SEC unearths shady website on equity consultancy
Thursday, 01 May 2008

The Securities and Exchange Commission has revealed that a shady website is offering stock-market consultancy to investors in violations of the securities law.

SEC executive director Farhad Ahmed told reporters Tuesday that the website contains information on which issues to rise at what pace in next-day trade and asks investors to buy the scrips to gain windfalls.

The SEC official however declined to disclose the name of the website. "I cannot name it now as an investigation is ongoing." In a press briefing, Farhad said solicitation services without the consent of the capital market regulator are illegal.

"Even if someone is permitted to operate as a financial analyst, he cannot pass this information on to the public this way. Consultancy must be client-specific," he added.

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