Business

IIE Digital Desk : Zerodha, a leading Indian brokerage firm, has blocked Stock Burner, a popular financial influencer, from its referral program. This comes after Angel One, another leading brokerage firm, took similar action against Stock Burner. Stock Burner is a self-proclaimed "finfluencer" who has over 1 million followers on social media. He is known for his trading tips and investment advice. However, he has been accused of manipulating his trading profit and loss (P&L) statements to attract more students to his courses and to funnel more people to partner brokerages.

Zerodha said in a statement that it had blocked Stock Burner from its referral program because he had violated its terms and conditions. The company said that Stock Burner had made "false and misleading" claims about his trading performance. Stock Burner has denied the allegations against him. He said that he has never manipulated his P&L statements and that he has always been transparent about his trading results.

The blocking of Stock Burner from the referral programs of Angel One and Zerodha is a significant development in the Indian financial influencer industry. It sends a message that these companies are taking action against influencers who engage in unethical behavior. It remains to be seen whether other brokerage firms will follow suit and block Stock Burner from their referral programs. However, the move by Angel One and Zerodha is likely to have a chilling effect on the financial influencer industry.