The Securities and Exchange Commission of Pakistan (SECP) has given a stark warning to public to beware of bogus investment firms.
According to a statement issued in this regard, the simple registration of a company is not enough to receive money and deposits from the public. Raising of funds for a company investment is illegal under Article 84 of the Companies Law.
According to the SECP, two companies have been fined for illegal fundraising. Both companies were using SECP and FBR company registration while promoting for Deposits collcetion. According to the statement, companies are raising money by advertising illegal investment schemes on social media and websites.
The Securities and Exchange Commission of Pakistan (SECP) has issued a list of more than fifty unregistered companies and entities
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