SECP on Wednesday informed that it will increase its efforts to find self-styled investment Gurus from the market with the help of FIA and NAB to continue strict vigilance on crimes in the capital market. 

He appealed to investors, especially retail investors, to stay away from individuals who use social media platforms to entice new investors and dupe them. The notification comes in the wake of recently arrested stock market guru, Mir Muhammad Ali Khan, a former Wall Street returned banker who was giving out financial advice for stocks on social media platforms. The Chairman also warned that the investors should not take advice from these unauthorized persons as it makes them highly vulnerable to losses.

A criminal case was also filed against Mr. Mir Muhammad as he had not registered as a research analyst with the SECP.

The commission said that they had also booked three bank employees for insider trading and is in pursuance of other offenders.