SEC warns against unlicensed online investment advice, Central Bank flags new pyramid scheme

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s Securities and Exchange Commission (SEC) has issued a strong warning against individuals and groups who promote investment recommendations online without proper regulatory approval, amid a surge in social-media-driven stock tips and fraudulent schemes targeting retail investors.

In a statement, the regulator said that no investment recommendation should be shared via social media without a proper analytical basis and that those doing so should be  registered investment advisors or entities licensed by the SEC.

“The SEC will take strict action against individuals or groups who violate this requirement,” it cautioned.

Under Sri Lanka’s securities law, individuals who contravene these provisions can be prosecuted before the High Court and, upon conviction, face a minimum fine of Rs 10 million, up to 10 years’ imprisonment, or both.

The regulator said the measures are intended to safeguard investors who are increasingly exposed to misleading or manipulative advice circulating across SMS, WhatsApp, Facebook, YouTube, and other digital platforms. Many retail investors, particularly those inexperienced in capital markets, have suffered losses after acting on unsolicited stock tips from self-styled “experts” with no formal qualifications.

These promoters often leverage polished online personas, financial desperation, and regulatory ignorance to lure people into high-risk or fraudulent schemes, causing not only significant financial damage but also undermining confidence in the capital market.

Meanwhile, the Central Bank has issued a fresh alert on a prohibited online pyramid scheme operating under the name SGO/sgomine.com. Following an investigation, the regulator confirmed the platform has been conducting and promoting activities outlawed under the Banking Act.

Pyramid schemes are explicitly banned in Sri Lanka, with the law criminalizing both their operation and promotion. Yet regulators have continued to uncover entities that disguise themselves as legitimate investment platforms, often claiming to offer trading opportunities in stocks, crypto assets, or other financial products, while functioning as classic pyramid or Ponzi schemes.

These schemes typically promise unrealistic, quick returns without any credible underlying business activity.

Full list of prohibited schemes identified by the central bank

The Central Bank’s latest list of entities and apps determined to be prohibited pyramid schemes includes:

  1. Tiens Lanka Health Care (Pvt) Ltd
  2. Best Life International (Pvt) Ltd
  3. Mark–Wo International (Pvt) Ltd
  4. V M L International (Pvt) Ltd
  5. Global Lifestyle Lanka (Pvt) Ltd
  6. Fast3Cycle International (Pvt) Ltd
  7. Sport Chain app, Sport Chain ZS Society Sri Lanka
  8. OnmaxDT
  9. MTFE App, MTFE SL Group, MTFE Success Lanka, MTFE DSCC Group
  10. Fastwin (Pvt) Ltd
  11. Fruugo Online App / Fruugo Online (Pvt) Ltd
  12. Ride to Three Freedom (Pvt) Ltd
  13. Qnet / Questnet
  14. Era Miracle (Pvt) Ltd and Genesis Business School
  15. Ledger Block
  16. Isimaga International (Pvt) Ltd
  17. Beecoin App and Sunbird Foundation
  18. Windex Trading
  19. The Enrich Life (Pvt) Ltd
  20. Smart Win Entrepreneur (Pvt) Ltd
  21. Net Fore International (Pvt) Ltd / Netrrix
  22. Pro Care (Pvt) Ltd / Shade of Procare (Pvt) Ltd

-ENCL

Editor_1
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