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SEBI rap fails to stop SMS stock recommendations
April, 29th 2011

Sebi restrictions on the circulation of unauthenticated stock recommendations to mobile phones do not seem to have affected the flow of SMSs offering 'tips' on multi-baggers. One such message containing the 'buy' recommendation for a small-cap company listed in the BSE's B-group has regularly been appearing in the inboxes of many mobile phones over the past few days.

The sender not only recommends the stock, but also tries to arouse the interest among the recipients by setting different targets - intra-day, first and short-term target.

There is also information about the company's fund-raising, expansion and other plans. With not many having direct access to background information on the listed companies, such SMSs can turn out to be a trap for gullible investors if they buy on the recommendation without verifying the details, according to brokers.

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