"Russians are really disconnected from the reality of what happening to their country," Andrey said. "So Telegram has become essential for understanding what's going on to the Russian-speaking world." The perpetrators use various names to carry out the investment scams. They may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes. In this regard, Sebi collaborated with the Telecom Regulatory Authority of India (TRAI) to reduce the vulnerability of the securities market to manipulation through misuse of mass communication medium like bulk SMS. And indeed, volatility has been a hallmark of the market environment so far in 2022, with the S&P 500 still down more than 10% for the year-to-date after first sliding into a correction last month. The CBOE Volatility Index, or VIX, has held at a lofty level of more than 30. Now safely in France with his spouse and three of his children, Kliuchnikov scrolls through Telegram to learn about the devastation happening in his home country.
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