The tips industry is working overtime on Whatsapp and SMS, sharing fake news on companies and directing investors to put money in Funny Software and Alora. Tips have suggested that Funny Software is set to be acquired by a "big technology company", which the firm has clarified to the BSE is false. Investors are advised to exercise caution.
SEBI has been cracking down on these investment tips and offers made via Whatsapp, SMS and other social media platforms. But these are moving targets, since fraudsters keep switching numbers and accounts. The regulator said earlier this year that it is trying to coordinate with the TRAI and RBI to catch such illegal tips more accurately. SEBI needs the call and data usage information from telecom firms to identify people behind these accounts.