The Capital Market Development Authority (CMDA) has issued a stern warning to the public regarding the proliferation of unregistered investment schemes being promoted across various media platforms. These schemes, often masquerading as legitimate investment opportunities, are being offered without the necessary approvals mandated by the Maldives Securities Act (Law No. 2/2006).
The CMDA emphasizes that any financial product or service promising returns through investments must be registered and authorized by the Authority. Engaging in or promoting such unlicensed investment activities is a direct violation of the law and poses significant risks to investors.
“We urge all individuals to exercise due diligence before committing to any investment opportunity,” stated a CMDA representative. “Ensure that the entity offering the investment is registered with the CMDA. This verification is crucial to safeguard your financial interests.”
To assist the public in identifying authorized entities, the CMDA maintains a comprehensive registry available on their official website: https://cmda.gov.mv/en/registries. For further inquiries or to report suspicious activities, individuals can contact the CMDA directly at +960 3336619 or via email at [email protected].
This advisory follows a series of incidents where unlicensed entities have solicited investments, leading to financial losses for unsuspecting individuals. The CMDA reiterates its commitment to protecting investors and maintaining the integrity of the Maldives’ financial markets.
Investors are reminded that under the Maldives Securities Act, only entities with proper authorization can offer investment products or services. Participating in unregistered schemes not only jeopardizes personal finances but also undermines the regulatory framework established to ensure market stability and investor protection.
The CMDA continues to monitor the market for unauthorized activities and will take appropriate enforcement actions against violators. Public cooperation is essential in this effort, and the Authority encourages individuals to remain vigilant and report any dubious investment solicitations.
For more information on safe investment practices and to access the list of registered entities, please visit the CMDA’s official website or contact their office directly.
