,Timely move: The Securities Commission building in Kuala Lumpur. The regulator has slapped unlicensed stock ‘gurus’ with cease and desist orders as it clamps down on illegal investment advice.
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Coming down hardTHIS week, the Securities Commision (SC) came down hard on several parties deemed to be providing illegal investment advice.
The move is timely with the mushrooming of unlicensed individuals dishing out stock market advice, and in many cases “stock tips”.
Without authorities stepping in, there will be more and more unsolicited advice given and those who are not familiar with the workings of the stock market may just fall victim and get their fingers burnt.
In certain instances, these so-called experts may only be wanting to promote a stock that they may have a personal interest in.
The SC in its statement said seven unlicensed stock “gurus” have been slapped with cease and desist orders as the capital market regulator tries to clamp down on illegal investment advice.
The regulator said the seven operators and advisers were found to have been carrying out the business of advising others concerning securities or derivatives, including providing stock recommendations upon a fee.
Notably, investment advice is a regulated activity that requires a licence under the Capital Markets and Services Act 2007 (CMSA) and anyone carrying on a business of giving investment advice without a licence commits an offence under the CMSA which is punishable with a fine not exceeding RM10mil or imprisonment not exceeding 10 years, or both.
The stock market is a place where anyone can enter and exit but only the ones who take it seriously make good on their investments on a sustainable basis.
Like many things in life, it requires knowledge and persistence and some hard work. Basically, there are no short-cuts. And many times, it takes years before one can turn himself into being a good and disciplined investor.
Any “guru” worth his salt should be able to tell you that.
Green Packet’s sale of G3 shares
THIS week, tech outfit Green Packet Bhd said it had pocketed a cool RM63.2mil from the sale of shares in associate G3 Global Bhd.
As a result, it has enjoyed a gain of disposal of some RM48.6mil, which will go directly to its bottomline.
As a growth company that is embarking on multiple projects in the areas of fintech, proptech, artificial intelligence and cloud computing to name a few, it is only logical for the firm to seek to raise money where it can, without unnecessarily taxing its shareholders.
Green Packet had owned 132 million shares in G3 prior to the recent disposals and had invested in the latter since August of 2016.