SECP warns public about illegal trading application

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has identified unauthorized individuals and groups fraudulently promoting illegal investment and trading platforms through social media and WhatsApp groups. These entities are misusing the names of licensed securities brokers, as well as pictures of celebrities, FinFluencers, and brokerage executives.

The SECP has identified a mobile/web application titled “TSLWEA/ TSL WEALTH” that is impersonating the licensed securities broker, Topline Securities Limited. Furthermore, a WhatsApp group named “A103-Topline Stock Strategies Hub” is also falsely associating the “TSLWEA/ TSL WEALTH” application and an AI-based trading system with Topline Securities Limited.

The public is hereby informed that “TSLWEA/ TSL WEALTH” is neither licensed nor authorized by the SECP to operate any investment or trading platform for the Pakistan Stock Exchange Limited (PSX) or any other regulated market.

The SECP has also observed AI-generated advertisements on social media platforms featuring pictures of celebrities, FinFluencers, and executives of reputable brokerage houses. These deceptive advertisements entice the public to join WhatsApp groups under the guise of investing in shares of listed companies. The SECP warns that all such groups are illegal, and individuals participating in them are at high risk of financial loss.

For safe and legitimate trading, the SECP advises the public to engage only with SECP-licensed securities and futures brokers. A list of licensed brokers is available on the official websites of the PSX and PMEX.

The SECP urges investors to remain vigilant, avoid fraudulent platforms, and verify the authenticity of any investment service before providing funds or personal information. The SECP has reported the identified unauthorized platforms to Google, the PTA, and law enforcement agencies.

The SECP strongly warns the public not to deposit or invest any funds through the “TSLWEA/ TSL WEALTH” application or with any individuals or groups promoting illegal investment platforms in any form or arrangement.