Sharing an image on the social media platform X promoting a WhatsApp group to join for stock tips, leading stock broker Zerodha co-founder Nikhil Kamath on Friday said it's a scam.

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He asked users to report the advertisement, saying that he never had any WhatsApp group for stock tips.

"Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc. Please report these," Kamath wrote.

"Also to all the brands who reach out, I don't do paid promotions/collaborations/ads/paid speaking engagements of any kind," he added.

A lot of users reacted to Kamath's post and appreciated him for alerting them against such scams.

"By sharing these scam alerts, you're not just protecting yourself, but empowering your entire community to spot and avoid these predatory tactics," a user said.

"It's great to see you taking a firm stance against paid promotions and collaborations. Your authentic voice and content are what truly resonates with your audience," another user wrote.

One more user mentioned, "It takes courage to turn down lucrative opportunities, but you're clearly committed to preserving the integrity of your platform."