SECP takes action against fake investment firms
Business
January 21, 2021
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated legal proceedings against two firms unauthorised to operate investment schemes, it said on Wednesday.
SECP said both the companies are using their registration with SECP and Federal Board of Revenue (FBR) to win public confidence and are publicising unauthorised investment schemes through Facebook groups and posts on social media.
SECP also approached Pakistan Telecommunication Authority to get their Facebook/twitter pages and cell phone numbers registered in the name of companies and its directors blocked. The SECP made reference of the case to the relevant law enforcement agency.
The Securities and Exchange Commission of Pakistan (SECP) has clarified that the mere registration of a company with it does not authorize the acceptance
SECP warns public against investing in fake entities
Business
December 31, 2020
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a public warning to refrain from investing in any fraudulent investment schemes that promise hefty profits and unrealistic incentives, a statement said on Wednesday.
The commission also clarifies that merely, the registration of a company, does not authorise it to solicit deposits from the general public or offer investment schemes, it added.
It has recently come to the knowledge of SECP that a few companies registered with the commission, such as Lasani Oil Traders (Private) Limited and New Lassani Chicks and Chicken (Private) Limited are engaged in unauthorised and dubious business activities.