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ECONOMYNEXT – Sri Lanka’s stock market regulator Securities and Exchange Commission (SEC) said it took measures last year to protect the general public from unscrupulous investment advisors who are using social media to provide investment advice.
The SEC has imposed fines on investment advisors to settle offence of manipulating the share market in the past.
However, market players say people who do not have proper qualification have been advising the general public via social media, pretending like professional and licensed investment advisors.
“One notable area of focus during the year has been the proliferation of unlicensed individuals providing investment advice, particularly through social media channels,” the SEC Chairman Faizal Salieh said in the regulator’s 2023 annual report.
“In view of the potential risks posed by such unauthorised advice, the SEC took proactive measures to warn and educate such individuals and the general public about the regulatory requirements that govern the offering of investment advice.” (Colombo/June 04/2024)
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