SECP approves three-officer unit to watch Ponzi firms
Staff will scan news, social media and digital ads, then pass verified leads on Ponzi and unlicensed firms to SECP teams and other agencies.
SECP has approved a Corporate Intelligence Unit to look for registered companies suspected of Ponzi or pyramid schemes, unlicensed deposit-taking or lending, or work beyond their approved objectives.
The unit will monitor news, social media and digital advertisements and try to spot possible breaches before complaints arrive.
Verified leads will go to SECP departments for inquiry or enforcement and may be shared with the FIA, NCCIA, the State Bank of Pakistan and NAB.
The unit will sit in the Chairman’s Secretariat under Section 20 of the SECP Act, 1997, headed by a director or additional director with two officers.
Chairman Dr Kabir Sidhu said open public information will be turned into verified leads so investors can be protected before losses grow.