The Securities and Exchange Commission (SEC) headquarters in Yangon.
Dr Maung Maung Thein, deputy minister for finance, warned that there are some fake companies who lie to people about their ability to invest in the stock exchange market.
“Recently we found out a company advertising that they will give training regarding the stock market and teach people how to invest there. Then they ask for money from people and tell them that they can operate an account for them,” the minister said.
“We [The Stock Exchange Commission (SEC)] have urged them to contact us but they haven’t replied yet,” said Dr Maung Maung Thein.
“We just asked for information but they didn’t reply. We are sure that they have dishonest purposes,” he added.
Some international companies have submitted applications to the Stock Exchange Commission to open stock market training centres in Myanmar, Dr Maung Maung Thein said.
The Yangon Stock Exchange has experienced several delays, but the latest hope is that it will open this month.
In order not to get deceived, people should carefully check the information of such companies, suggested Dr Aung Thura, CEO of consultancy firm Thura Swiss, which is experienced in dealing with the international stock market.
One recent case of fraud has occurred in Yangon in June in which a company called Global Growth promised high returns on futures trading, but was uncovered to be operating illegally.
