SEC warns investors against UK-based Blue Ocean Securities Ltd

The Securities and Exchange Commission of Sri Lanka (SEC) on Tuesday issued an “urgent warning to the public”, stating that UK-based Blue Ocean Securities Ltd is not licensed by the SEC and has no authority to trade in securities in Sri Lanka on behalf of investors.

The SEC further revealed that the company’s Chief Analyst and assistant are not registered investment advisors and that, according to the UK Financial Conduct Authority (FCA) Financial Services Register, Blue Ocean Securities Ltd is not licensed or authorised by the FCA.

“Regulatory measures are currently being taken by the SEC and other law enforcement authorities against this entity. Investors are strongly advised not to engage in any transactions with the company, deposit money into its accounts, or join any WhatsApp groups or communication channels associated with it. The SEC emphasises that investors should only deal with licensed stockbrokers and open a CDS account before engaging in any securities transactions. Investors and media are urged to share this scam alert widely,” the stock market regulator said in a statement.