SECP to close nine companies

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated legal proceedings to wind up at least nine companies dealing in crypto currencies and offering Ponzi/Multi Level Marketing (MLM), referral marketing, pyramid business/schemes, a statement said on Thursday.

The SECP has advised public not to be misled by any schemes/deals/plans being offered by Gold Transmit Network Technology (Pvt) Limited, Green Apple Super Market (Pvt) Limited, Galaxy Typing Jobs (SMC-Pvt) Limited, 3-A Alliance (Private) Limited, Pak Memon Impex (Private) Limited, Memon Corporation (Pvt) Limited, Humanitas Meritus (SMC-Private) Limited, IDG Enterprises (Private) Limited, and Ayat Enterprises (Smc-Private) Limited.

The SECP has issued notices to some companies involved in businesses, which were prohibited and contrary to their object clauses of the memorandum of association.