SECP publishes updated list of 37 firms involved in unauthorized business – Business & Finance

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has released an updated list of 37 companies involved in unauthorized commercial activities including leasing/financing/loan and illegal stock/equity trading platforms.

The updated list of such companies was published on Monday on the website of the State Department of Economic and Social Affairs.

According to the details released by the SECP, some listed companies are suspected of engaging in unauthorized business activities including leasing/financing/loaning (which is a licensed activity), MLM, pyramid schemes/Ponzi schemes, seeking deposits from the general public in the name of work, investment and trading, etc.

The general public is warned that these schemes/activities/businesses are prohibited and restricted by law. Please note that mere registration of a company with the SECP does not entitle it to receive deposits from the general public.

The public is hereby cautioned in their own interest to be vigilant about their investments and dealings with these companies and not fall for such lucrative schemes.

Promotion of illegal stock/stock trading platform through social media. Numerous illegal social media platforms such as Facebook, Instagram and WhatsApp advertise fraudulent investment schemes that are misled as investment advice or training courses.