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Sri Lanka warned against telemarketing scam in foreign stocks

ECONOMYNEXT- Sri Lanka’s Securities and Exchange Commission on Monday issued a public warning against a telemarketing securities scam where callers claimed to sell shares in foreign companies.

“The SEC has become aware of a growing number of unsolicited phone calls from persons claiming to be agents of international stock broker firms, offering to facilitate your investement in shares of companies traded on offshore jurisdictions with a promise of guaranteed high returns.”

The SEC said that it is legally empowered only to issue licenses to stock broker firms to operate in Sri Lanka.

The regulator also said that it does not grant licenses to agents to operate in other jurisdictions or act as agents of international stock broker firms.

The SEC further said that the list of stock broker firms licensed by the SEC is available on SEC official website and Colombo Stock Exchange website. (Colombo/October 14/ 2019)