Islamabad: The Securities and Exchange Commission of Pakistan (SECP) on Friday cautioned the public against investing in any fraudulent investment schemes publicized certain companies via their online platforms, according to news sources.
Reportedly, the commission issued the warning after it found out that several listed companies were using their websites and online platforms to sell fractions of real estate assets to people, which is illegal. These firms aren’t approved by the SECP to perform these activities under the commission’s sandbox regulatory regime.
It was also stated that under Section 87(2) of the Securities Act, 2015, no individual was permitted to sell securities to the masses without SECP’s approval. The authority has already launched legal action against the reported entities for executing unlawful businesses.
The SECP has also issued an official statement to warn public:
‘The general public, in their best interest, is advised to refrain from investing their hard-earned money into any unauthorized schemes’
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
