On January 13, 2026, Pakistan’s Securities and Exchange Commission (SECP) warned the public about two platforms it identified as illegal: Hillhouse Capital/Hillhouse Investment and S-169 Wharton. SECP said they were attracting people with exaggerated promises of high returns from investments in listed-company shares. If you are considering an online trading service, the practical question is whether it is licensed by SECP to provide brokerage services.
Which platforms did SECP name?
SECP’s January 13, 2026 warning named Hillhouse Capital/Hillhouse Investment and S-169 Wharton as illegal online trading platforms. The regulator said: “These platforms are enticing the public with exaggerated promises of high returns on investments in listed company shares.” Read SECP’s warning.
The alert characterizes the platforms and their promotional claims as SECP described them. The warning does not provide comparable information about their fees, features, ownership, websites, or specific services, so there is no sound basis for treating them as otherwise comparable trading products.
Why does an SECP broker licence matter?
SECP says securities brokers offering brokerage services to the public must be licensed by the regulator. It identifies the Securities Act, 2015 and the Securities Brokers (Licensing and Operations) Regulations, 2016 as the framework for broker licensing and operations. A platform’s online presence or investment pitch does not, by itself, establish that it holds the required broker licence.
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SECP’s Brokers & Agents – Licensing page links to a securities-broker licence list and a broker guide. Use the current official resources rather than relying on an old copied list. SECP says broker licences are valid for one year. Its page also explains that a PSX Trading Right Entitlement Certificate holder wishing to act as a broker applies to SECP through PSX.
How to check whether an online trading platform is authorized
- Look for the actual brokerage firm. Identify the legal entity that would provide brokerage services, rather than relying only on an app, platform name, social-media account, or promoter.
- Check SECP’s current broker resources. Consult the licence list and broker guide linked from SECP’s licensing page. Check that the firm and relevant licence details match; a similar name is not proof that two entities are the same.
- Do not treat other signals as proof of a broker licence. Company registration, a website, social-media activity, or a celebrity endorsement is not equivalent to an SECP licence to provide securities brokerage services.
- Be cautious of promised returns. SECP specifically warned about exaggerated promises of high returns on listed-company shares. Treat such claims as a reason to pause and verify, not as evidence that an investment is safe or authorized.
What the warning does—and does not—say
The January 13 release names the two platforms and describes the return claims that SECP says were used to attract the public. It does not set out a warning-specific verification procedure, say whether either platform claimed to hold a particular licence, or provide instructions for people who have already transferred money. It also does not promise that contacting the regulator will recover funds. Do not assume a recovery route or outcome based on this alert alone.
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