Surat stockbroking fraud: Avoid unregistered middlemen posing as brokers
Last Update Date: 06-10-2026
Published by Business Standard
Abhishek Kumar's role: Quoted
Abhishek Kumar cautioned investors against opaque intermediaries that claim to act for a broker while handling client money, saying they can block trading and vanish with deposits. He said investors should pay money only into a SEBI-registered broker's own account.
More of Abhishek's views on money management
The article uses an alleged ₹4.84 crore fraud in Surat, in which a firm claiming to act for a broker locked investors out of their accounts, to explain how to vet a stockbroker. It covers checking SEBI registration, keeping direct control of funds, warning signs such as offers of very high leverage, and steps to take after a fraud.
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Surat stockbroking fraud: Avoid unregistered middlemen posing as brokers