The Securities and Exchange Commission (SEC) has issued a public notice cautioning the public about the unauthorised activities of two unlicensed entities advertising investment products.
The SEC, on its public notice, identified the two entities as News GH – advertising an unlicensed investment product called “Gold AI Rise Platform” – and Ghana News – advertising an unnamed unlicensed investment product, promising unrealistic returns at no risk.
According to the SEC, it has not licensed any of the above-mentioned entities to carry out Capital Market activities, as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929) as amended.
It assured that it is working with law enforcement agencies to clamp down on those behind the fraudulent entities.
The SEC advised the public to remain vigilant and avoid investing in such fraudulent entities and also report such activities to authorities.
“The SEC is consequently warning the General Public to be vigilant and to desist from investing in these unlicensed products. The General Public is further advised to refer to the SEC through its toll-free line number 0800100065/main-line number 0302768970-2 or alternatively send an email to info@sec.gov.gh to confirm the licensing status of any entity offering products or services relating to investments in the Capital Market.”
The public notice was issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929) as amended.
SEC is the statutory body set up by the Securities Industry Act, 2016 (Act 929), as amended by the Securities Industry (Amendment) 2021 (Act 1062), with the object of regulating and promoting the growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
An essential obligation of the SEC is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information it deems relevant to the public.
By: Rainbowradioonline.com/Ghana
