SECP Issues Alert Against Another Fraudulent Trading Platform ‘IGIL Securities’

The Securities and Exchange Commission of Pakistan (SECP) has identified another illegal trading platform operating under the name “IGIL Securities”. The platform is being promoted through social media and WhatsApp Groups falsely claiming to be a legitimate company and promising substantial returns on trading in the Pakistan Stock Exchange (PSX) and international stock markets. The general public is informed that “IGIL Securities” is neither registered nor licensed by SECP to operate any platform for trading shares on the Pakistan Stock Exchange or international stock exchanges. Please note that trading in shares of listed companies and/or commodities is only allowed through SECP-licensed securities and futures brokers. A list of licensed brokers can be found at the weblinks here and here. SECP has warned the public not to deposit/invest funds with “IGIL Securities ” or any such other trading platform in whatsoever form and whatsoever arrangement. The Pakistan Stock Exchange (PSX) earlier today also issued a warning to all shareholders against IGI Securities for its unauthorized and fraudulent use of IGI Holdings Limited on social media and phone apps. IGI Holdings disclosed that a fake WhatsApp group under the name “G45 IGIL Securities Discussion,” impersonating IGI Finex Securities Limited has been created. The company categorically denied any connection to suchgroups. The company also revealed that an unauthorized mobile app called IGIL is currently available on Google Play Store which is falsely representing its subsidiary.