ISMMART Group s fraudulent investment schemes exposed pakobserver.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pakobserver.net Daily Mail and Mail on Sunday newspapers.
The Securities and Exchange Commission of Pakistan (SECP) has issued a warning advising the general public against investing in fraudulent investment schemes of ISMMART Group.
SECP Warns Public Against Investing in ISMMART Group propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
SECP warns public against illegal deposit taking dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
SECP Warns Public Against Illegal Deposit Taking
Mere registration of a company doesn’t confirm the right to seek investments
The Securities and Exchange Commission of Pakistan (SECP) has clarified that mere registration of a company with SECP does not authorize it to seek deposits from the general public.
Deposit-taking by companies other than banking companies is illegal in terms of section 84 of the Companies Act 2017. Furthermore, financial services including car financing, leasing, acceptance of deposits, house financing etc. can only be offered by specialized companies holding a valid license and regulatory approvals.
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The general public is advised in their own interest to be careful, not to deal and invest in illegal schemes offered by companies involved in any illegal deposit-taking, unauthorized investment or Multilevel Marketing (MLM).