Crowd funding: SECP warns of false scheme

Crowd funding is not allowed in Pakistan and no company can raise funds through this scheme


APP March 28, 2017
Crowd funding is not allowed in Pakistan and no company can raise funds through this scheme PHOTO: FILE

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) noticed on Monday that a Facebook page with the title of “Innovative Crowd Funding Project Pvt-Ltd Pakistan” has appeared, explaining the concept, history and other details of crowd funding investment.

In view of this, the regulatory body warned the public not to be misled by any such false scheme. “As per the website, it seems that the company is involved in raising funds through crowd funding,” the SECP said a statement.

“In this regard, we would like to clarify that no company with the name of “Innovative Crowd Funding Project Pvt-Ltd Pakistan” is registered and that crowd funding is not allowed in Pakistan and no company can raise funds through this scheme,” the statement added.

Published in The Express Tribune, March 28th, 2017.

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