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With scams becoming more common, it's natural to feel uneasy about the trading platforms or investment agents you're talking to.
Are they legit? Or are they just trying to obtain your money and data?
Image via Malaysiakini
Well, you've probably heard the advice: "Make sure your broker or trading platform is licensed by the Securities Commission Malaysia."
But, how exactly do you do that?
You can use the Securities Commission Malaysia Investment Checker
The Securities Commission Malaysia is the sole licensing authority that regulates the Malaysian capital market and approves licences for its intermediaries and representatives.
In simpler words, in Malaysia, all brokers and its agents must be licensed by the Securities Commission Malaysia.
There are two types of licences, namely:
– The Capital Markets Services Licence (CMSL) – granted to a principal (the company).
– The Capital Markets Services Representative's Licence (CMSRL) – granted to a representative (an agent) to enable them to carry out regulated activities on behalf of the company.
To help protect the public, the Securities Commission Malaysia has created an Investment Checker — a handy tool that lets you verify whether an individual or company is authorised to offer, promote, or sell capital market products and services in Malaysia.
Image via Securities Commission Malaysia
All you need to do is:
1. Go to the SC's Investment Checker website.
2. Search for the name of the agent or trading platform you are using.
3. See if they hold a valid licence.
Image via Securities Commission Malaysia
Even better, if there is a scammer or a fake company with a similar name that has been flagged as suspicious, the system will also alert you. So, be careful.
If something feels off about the investment company you've come across, report it
You'll also find a link to report suspicious individuals or entities directly on the site. It's a fast, easy way to help protect yourself — and others — from potential scams.
If you still have any doubt, you can contact the Securities Commission Malaysia at +603-62048999 or email at [email protected].
Stay sharp, do your checks, and don't let scammers catch you off guard.
