Scam Alert: IGIL Securities Trading Platform Under Scrutiny

By Huma Ishfaq|2 years ago |

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued a public alert regarding an unlawful trading platform operating under the name “IGIL Securities.” This unauthorized platform is reportedly being promoted heavily through social media and WhatsApp groups, misleading the public with false promises of significant profits from trading on the Pakistan Stock Exchange (PSX) and other global markets.

In an official statement released on Thursday, the SECP clarified that “IGIL Securities” is not authorized to conduct online share trading on the PSX or any other international stock exchanges. The regulatory body emphasized that legitimate trading in shares of listed companies or commodities can only be carried out through SECP-regulated securities and futures brokers.

The SECP further cautioned the public to remain vigilant against such fraudulent schemes, which exploit investors by posing as legitimate entities. It reiterated the importance of verifying the credentials of any trading platform before engaging in financial transactions.

This warning follows a growing trend of online scams targeting unsuspecting individuals by offering lucrative but fictitious investment opportunities. The SECP urges citizens to report any suspicious trading activity and to rely only on licensed and regulated brokers for their investments.

For a list of authorized brokers and more information, the public is encouraged to visit the SECP’s official website.