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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). ....

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