We have witnessed an increased trend of unlicensed activities and scams. This includes Clone firm scams that uses names, logos, credentials, websites and other details of a legitimate capital market intermediary to promote bogus and non-existent investment schemes via social media channels such as Facebook, Telegram, WhatsApp etc. promising extraordinarily high returns with little to no risks.

As an intervention, SC periodically places entities / individuals on the SC Investor Alert List, and take other relevant actions, where necessary. Distinct descriptions are also mentioned for Clone firm scams to help the public to distinguish between the clone and the legitimate entity.

Furtherance to its continuous effort, SC wishes to provide a monthly update to the industry with the following:-

• Update and share information on unlicensed activity and scams (that directly involve/concerns intermediaries) that has already been included on the Alert List; and
• posting of SC’s anti-scam awareness initiatives/messages through the same channel.