The Securities and Exchange Commission (SEC) has urged media outlets to desist from availing their platforms to individuals or groups of persons who engage in unlicensed financial transactions.
The practice of enticing unsuspecting members of the public through the media, with promises of maximum returns on investment, after registration with initial capital, should not be encouraged by the media, said Calis Badoo, Head of Legal Department at SEC.
“Very unsuspecting people within the regions especially, are not abreast with information and so they fall for it, and people, we all know, want money,” he said.
Speaking at a forum to educate journalists on the capital market, Mr. Badoo indicated that the law mandates the media to protect the consumers of financial services.
According to section 144(1) of the Securities Industry Act 2016, (Act 929), non-licensed persons shall not publish or cause to be…