Accra: The Securities and Exchange Commission (SEC) has released a list identifying 23 entities allegedly operating without the necessary licenses to offer investment products in Ghana. This move is part of an ongoing effort to protect investors and maintain the integrity of the capital market.
According to Ghana Web, the SEC's public notice revealed that none of these entities have been authorized to conduct capital market activities under the Securities Industry Act, 2016 (Act 929), as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062). These firms have been primarily utilizing social media and online platforms to promote and offer investment products without the required authorization.
The entities named in the list include Afri Hub, BG Wealth, BP Investment, Creative Walker Promotion Company (CWPC), Dallmayr, Expert (Expect) Option, GAIP Securities Learning and Exchange Group, Ghana Vest, Harvest Fund, Infarms/Secure Farm, Kukafor Platform, Mazzuma, Medisyne Trade, NIO Platform, Profit Rise Invest, Quant Vest Stock Exchange (QVSE), QVES, QX Broker/Qumatix, Smart Gain, Yepbit Trading, ZEC ZEC FX, Bonchat, and Ultima Cryptocurrency Group.
The SEC has stated that it is working with law enforcement agencies to take action against the individuals behind these unlicensed entities and their unauthorized investment schemes. The Commission has urged the public to practice caution and avoid investing in products offered by these firms. It emphasized the importance of verifying the licensing status of any company offering capital market products or services before making any financial commitments.
Furthermore, the SEC encouraged potential investors to reach out through its toll-free line, main office telephone numbers, or official email address to confirm if an investment firm is duly licensed. This advisory is part of the SEC's statutory mandate to monitor activities within the securities industry and to disseminate information necessary to protect investors and ensure a fair, efficient, and transparent capital market.
The public notice was issued under Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.