The Securities and Exchange Commission (SEC) has established a taskforce and a specialized investigative team to tackle fraudulent online schemes in the country.
The SEC revealed that this initiative is part of broader efforts to combat the rising number of online scams that are stripping people of their savings.
SEC’s Director General, Rev. Daniel Ogbarmey Tetteh, shared the update during an interview on PM Express Business Edition with George Wiafe on September 12, 2024.
Additionally, Rev. Tetteh noted the formation of a Securities Fraud Committee, created in collaboration with other digital space regulators.
“Most of the fraudulent activities are online based. That is why the SEC is also working with the National Communications Authority to deal with the challenge in that space”, he said.
Rev. Tetteh revealed that several offenders have been apprehended with assistance from the SEC.
“These persons have been picked up. They have already been reported to the various security agencies for the necessary action to be taken against them”, he assured.
Empowering investors
Highlighting some of SEC’s proactive steps, Rev. Tetteh mentioned that efforts to educate investors have been ramped up to help them identify fraudulent schemes.
“We believe that a well-informed investor is about half of the problem solved when it comes to dealing with all the market challenges”.
He pledged to make the SEC accessible to all investors and the general public seeking information.
“They can also visit our website for the list of all licensed firms and also reach out to us through the SEC’s toll free lines for the necessary assistance”.
He stated that the SEC has also tightened its regulations to boost market confidence among investors.
“We have also rolled out a programme called with Time with the Securities and Exchange Commission and that is getting some positive reviews when it comes to educating the public on our workings”.
Restoring market confidence
Rev. Tetteh said the SEC has moved to a risk-based supervision of the Securities and Capital Market space to help improve supervision going forward.
“One of the surest ways of restoring market confidence, is to let all the players know that the laws and regulations are being enforced. We are also working to demystify the capital and securities market to aid confidence in the industry”
Rev. Tetteh revealed that data shows the market is picking up from the domestic debt exchange programme.