The Securities and Exchange Commission of Pakistan (SECP) has issued a warning regarding two illegal online trading platforms, “Hillhouse Capital/Hillhouse Investment” and “S-169 Wharton.”
According to a statement issued by the SECP, these platforms are luring the public with promises of high returns from investments in shares of listed companies, but the SECP has clarified that they are neither licensed nor authorized to operate.
The SECP confirmed that these platforms are fraudulent and have been reported to law enforcement agencies for further action. The regulator regularly alerts the public to the dangers of unlicensed trading platforms, which are often promoted through WhatsApp groups by individuals falsely claiming to represent licensed brokers or reputable institutions.
The SECP advises the public to only engage with securities and futures brokers that are licensed by the commission and to contact them through official communication channels listed on their websites. A comprehensive list of licensed brokers can be found on the websites of the Pakistan Stock Exchange and Pakistan Mercantile Exchange.
The SECP further cautioned investors against depositing funds or sharing personal information with these illegal platforms, stressing the importance of verifying the legitimacy of any investment service before making financial transactions.
