SEC cautions public against dealing with PBAY
The Securities and Exchange Commission (SEC) has warned the public against the activities of PBAY Limited
The Securities and Exchange Commission (SEC) is warning investors to desist from engaging PBAY Limited, which is purporting to facilitate the payment of locked-up funds of customers of defunct fund management firms in return for a commission.
SEC says investigations it had conducted show there is no firm registered as PBAY at the registrar general’s department.
The securities regulator in a statement said it has neither nor the official liquidator [registrar-general] authorized the actions of PBAY Limited.
The statement said “The attention of the Commission has been drawn to the activities of PBAY Limited, an entity purporting to be able to facilitate the payment of customers locked-up funds with some SEC-regulated market operators whose licenses have been revoked in return for fees or a commission.’’
“Our investigations have revealed that there is no company duly registered by the Registrar-General’s Department under that name. Furthermore, the general public and investors are to note that neither the SEC nor the Official Liquidator, being the registrar-general, have authorized the actions of PBAY Limited,” it added.
SEC is advising customers whose funds have been locked up with collapsed firms to rather submit their claims and supporting documentation to designated individuals or firms.
“The SEC by this notice wishes to warn the general public and advise investors to submit their claims and supporting documentation only to publicly announced and designated persons in accordance with statutory notices issued or published by the Official Liquidator or the Securities and Exchange Commission. Anyone who disregards this warning does so at his or her own risk’’
SEC said the public and affected investors will be proactively updated on the progress of the process through the appropriate channels, including media and the website of the Commission.
The Securities and Exchange Commission is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
Fred Dzapata
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