail investors’ holding in NSE-listed universe as on March 31st, 2022 inched up to a 15-year high of 9.7%.
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