The stock exchange said in a statement that investors are cautioned not to subscribe to any such scheme or product offered by any person in the stock market as the same is prohibited by law.

The NSE said that the person named "Aditya" associated with entities named "Bear&Bull PLATFORM" and "Easy Trade", operating through mobile numbers "8485855849 and 9624495573", is providing "dabba/illegal trading services".

"It may also be noted that this person is not registered either as a member or authorized person of any registered member of the National Stock Exchange of India Limited. A police complaint has been lodged in this regard," said the NSE.

The exchange also cautioned investors against an Instagram account and a Telegram channel which have been found offering investment tips.

In terms of Sections 23(1) of the Securities Contracts (Regulation) Act, 1956 (SCRA), "any entity/person who contravenes sections 13,16,17 or 19 of the SCRA shall be prosecuted and on conviction, he shall be punishable with imprisonment for a term which may extend to ten years or with the fine up to twenty-five crores or with both", warned the NSE.

Dabba trading also falls within the purview of Section 406, 420 and Section 120-B of the Indian Penal Code,1870, the exchange said.