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The SECP has declared all reward schemes on registration certificate from housing schemes illegal.
The Securities and Exchange Commission of Pakistan has declared illegal all the reward schemes announced by other schemes, including housing schemes, through the sale of registration certificates and profit or lottery on certificates. A list of companies involved in illegal and suspicious business activities is also available on the SECP website.
The public has also been warned that action can be taken against companies operating such schemes under Section 301 of the Companies Act. Avoid investing.
According to the statement, the SECP observed that a company, M / s La Vila de Paris Housing Scheme Limited, a company affiliated with M / s Master Tiles and Creamy Industries Limited, had launched the company’s housing scheme on print and electronic media. Advertisements have been placed to purchase Paris registration certificates.
