The Securities and Exchange Commission of Pakistan (SECP) and the National Accountability Bureau (NAB) have decided to work more closely to stop illegal deposit and investment schemes that continue to harm investors across the country.
The decision came during a meeting between NAB Chairman Nazir Ahmed Butt and SECP Chairman Dr. Kabir Ahmed Sidhu. During the meeting, both sides agreed to sign a memorandum of understanding (MOU) to improve information sharing and strengthen joint enforcement efforts.
Officials discussed the growing threat of unauthorized investment and deposit schemes. As a result, the two institutions agreed to develop a coordinated strategy to identify such operations and take timely action against those involved.
Speaking on the occasion, Dr. Kabir Ahmed Sidhu said illegal deposit schemes are causing major financial losses to citizens. He warned that individuals and companies attracting people with promises of unusually high returns would face strict legal action.
The SECP also clarified that company registration alone does not allow any entity to collect deposits from the public. According to the regulator, accepting public funds without the required license remains illegal under the law.
Meanwhile, NAB Chairman Nazir Ahmed Butt assured the SECP of full support in tackling financial crimes. He said stronger cooperation between institutions would improve enforcement and help protect investors from fraudulent schemes.
Both organizations expressed their commitment to enhancing coordination and taking effective measures against illegal financial activities to safeguard public interests.
