NSE Flags Apex Broking Firm For Dabba Trading, Fake Returns, and a Police Complaint

Quick Summary: NSE issued a caution notice on 1 September 2026 against a person named Priya, linked to an entity called Apex Broking Firm, operating through a Facebook page, a website, and a mobile number. NSE says the operation offered securities tips, guaranteed returns, account handling, and dabba trading, none of it authorised. Neither Priya nor Apex Broking Firm is registered as an NSE member or Authorised Person. A police complaint has already been filed, and violators face up to 10 years in prison or a fine of up to Rs. 25 crore under securities law.

What NSE Said About Apex Broking Firm

The National Stock Exchange of India put out a press release on 1 September 2026, naming a person called Priya as the individual behind Apex Broking Firm. 

According to the notice, Priya was pulling investors in through a Facebook page called Trading Tamil Nadu and a website at app.apexcapitaltrading.in/profile. Both are named directly in the release.

What sets this notice apart is the range of activity NSE flagged in one go: securities market tips, assured or guaranteed returns, account handling services, and dabba or illegal trading. Most caution notices name one or two of these. This one names all four.

NSE is unambiguous about registration status: neither Priya nor Apex Broking Firm is registered as a member or as an Authorised Person of any NSE-registered member. A police complaint has already been lodged in the matter.

Apex Broking Firm’s Digital Footprint

Here’s exactly where NSE says this operation was reaching investors, laid out as it appears in the release.

A regional-sounding Facebook group name paired with a professional-looking trading website is a common setup.

It lets an operation look locally trustworthy and technically legitimate at the same time.

The Four Violations NSE Flagged, One By One

Securities market tips: recommending specific trades or stocks without SEBI registration as a Research Analyst or Investment Adviser is not a grey area; it’s a direct violation.

Guaranteed or assured returns: no legitimate market participant can promise a fixed return on a market-linked product.

Anyone who does is signalling a scheme, not a service.

Account handling: taking control of an investor’s trading decisions or credentials crosses into territory reserved for SEBI-registered Portfolio Managers, not for an unregistered individual or Facebook page.

Dabba or illegal trading: trades executed entirely outside the exchange system, recorded only in the operator’s private ledger, with no exchange, clearing corporation, or regulator involved at any point.

Why Dabba Trading Carries the Harshest Penalty

Of the four, dabba trading is the one law enforcement treats most seriously, and NSE’s language reflects that.

In a dabba setup, your money never touches the real market. There’s no order book, no settlement, no clearing corporation, just a private ledger the operator controls entirely.

We’ve broken down exactly how this works, including real cases where investors lost lakhs, in our full guide to dabba trading.

Because there’s no real trade behind it, the operator decides what you see.

Profits, losses, even your account balance are numbers they choose to show you, not numbers a market produced.

The Legal Exposure Apex Broking Firm Is Now Facing

NSE’s release cites Section 23(1) of the Securities Contracts (Regulation) Act, 1956. Anyone who contravenes Sections 13, 16, 17, or 19 of that Act can be prosecuted, and on conviction, faces imprisonment of up to 10 years, a fine of up to Rs. 25 crore, or both.

Under Section 25 of the same Act, these offences are cognizable, meaning state police can investigate directly, which lines up with the police complaint NSE says has already been filed.

Dabba trading also falls under Sections 316, 318, and 61 of the Bharatiya Nyaya Sanhita, 2023, India’s criminal code.

That’s a second, independent line of legal exposure on top of the securities law violation.

Guaranteed Returns: Why the Promise Itself Is the Red Flag

Apex Broking Firm’s offer reportedly included assured returns on stock market investments. That phrase alone should end the conversation for any investor.

SEBI’s own rules make clear that no registered entity can promise a fixed return; we’ve covered the regulatory basis for this in our explainer on profit guarantees by SEBI registered research analyst.

Markets move. Genuine advisors and analysts can share research and reasoning, but they cannot promise an outcome.

The moment someone guarantees a number, they’ve stopped talking about the market and started talking about a scheme.

How to Verify Before You Trust Anyone Offering Trading Tips?

NSE has built a tool for exactly this situation. The “Know/Locate your Stock Broker” facility on the NSE website lets you check whether a person or entity is actually registered as a member or Authorised Person.

Before paying anyone, joining a group, or acting on a tip, run that check first. It takes a few minutes, and it would have flagged Apex Broking Firm immediately, since NSE itself confirms neither Priya nor the firm appears on that list.

If you’ve already engaged with this operation, don’t wait.

The dispute resolution and investor grievance mechanisms that exist for regulated brokers do not apply to unregistered operators like this one, so early action matters more, not less.

Frequently Asked Questions

1. Who is behind Apex Broking Firm?

NSE names a person called Priya as the individual associated with the entity.

2. Is Apex Broking Firm registered with NSE or SEBI?

No. NSE’s release states clearly that neither Priya nor Apex Broking Firm is registered as a member or Authorised Person of any NSE-registered member.

3. What exactly did NSE accuse this operation of doing?

Four things: providing securities market tips, offering guaranteed returns, providing account handling services, and running dabba or illegal trading.

4. Has any legal action already been taken?

Yes. NSE’s notice states a police complaint has been lodged.

5. What penalty could Apex Broking Firm face under law?

Up to 10 years’ imprisonment, a fine of up to Rs. 25 crore, or both, under Section 23(1) of the Securities Contracts (Regulation) Act, 1956.

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