MUMBAI: The immense success of Zerodha and Angel One in the stock broking space is attracting copycats. They are using illegal means to cash in on the brand value and reputation of the two established brokers, the National Stock Exchange (NSE) said on Friday.

Three people — Suman Mahajan, Susmita Nag and Tushar Kanti Mondal — are collecting money from gullible investors and offering guaranteed returns by investing the money instocks. Both Zerodha and Angel One had complained to the exchanges about them and their entities. Based on this, the NSE has cautioned 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’,” the NSE said on Friday.

The bourse said that Angel One and Zerodha Broking are registered trading members of the exchange, who had informed it that these entities were not associated with them.

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