NSE warned investors against Legendary Traders and Let's Trade India over alleged illegal securities activities
The exchange cautioned that 'dabba' trading is illegal and offers no regulatory protection to investors
NSE has also filed its DRHP with Sebi for its proposed IPO
The National Stock Exchange of India (NSE) has taken cognizance of illegal trading practices in securities by issuing an investor advisory against Legendary Traders and Let's Trade India.
Both entities are allegedly engaged in prohibited activities through different digital platforms.
"Legendary Traders, operating through a Telegram channel, is allegedly providing securities market tips and offering account handling services to investors," the NSE stated.
1 June 2026
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"Additionally, Let's Trade India, operating through its Telegram, Instagram, and YouTube channels, along with associated websites and the mobile number 9773687281, is allegedly facilitating dabba (illegal) trading services. A police complaint has also been lodged in this matter," the NSE added.
The Stock Exchange has advised investors to remain cautious and not fall for any scheme or product offered by any entity or person claiming or guaranteeing lucrative returns in the stock market.
Any such activities and offers are illegal, and investors are advised not to share their trading credentials with anyone, including their user IDs and passwords, the NSE further said.
"It may be noted that the above-mentioned entities are not registered either as members or Authorised Persons of any registered member of NSE. Investors are encouraged to verify the credentials of registered stock brokers and their Authorised Persons through the 'Know/Locate Your Stock Broker' facility available on the NSE website before dealing with any person or entity," it further stated.
What Does ‘Dabba’ Trading Mean?
'Dabba' trading is an unregulated and illegal form of trading in securities. The illegal trade is executed when traders place deals in securities without being registered on any official SEBI-recognised exchange.
Subsequently, the trades are settled internally by the 'Dabba' operator, outside the scope of regulatory bodies and stock exchanges.
As the trades are not executed on official exchange platforms, investors cannot avail themselves of any grievance redressal mechanisms.
A 'Dabba' trade offers no safeguards. Hence, investors should exercise caution.
NSE has also submitted its draft red herring prospectus (DRHP) to Sebi for its planned initial public offering (IPO). The DRHP emphasised the exchange's technological framework, its reach to investors, its non-trading operations, and its financial results.
