Capital Market Development Authority (CMDA) has requested individuals who suffered losses due to investing in an unauthorized financial scheme to share details of their losses to the authority.
CMDA stated the authority is responsible for the regulation of the stock market of the country and issue all the necessary permits related to the provision of securities, as per the Financial Securities Act of the Maldives. CMDA stated that it is also responsible to take any action required to protect investors and prevent any issues that may compromise confidence in the securities market.
Moreover, CMDA further cautioned that it is illegal to operate any securities transaction without seeking the required permits as per the Financial Securities Act and the relevant regulations. CMDA asked individuals who have suffered losses by investing in an unregistered scheme to report the details of their losses to the authority.
The statement by CMDA comes after former parliamentarian Alhan Fahmy was accused of running a ponzi scheme via his King’s Forex Trade company.
