MCX warns investors against fake Telegram channel misusing its brand
Synopsis
MCX has called out a Telegram channel falsely using its name to peddle market tips — and the warning goes beyond one rogue account. With deepfakes now weaponised for trading scams and dabba trading carrying criminal liability under the BNS 2023, this advisory is a reminder that India's retail investor boom has a growing fraud underbelly that regulators are scrambling to contain.
Key Takeaways
MCX issued a public advisory on 17 July warning investors against a fake Telegram channel named 'YOGITA TRADER SEBI REGISTERED' misusing its brand.
The entity is not a registered trading member of MCX and has no authorisation from any of its members.
Participation in dabba trading platforms is punishable under the SCRA, 1956 and the Bharatiya Nyaya Sanhita (BNS), 2023 .
Investors on unregulated platforms have no access to MCX's investor protection, dispute resolution, or grievance redressal mechanisms.
Fraudsters are reportedly using deepfake videos and images to promote fake trading schemes on social media.
Suspected fraud can be reported via the Chakshu facility on the Sanchar Saathi portal or the National Cyber Crime Helpline (1930) .
The Multi Commodity Exchange of India (MCX) on Friday, 17 July issued a public advisory cautioning investors against a fraudulent Telegram channel allegedly misusing its brand name to dispense market tips, and urged the public to steer clear of illegal commodity trading platforms. The exchange confirmed it has no affiliation with the entity in question.
The Fraudulent Channel Identified
According to the advisory, the channel operating under the name 'YOGITA TRADER SEBI REGISTERED' on Telegram was found to be falsely associating itself with the MCX brand while offering unsolicited market tips. MCX stated unequivocally that the entity is neither a registered trading member of the exchange nor an authorised person of any of its members.
The exchange clarified that it bears no responsibility for any transactions or losses arising from dealings with this or similar unauthorised entities.
Legal Risks of Dabba Trading
MCX specifically warned investors against participating in illegal commodity derivatives trading platforms — commonly referred to as 'dabba trading'. Such activities are prohibited under Indian law and are punishable under the Securities Contracts (Regulation) Act (SCRA), 1956, as well as the Bharatiya Nyaya Sanhita (BNS), 2023.
Investors transacting on unregulated platforms do so entirely at their own risk, the exchange noted, as these platforms operate outside the oversight of the Securities and Exchange Board of India (SEBI). Crucially, victims of disputes on such platforms will have no access to MCX's investor protection framework, dispute resolution mechanism, or grievance redressal system.
Deepfakes and Social Media Fraud
The advisory also flagged a broader threat: fraudsters increasingly deploying deepfake videos and images of known figures to lend credibility to fake trading schemes. MCX urged investors to exercise heightened caution when encountering trading tips or investment solicitations on social media, regardless of how authentic they may appear.
This warning comes amid a nationwide surge in cyber fraud targeting retail investors through social media platforms, with messaging apps like Telegram emerging as preferred tools for scammers due to their anonymity features.
How Investors Can Report and Seek Help
MCX has directed the public to report suspected fraudulent communications through the government's Chakshu facility under the Sanchar Saathi portal. Investors who have already fallen victim to cyber fraud are advised to contact the National Cyber Crime Helpline at 1930 or file a complaint through the Cyber Crime portal.
The exchange also advised all investors to verify the registration status of trading members and authorised persons with SEBI before engaging with any platform, and to avoid subscribing to trading schemes or products offered by unregistered entities. As cyber fraud tactics grow more sophisticated, investor vigilance and prompt reporting remain the first line of defence.
Point of View
Not before. The deeper problem is structural: Telegram's pseudonymous architecture makes takedowns slow and replication trivially easy, meaning a new channel can spring up hours after the old one is flagged. The invocation of the Bharatiya Nyaya Sanhita alongside the SCRA signals that regulators are reaching for sharper criminal teeth, but enforcement against offshore or anonymous operators remains a practical gap. India's retail investor base has expanded dramatically post-pandemic, and that growth has made it a high-value target for increasingly sophisticated scams — including AI-generated deepfakes of market personalities. Until platforms bear greater liability for fraudulent financial content, advisories alone will not move the needle.
NationPress
17 Jul 2026
Frequently Asked Questions
What is the fake MCX Telegram channel that investors are being warned about?
The channel, named 'YOGITA TRADER SEBI REGISTERED' on Telegram, has been falsely using the MCX brand name to offer market tips. MCX has confirmed it has no association with this entity, which is neither a registered trading member nor an authorised person of any MCX member.
What is dabba trading and why is it illegal?
Dabba trading refers to unofficial, off-exchange commodity derivatives trading conducted outside regulated platforms. It is prohibited under Indian law and carries criminal penalties under the Securities Contracts (Regulation) Act (SCRA), 1956, and the Bharatiya Nyaya Sanhita (BNS), 2023.
What protections do investors lose by trading on unregulated platforms?
Investors on unregulated platforms fall outside SEBI's oversight and lose access to MCX's investor protection framework, dispute resolution mechanism, and grievance redressal system. Any losses incurred are borne entirely by the investor.
How can investors report a suspected trading fraud in India?
Suspected fraudulent communications can be reported through the government's Chakshu facility on the Sanchar Saathi portal. Investors who have already been defrauded should call the National Cyber Crime Helpline at 1930 or file a complaint on the Cyber Crime portal.
How can investors verify if a trading platform or advisor is legitimate?
Investors should check the registration status of trading members and authorised persons directly with SEBI before engaging with any platform or advisory service. MCX advises avoiding any schemes or products offered by entities that are not registered with SEBI.
