Regulatory Alerts2020-12-19
The Investments and Securities Tribunal (IST) Restrains Unregistered Fintech Company From Stock Trading
The Securities and Exchange Commission secured interim orders from the Investments and Securities Tribunal to restrain Chaka Technologies Limited and its promoters from advertising or offering shares, stock, and other securities. The tribunal determined that the fintech platform conducts investment activities outside its regulatory purview without the requisite registration mandated by the Investment and Securities Act 2007. This enforcement action aims to protect investors from unscrupulous actors while ensuring emerging market innovations comply with existing legal frameworks.
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