SECP warns public against investments in unauthorized schemes

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has warned people against investments in fake schemes luring people through extraordinary incentives, ARY NEWS reported.

In an alert issued by the SECP today, it asked the consumers to refrain from making any investments on a fake website, All Pakistan projects.

The general public is advised in their own interest, to refrain from investing their hard-earned savings in unauthorized schemes and verify the legitimacy of any investment scheme before investing. pic.twitter.com/cg8kjpzV5p

— SEC Pakistan (@SECPakistan) March 16, 2021

While asking the public to refrain from making investments in fraudulent investment companies, it said that it is an illegal act for any company to collect money for investment purposes from the public.

“The public should refrain from being lured by companies giving extraordinary incentives and profits,” the SECP said adding that the commission would continue to play its role in safeguarding the interests of the consumers.

In February 2021, the Securities and Exchange Commission of Pakistan (SECP) announced the registration of over 2,000 companies in the country during the first month of 2021.

The SECP said that it had registered 2,101 companies in the country during the month of January 2021 and around 98 percent of them are registered through an online process.

“The number of companies registered in January 2021 is 10 percent more than the same month of the previous year,” it said adding that most of the companies were registered in the trade sector while 44 companies received foreign investment during the first month of the ongoing year.

The SECP further said that the registration of their business centre in Islamabad has also witnessed a 24 percent increase after 837 more companies were registered during January 2021.