Securities Commission continues efforts to raise awareness of investment scams, says MD

Another aspect is the commission’s investor education outreach program via social media and press releases.

She indicated that the SC is seeing an increase in the number of inquiries directed to its complaints department. According to its annual report, the number of investigations rose to 3,464 last year from 2,193 in 2020.

These are signs that more and more investors are trying to learn more about the investment programs they are engaging in, she said.

“We hope there will be more skepticism among investors, so that when they see an investment advertised on social media, they won’t rush into it but do their due diligence first,” he said. she declared.

Meanwhile, SC Chairman Datuk Syed Zaid Albar said a multi-pronged anti-scam approach has been established as there is no denying cases have increased over the past few years.

“Complaints about unlicensed systems, for example, have fallen from 37% of complaints received by the SC in 2020 to 52% in 2021,” he said.

The CS received 1,857 complaints last year compared to 1,482 in 2020.

In a statement, the SC said a cross-divisional task force to investigate clone company scams has been set up to tackle unlicensed activity with greater agility.

To date, the commission has undertaken five enforcement actions and 473 regulatory interventions, as well as placing 275 unlicensed companies and individuals on the SC’s Investor Alert List, he said.

“In 2021, the enforcement strategy focused on delivering rapid, effective and targeted results, with CS deploying a wide range of enforcement tools.

“Through civil actions, the SC pursued investor restitution with RM2.7 million returned to 721 aggrieved investors, while a total of 136 administrative sanctions were taken for less serious misconduct and breaches of laws and securities guidelines,” he added. — Bernama

Aurora J. William