Quick Summary
NSE has issued a caution notice naming Swati Gupta, who runs an illegal dabba trading operation through a Facebook group called “Stock Market (Dabba Trading)” and a downloadable app called Bull Tiatans. NSE confirms she is not registered as a member or Authorised Person with any exchange member, and a police complaint has already been filed. The notice also spells out the exact criminal sections she could be prosecuted under, including up to 10 years in jail and a fine of ₹25 crore. Here’s exactly what NSE found, and what it means if you’ve come across this app or group.
Picture opening an app that looks exactly like a real trading platform. Clean charts, live-looking prices, a balance that goes up when you “buy.”
Except none of it is real. No trade ever reaches the stock exchange. It’s all just numbers in someone else’s private ledger.
That app is called Bull Tiatans, and NSE just named the person behind it.
Most illegal trading warnings point to a Telegram channel or a random phone number.
This one points to something people are actually installing on their phones, which changes how convincing, and how dangerous, this operation really is.
Who Is Swati Gupta?
According to NSE’s notice, dated September 18, 2026, a person named Swati Gupta is operating through mobile number 8359821986.
She runs a Facebook group called “Stock Market (Dabba Trading),” openly named exactly for what it offers.
Alongside that, she operates an app called Bull Tiatans, distributed through its own website rather than the Google Play Store.
[Screenshot: NSE Press Release dated September 18, 2026, page 1 — the notice naming Swati Gupta, her mobile number, the Facebook group, and the Bull Tiatans app link]
NSE describes this plainly. It’s providing dabba, or illegal, trading services, outside the regulated exchange system entirely.
Inside the “Bull Tiatans” App and Facebook Group
An app changes the picture a little, so it’s worth understanding why.
A Telegram tip channel is just messages. An app that mimics a real trading platform is something people can open every day, place “trades” on, and watch fake numbers move, which makes the whole operation feel far more legitimate than it actually is.
The fact that Bull Tiatans isn’t listed on the Google Play Store is itself a red flag worth remembering.
Genuine, SEBI-linked trading apps go through app store review. Illegal ones almost always route around it, using a direct APK download instead.
A Facebook group adds another layer. Unlike a private Telegram channel, a public or semi-public Facebook group is searchable, shareable, and easy to stumble into while scrolling, which is likely how many of its members found it in the first place.
If you want to understand the full mechanics of how operations like this actually run behind the scenes, our detailed explainer on how dabba trading works breaks down the fake order books, the internal ledgers, and why none of it ever touches a real stock exchange.
Why Swati Gupta’s Case Already Involves the Police?
Most illegal trading notices stop at “this is prohibited.” This one goes several steps further.
NSE states plainly that a police complaint has already been lodged in this matter, before the public notice was even issued.
The notice then lays out the exact legal exposure, in unusually specific detail.
Under Section 23(1) of the Securities Contracts (Regulation) Act, contravening Sections 13, 16, 17, or 19 can mean imprisonment of up to 10 years, a fine of up to ₹25 crore, or both.
Under Section 25 of the same Act, this isn’t just a securities matter sitting with SEBI or NSE. It’s classified as a cognizable offence, meaning ordinary state police can investigate it directly, exactly like any other criminal case.
On top of that, the notice points to three sections of the Bharatiya Nyaya Sanhita, India’s newer criminal code. Section 316 deals with criminal breach of trust. Section 318 deals with cheating. Section 61 deals with criminal conspiracy.
In plain words, running an operation like this doesn’t just risk a SEBI penalty somewhere down the line. It’s treated as a straightforward criminal matter, with jail time explicitly on the table.
Is Swati Gupta NSE Registered or Not?
No. NSE’s notice confirms she is not registered, either as a member or as an Authorised Person of any registered exchange member.
That means the Facebook group and the Bull Tiatans app operate entirely outside the systems that give real trading its protections.
NSE points investors to its own “Know/Locate your Stock Broker” tool on nseindia.com, to check any broker’s genuine registration status before dealing with them.
What to Do If You’ve Already Used Bull Tiatans App?
If you’ve joined the Facebook group, installed the app, or sent Swati Gupta money through either, the notice is direct about what that means for you.
None of the usual investor protections apply here. NSE explicitly lists this out: no Exchange Dispute Resolution Mechanism, and no Investor Grievance Redressal Mechanism, since this never happened through a registered member in the first place.
Whatever balance the app shows you isn’t a real position. It’s a number in someone’s private ledger, which is exactly why disputes over dabba trading so often end in stalling, threats, or simply going silent, rather than an actual payout.
Since a police complaint is already active in this specific case, that’s genuinely useful for you too. Document your own chats, payment receipts, and any app screenshots you have, and consider filing your own complaint at your local police station or the National Cyber Crime Helpline at 1930, so your loss gets formally linked to the ongoing investigation rather than sitting separately.
Because Swati Gupta holds no registration of any kind, SCORES can’t take up a complaint against her directly; that portal only forwards cases to entities SEBI already regulates.
For someone unregistered like this, emailing SEBI directly to flag the operator is the right parallel step.
If your concern instead involves a registered broker’s own conduct, separate from this specific case, our guide on filing complaint with NSE walks through that process instead.
Conclusion
This notice stands out from the usual dabba trading warning in two ways.
It names an actual downloadable app instead of just a chat channel, and it confirms a police complaint is already underway, with specific jail terms and fine amounts spelled out in black and white.
If you’ve come across the Bull Tiatans app or this Facebook group, the safest move is to stop engaging immediately, and if money has already changed hands, to get your own complaint on record while the investigation is still active.
Report. Recover. Stay Fraud Free.
She's an unregistered individual running an illegal dabba trading operation through a Facebook group and an app called Bull Tiatans. No. It's distributed through its own website as a direct APK download, which is itself a red flag for any trading app. Yes. NSE's notice confirms a police complaint has already been filed, separate from the public caution notice itself. Up to 10 years imprisonment and a fine of up to ₹25 crore under the SCRA, alongside criminal breach of trust, cheating, and criminal conspiracy charges under the Bharatiya Nyaya Sanhita. NSE explicitly states no Exchange Dispute Resolution Mechanism or Investor Grievance Redressal Mechanism applies here, since this never ran through a registered member. Document everything you have, then file with your local police or the 1930 cybercrime helpline, and separately email SEBI to flag the unregistered operator.Frequently Asked Questions
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