The Securities and Exchange Commission (SEC) has issued a warning to the general and investing public to be careful of the activities of electronic commerce and trading schemes, urging individuals and organisations to ascertain whether such entities have been duly licensed to operate before dealing with them.
Emphasizing the reason for the caution, the Securities and Exchange Commission indicated that CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited have not been licensed to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929) and as such the general and investing public should desist from transacting business with them.
“CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited are therefore not regulated by the [Securities and Exchange Commission]. The General Public is advised to be cautious with investing in unlicensed products”.
The General and investing Public is further advised to consult the Securities and Exchange Commission through its toll free line number or main line number as published on its website to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market.
“One of the core functions of the [Securities and Exchange Commission] is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions,” the Commission opined.
The Securities and Exchange Commission went on to reassure all Market Operators, Investors and the General Public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market.
This will go a long way to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected, the Commission added.
Finally, the Securities and Exchange Commission has asserted that this Public Interest Warning is issued in pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929) as such the general and investing public has been urged to adhere to the notice and be guided accordingly as anyone who disregards this warning does so at his or her own risk.
The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
CHY Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited is an international shopping site which originated from China in 2008 and was launched in Africa as one of the e-commerce business sectors that runs on a trading system called ‘new retail’ on 29th March 2019 with its head office in Accra, Ghana. It was co-founded by Mr. Zhang Yuan and Mr. Ben Chah who are Chief Executive Officers (CEOs) of the company.
