![]() ![]() The service almost acts like a social media platform for trading gurus. This service helps traders network with each other and investing gurus on a platform that can verify trades and overall trading performance. Profitly serves a unique corner of the trader services market. – Tim Sykes, Forbes, “Profit.ly Mines The Masses For Stock-Trading Gold“ What Is Profitly? ![]() “This serves two purposes: creating public track records for gurus, newsletter writers, and students and allowing everyone to learn from both the wins and losses of other traders to benefit the entire industry.” “Profit.ly is focused on showing all trades, something that has never been done before. The Profitly website was founded by Timothy Sykes, a well-known penny stock trader and investing guru, and co-founder Michael Mosseri, who helped build the Profitly platform.Ī few years ago, Forbes interviewed Tim Sykes about Profitly and had this to say: Keep reading our Profitly review to get the facts on this trading platform. Profitly is supposed to foster a more transparent relationship between students and trading gurus, but is this service legit? This trading platform allows trading gurus to host trading communities and make actual trades through the platform. In FY19, Sebi booked over 10,000 individuals for trading in illiquid stock options–another scheme used for tax evasion.ĭon’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp.How can you verify a guru’s claims, and how can you be sure they’re really making the trades they say they are? However, in 2018, the government removed this exemption. The cases also involved the misuse of the long-term capital gains (LTCG) tax exemption available for listed companies. In 2015, an extensive probe was conducted by both the regulators on stock exchange platforms being used for booking artificial losses and in turn escaping higher tax outgo. Sebi and the tax department have joined hands to clamp down on the use of stock market platforms for illicit purposes such as money laundering or tax evasion. “The broker has returned the customer’s funds to him, with the added benefit that it’s a legitimate capital gain after paying the capital gain tax.” The broker then buys back the shares from the clients at 4-5x and takes cash for his losses,” said Arun Kejriwal, founder of KRIS Research & Advisory. “Brokers sell certain stocks to clients at x price and manipulate it by circular trading to a 4-5x. ![]() Some market participants said that many penny stocks are used to convert black money into white. Stocks such as Mercury Metals, S&T Corp, Karnavati Finance, K&R Rail Engineering, Taylormade Renew, Ascom Leasing, and Regency Ceramics, among others, have rallied over 1,000% since the beginning of the current fiscal year. "Retail investors should always remain cautious while investing in such stocks as they might get trapped and lose their hard-earned money." "Many of these companies could be shell companies or companies having little business, but their valuation is beyond par," said Narendra Solanki, head of equity research, Anand Rathi Shares & Stockbrokers. The volumes appear to have been contributed by a large number of retail investors likely influenced by the misleading YouTube videos, it said. ![]()
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