SECP, NAB Team Up to End All Illegal Investment and Deposit Schemes

The Securities and Exchange Commission of Pakistan (SECP) and the National Accountability Bureau (NAB) have agreed to strengthen cooperation against illegal deposit and investment schemes that continue to cause financial losses to the public.

The understanding was reached during a meeting between NAB Chairman Nazir Ahmed Butt and SECP Chairman Dr. Kabir Ahmed Sidhu, where both sides decided to sign a memorandum of understanding for information sharing and joint enforcement actions.

The two institutions agreed to develop a coordinated strategy to identify and take swift action against entities involved in collecting deposits or investments without regulatory approval.

SECP Chairman Dr. Kabir Ahmed Sidhu said illegal deposit schemes are causing significant losses to citizens and warned that those luring people with promises of unusually high returns would face strict action.

SECP also reiterated that registration as a company does not authorize an entity to accept deposits from the public and that collecting public funds without the required license is illegal.

NAB Chairman Nazir Ahmed Butt assured SECP of full cooperation in combating financial crimes, saying stronger institutional coordination would help improve enforcement efforts and protect investors from fraudulent schemes.