SECP issues updated list of 37 firms involved in unauthorised business

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued an updated list of 37 companies involved in unauthorized business activities including leasing/financing/loan facility and illegal Stock/Shares Trading Platforms.

The updated list of such companies has been uploaded on the SECP’s website on Monday.

According to the details released by the SECP, some registered companies are suspected to be engaged in unauthorised business activities including leasing/financing/loan facility (which are licensed activities), MLM, pyramid/Ponzi schemes, seeking deposits from the general public in the name of jobs, investment and trading etc.

General Public is being warned that these schemes /activities /businesses are prohibited and restricted under the law. Please note that mere registration of a company with SECP does not authorize it to seek deposits from the general public.

The general public is hereby cautioned in their own interest to be vigilant with their investments and dealing with these companies and not to be misled by such lucrative schemes.

Illegal Stock/Shares Trading Platform being promoted through social media: Numerous illegal platforms across social media such as Facebook, Instagram, and WhatsApp are promoting fraudulent investment schemes, misleadingly presented as investment advice or training courses.

Copyright Business Recorder, 2024