SECP warns public against crowd funding

ISLAMABAD: The Securities  and Exchange Commission of  Pakistan (SECP) on Monday  said a pagewith the title "Innovative  Crowd Funding Project  Pvt-Ltd Pakistan" is appearing  on Facebook, explaining the  concept, history and other details  of crowd funding, a statement  said.  As per the website (innovativecrowdfunding.  com), it  seems the company is involved  in raising funds through crowd  funding, it added.  In this regard, the SECP  would like to clarify that no  company with the name of "Innovative  Crowd Funding Project  Pvt-Ltd Pakistan" is registered  with it. It is further  clarified the crowd funding is  not allowed in Pakistan and no  company can raise funds  through this scheme, the statement  added. The public is  warned not to be misled by  fraudulent activities, investments  / deposit schemes  launched by certain non-corporate  entities or individuals.