AkifSaeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), announced the closure of 150 illegal loan-providing mobile applications during an address at an awareness seminar on investing in stocks, commodities, and mutual funds held at the Expo organized by the Pakistan Mercantile Exchange.
Chairman AkifSaeed emphasized the significant action taken by the SECP in shutting down these illicit apps engaged in the unauthorized business of providing digital loans to consumers.
He further stated that stringent measures will be taken against misleading investor apps on social media platforms. Saeed urged the public to verify investment opportunities with the SECP before making any financial commitments.
Speaking on SECP’s commitment to promoting financial literacy, Saeed revealed the initiation of a comprehensive awareness program named “JumPonji.” The program aims to empower the public with essential information to make well-informed financial decisions and enhance overall financial literacy.
Additionally, Saeed highlighted that SECP remains vigilant in warning the public about illegal investment platforms, urging individuals to refer to SECP for accurate and reliable information before engaging in any investment activities.—INP
