Verified screenshots of MTM gains
Abid Hassan, the CEO and co-founder of Sensibull, rightly pointed out that the practice of some unscrupulous traders on Dalal Street of posting bogus screenshots of MTM gains with a view to attract people to join their paid service is a big menace.
Fake P&L screenshot sharing is one of the biggest scams in markets in India. True to our vision of making retail investors profitable, and as a market participant committed to making this a better place, Sensibull is introducing "Verified by Sensibull" Screenshots
Continued…
— Abid Hassan ?? (@abidsensibull) November 3, 2022
In fact, a recent episode is about a popular trader-cum-trainer named Vikram Prabhu who allegedly posted a screenshot showing that he had traded an order of 1000 units of the Bank Nifty, which is not possible as the freeze limit is recently reduced to 900 units from 1200 units. It appears that the person had lost sight of the reduced order size whilst preparing the screenshot. He deleted the tweet immediately after being questioned and has also so far not posted any clarification as to how the fiasco happened.
Prima facie, the practice of posting bogus MTM screenshots appears to be very profitable because this particular trader-trainer is alleged to have collected fees in tens of crore for his training programmes.
Yes! Same person made 16 + crores from training income alone. https://t.co/m0c1DfyvPR
— Kirubakaran Rajendran (@kirubaakaran) November 17, 2022
Anyway, to counter this menace, Sensibull has launched a platform to enable traders to get their screenshots verified as being genuine.
Noted trader Manu Bhatia was amongst the first to avail the facility. He disclosed an income of Rs. 66 Lakh which he earned on the expiry day of 24th November. A study of the screenshot shows that the Nifty trades yielded a gain of Rs 68.33 Lakh while the Bank Nifty trades resulted in a loss of Rs 2.21 Lakh.
In the Nifty, one trade, possibly a Bull-Call spread of 18200-18400CE, yielded a mammoth gain of Rs 64 lakh.
In the Bank Nifty, Bhatia appears to have traded a short straddle of 42800 and 42900. While the 42900 straddle yielded a gain, the 42800 straddle resulted in a loss.
Bhatia has not revealed the capital deployed in the trades.
Tried the new feature (Verified P/L) by @BeSensibullhttps://t.co/MHqQouVPvt https://t.co/DHaNriQfue
— Manu Bhatia (@bhatiamanu) November 24, 2022
Rs 50 lakh from bearish trades in bullish market
A trader named Ashesh Mehta appears to be a contrarian. He bought Puts when he sensed that the market had topped and earned a handsome profit of Rs 50.82 Lakh.
A study of his verified screenshot reveals that he made Rs 48.81 lakh from the Bank Nifty and Rs 2.01 lakh from the Nifty.
Bullish market me bearish trades….ye hota hain conviction. 50 lacs+ ???! Check out my P&L – #VerifiedBySensibull https://t.co/ZH91zCrDCK
— Ashesh Mehta (@bulkindextrader) November 25, 2022
He revealed that his capital is Rs 7 crore which means that his RoI is about 7%.
7 Cr
— Ashesh Mehta (@bulkindextrader) November 25, 2022
A trader named Kumar Arpit with the nickname ‘Ketofol‘ disclosed a profit of Rs 10.97 lakh. A study of the screenshot shows that he has made bullish bets on several stocks like Reliance, Axis Bank, Hero Moto etc.
None of these are booked.
Most are carried forward. So not sure this adds upto my profits ?#VerifiedBySensibull https://t.co/6Zji5hg8Fr— ketofol ☀️ (@aka911_) November 25, 2022
However, in fairness, the same trader also disclosed that he suffered a loss of Rs 18.81 lakh on purchase of the Reliance Call Options.
After launch of #VerifiedBySensibull I have posted a couple of m2ms and garnered a decent following on Twitter.
However it is fair to state that grass is not always green.
This is the right time to post a few wrong ones so that people understand the risk in gambling. ? pic.twitter.com/El2EWeXfcy
— ketofol ☀️ (@aka911_) November 26, 2022
Some traders are opposed to verification
Noted options trader PR Sundar is vehemently opposed to the concept of verification of his MTM gains. He alleged that even verified screenshots can be manipulated with the connivance of the verifying agency and third parties.
You want to see verified MTM screenshot, verified by 3rd party?
I can show you verified MTM and also I can show you how it can be manipulated.
— P R Sundar (@PRSundar64) November 4, 2022
A 25-year old trader-trainer named Aditya Trivedi made it clear that he will not get his screenshots verified. He stated that he is averse to his open positions being revealed and that the live trading he does with his members is the “biggest verification“.
“We don’t need sensibull’s verification to prove ourselves,” he stated in a defiant manner.
Trivedi has claimed to have earned a return of 8.5% in November 2022.
For the ones who are asking me for sensibull verification, let me tell you I will NEVER go for that unless there's an option to hide open positions.
Plus, I trade live with 1k plus members in Inner Circle everyday. That itself is the biggest verification. https://t.co/8YTKyGyQQZ
— Aditya Trivedi (@itsAdityaT) November 25, 2022
This sentiment was agreed to by another young and popular trader named Aakansha Gupta, who regularly posts MTM gains of several lakhs. She is apprehensive that her personal details can be breached. She agreed with Trivedi that trading skills as witnessed in the live market by her clients is the “biggest verification“.
Agreed ..and those who trade in company account (all their personal contact and address can easily be taken by so called sensibull app who is friends with my big time haters ??
Our trading skills is itself a biggest verification— Aakanksha Gupta (@aakankshalovely) November 25, 2022
We are already running successful live trading/mentorship channels and our students are happy … this is all ?
— Aakanksha Gupta (@aakankshalovely) November 25, 2022
However, Abid Hassan is equally defiant about the need for verification. He alleged that only scammers are afraid of getting their screenshots verified because it will expose their “scammy tipster activities” .
I just realized something. Scammers criticize verified P&L not because they are afraid of Sensibull. They are afraid of good traders threatening their scammy tipster activities. If people know who the good traders are transparently, no one will go to the scammers anymore
(1/n)— Abid Hassan ?? (@abidsensibull) November 23, 2022
He also asserted that “Verified P&L MUST become the norm“.
If someone posts P&L, it MUST be verified. If everyone shares verified P&L, then no one can post unverified screenshot alone. I hope more people start this – brokers, other fintech competitors, etc
Verified P&L MUST become the norm. Let us make it the norm.
Onward and upward!— Abid Hassan ?? (@abidsensibull) November 23, 2022
