Malé, Maldives – The Capital Market Development Authority (CMDA) has again advised against investing in funds that are not registered with the CMDA.
CMDA has issued another such appeal at a time when schemes claiming to make a lot of money by investing in Maldives are circulating on social media.
The CMDA has stopped a scheme run by former member Alhan Fahmee’s company, saying it is running a similar scheme in the past.
The CMDA said that under the Financial Securities Act of Maldives, such a fund-raising investment fund must be registered with the CMDA.
Under this Act, fund management, investment advice and fund management services are prohibited unless licensed by the agency. It is also illegal to advertise on social media in a way that suggests such a thing.
The CMDA said it is responsible for providing securities services to the country’s stock market and to protect the interests of regulated investors and prevent undue practices in securities transactions.
The CMDA requires a separate license to run, advise and manage investment funds. If such a fund is identified, the CMDA has advised the public to ensure that it is registered with the authority.
You can check whether you are registered and licensed with the CMDA on its website. If you notice such activities, please report them to the authority immediately. Report to compliance@cmda.gov.mv.
