Quick Summary
NSE has cautioned investors against Govind Malkhan and an entity called Wealth Trade for offering guaranteed returns, account handling and dabba trading services through an app, website and Facebook group, all without any exchange registration. Violators can face up to 10 years in prison or a fine up to ₹25 crore, or both, under securities law. A police complaint has already been lodged, and NSE warns that investors get no exchange-backed protection or dispute resolution if they deal with this platform.
NSE’s press release, dated September 7, 2026, names a person called Govind Malkhan, claiming association with an entity called Wealth Trade.
The notice lists a mobile number, 9899392161, an app link, a website at wealthtrading.xyz, and a Facebook Group called “Dabba Trading”.
According to NSE, this combination is providing assured or guaranteed returns on stock market investment, account handling, and dabba/illegal trading services.
None of this, the notice states plainly, comes with any registration as a member or Authorised Person of the exchange.
Why Dabba Trading Is Treated As A Serious Offence?
Dabba trading refers to trades executed entirely outside the exchange’s own systems, with no regulatory record of what actually happened.
NSE’s notice makes clear that such platforms are “neither approved nor endorsed by the Exchange.”
Beyond being a securities law violation, the notice specifically flags that dabba trading also falls under Sections 316, 318 and 61 of the Bharatiya Nyaya Sanhita, 2023.
That’s a criminal law reference, not just a market regulation one, which signals how seriously this particular activity is treated.
The Guaranteed Return And Account Handling Claims
A promise of assured or guaranteed returns on stock market investment is, in NSE’s own words, “prohibited by law.”
No legitimate, registered market participant can lawfully promise you a fixed profit from trading in listed securities.
The notice also flags account handling as a specific practice tied to this entity.
That typically means being asked to share your trading login credentials so someone else can place trades on your behalf, a request no registered broker’s terms of service would ever permit.
The Penalty Wealth Trade And Govind Malkhan Could Face
NSE’s notice cites Section 23(1) of the Securities Contracts (Regulation) Act, 1956 (SCRA) directly.
Anyone who contravenes Sections 13, 16, 17 or 19 of the SCRA can be prosecuted and, on conviction, punished with imprisonment up to 10 years, a fine up to ₹25 crore, or both.
Under Section 25 of the SCRA, these are also cognizable offences, meaning state police can investigate them directly, not just securities regulators.
That’s exactly why NSE notes that a police complaint has already been lodged in this case.
Is Wealth Trade Registered With NSE Or SEBI?
No. NSE’s notice states plainly that this person or entity is not registered either as a member or as an Authorised Person of any registered member of the exchange.
That means there is no SEBI or exchange oversight behind the guaranteed return claims, the account handling offer, or the dabba trading services described in this notice.
What Do You Give Up If You Trade Through Wealth Trade Anyway?
NSE’s notice is direct about what happens if a dispute arises with a platform like this one.
Participation is entirely “at the investor’s own risk, cost and consequences.”
None of the following recourses will be available: investor protection under the exchange’s jurisdiction, the exchange dispute resolution mechanism, or the investor grievance redressal mechanism administered by NSE.
In plain terms, if money is lost here, there is no exchange-backed process to help recover it.
How To Check If A Broker Or Platform Is Actually Registered?
NSE offers a free tool called “Know/Locate your Stock Broker” at nseindia.com/invest/find-a-stock-broker.
It lists every registered trading member and Authorised Person recognised by the exchange.
Before trusting any app, website, or Facebook group promising guaranteed returns, it takes two minutes to check whether the entity behind it shows up there at all.
How to Report an Unregistered Platform Like Wealth Trade?
Wealth Trade and Govind Malkhan are not registered with NSE or SEBI, which changes which routes actually apply here.
There’s an important distinction worth understanding upfront: for a registered entity, you file a formal complaint to seek resolution.
For an unregistered one like this, you report it, since there’s no regulatory relationship for any exchange or SEBI to arbitrate. NSE, cyber crime authorities, and the police each have a specific role in that reporting process.
1. Report It to NSE Directly
NSE maintains a dedicated channel for reporting unsolicited stock tips, recommendations, and unregistered trading platforms, exactly the category Wealth Trade falls under.
You can report it by phone at +91 8291833676 or by email at [email protected].
This is not a formal grievance filing, since NSE isn’t adjudicating a dispute between you and a registered member.
It’s a direct tip-off channel that feeds into NSE’s own investigation and enforcement process, the same process that led to the public notice against Wealth Trade in the first place.
Separately, you can verify whether any broker or platform is genuinely registered using NSE’s “Know/Locate your Stock Broker” tool.
2. File a Cyber Crime Complaint
If money has actually been lost through account handling, a fake app, or a dabba trading setup, this is a fraud and unauthorised access matter.
File directly through India’s official cyber crime portal.
This route exists specifically for financial fraud involving unregistered platforms, and it’s the correct first stop for anyone who’s already lost money here.
3. File or Strengthen a Police Complaint
NSE’s notice confirms a police complaint is already active in this specific case.
If you have additional evidence, screenshots, payment records, or communication with the operator, you can add to that existing complaint rather than starting a separate one from scratch.
Given that dabba trading falls under Sections 316, 318, and 61 of the Bharatiya Nyaya Sanhita, 2023, this is treated as a criminal matter, not just a market regulation issue, which is exactly why police involvement sits alongside the exchange-level response here.
4. Preserve Every Piece of Evidence Before Reporting
Screenshots of the app, the website, the Facebook group, any payment made, and every message exchanged with the operator all matter.
This evidence supports both the NSE report and any criminal complaint, and it becomes harder to gather the longer you wait.
Conclusion
Wealth Trade’s case is a reminder that guaranteed returns, account handling, and dabba trading usually travel together, and none of them come from a source SEBI or NSE actually oversees.
A police complaint is active, and the law allows for up to 10 years in prison or a ₹25 crore fine. Before trusting any app, website, or group promising fixed profits, check whether it shows up on NSE’s registered broker list.
If it doesn’t, walking away costs far less than staying in.
Report. Recover. Stay Fraud Free.
Frequently Asked Questions
NSE's notice says Wealth Trade, linked to Govind Malkhan, is offering guaranteed returns, account handling and dabba/illegal trading services with no exchange registration.
Yes. It violates the Securities Contracts (Regulation) Act and also falls under specific sections of the Bharatiya Nyaya Sanhita, 2023, a criminal law reference.
Up to 10 years in prison, a fine up to ₹25 crore, or both, under Section 23(1) of the SCRA.
Yes, NSE's notice confirms a police complaint has already been lodged in this matter.
NSE's notice states investors get no exchange dispute resolution or grievance redressal for platforms like this, since it operates outside exchange oversight entirely.
Use NSE's free "Know/Locate your Stock Broker" tool at nseindia.com/invest/find-a-stock-broker before trusting any app, site or group.
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