The Securities and Exchange Commission of Pakistan (SECP) has issued a strong warning to investors, cautioning them against Unlicensed Trading Apps that are luring the public with false promises of unusually high returns.
In an official notice issued on Tuesday, the regulator said it has identified illegal platforms operating under the names “Hillhouse Capital / Hillhouse Investment” and “S-169 Wharton.”
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Platforms Not Authorized by SECP
According to SECP, neither Hillhouse Capital/Hillhouse Investment nor S-169 Wharton is licensed or authorized to operate any investment advisory or trading platform in Pakistan.
The regulator confirmed that the matter has been reported to relevant law enforcement agencies for further action.
“These platforms are misleading investors by offering exaggerated returns on investments in listed company shares,” SECP said.
WhatsApp Groups Used to Target Investors
SECP noted that such illegal investment schemes are often promoted through WhatsApp groups, where fraudsters misuse the names of licensed brokers, well-known institutions, and reputed professionals to gain public trust.
The regulator said these tactics are increasingly being used to target retail investors, particularly those new to stock market investing.
Investors Urged to Use Licensed Brokers Only
SECP advised the public to engage only with securities and futures brokers licensed by the regulator, and to communicate with them strictly through official contact details listed on their websites.
Investors can verify licensed brokers through the official websites of:
- Pakistan Stock Exchange (PSX)
- Pakistan Mercantile Exchange (PMEX)
Related: SECP Registers Over 21,000 New Companies in First Half of FY26
Warning Against Sharing Funds or Personal Data
The regulator strongly urged investors to:
- Avoid depositing or investing funds with Hillhouse Capital/Hillhouse Investment and S-169 Wharton
- Refrain from sharing personal or financial information with unverified platforms
- Verify the legitimacy of any investment service before conducting transactions
SECP reiterated that investors should remain vigilant and report suspicious activity, stressing that high guaranteed returns are often a red flag for fraud.
