Capital Market Development Authority (CMDA) has requested individuals who suffered losses due to investing in an unregistered financial scheme to share details of their losses.
CMDA stated it is illegal to operate any securities transaction without seeking the required permits as per the Financial Securities Act and the relevant regulations. CMDA also said it is currently investigating complaints received since April 2022 from investors who have suffered losses from participating in a scheme that was not registered with the authority.
CMDA said it is responsible for the regulation of the stock market of the country and issues all the necessary permits related to the provision of securities, as per the Financial Securities Act of the Maldives. CMDA said it is also responsible to take any action required to protect investors and prevent any issues that may compromise confidence in the securities market. Therefore, any investor who has suffered financial loss from investing in such schemes is asked to submit a complaint to the authority by email before March 30.