Zambia through the Securities and Exchange Commission (SEC ) has commemorated the World Investors Week (WIW) with a call to identify and avoid fraudulent schemes and deceptive practices in the sector.
This was the 7th consecutive time the country was commemorating the World Investors Week since its inception in 2017, according to the Securities and Exchange Commission Board Chairperson Ruth Mugala.
Mugala said this during the kick-off event for the World Investor Week in Lusaka on Monday commemorated under the theme: “cultivating resilience and wise habits in investors, with a particular emphasis on avoiding fraud,”
“SEC had joined hands with the International Organisation for Securities Commissions (IOSCO) and other securities regulators worldwide to commemorate an awareness and sensitisation campaign,” she said.
Mugala said as a securities market regulator, membership in IOSCO was important because it allowed SEC to access international standards and foster cross-border cooperation.
“It allows SEC to share knowledge and experiences, enhance market stability, protect investors, build regulatory capacity, and increase our influence in global regulatory discussions,” she said.
Mugala said this, in turn, contributed to the overall effectiveness and credibility of a country’s securities market regulatory framework.
She said as the country delved into World Investor Week, there was need to reflect on the significance of cultivating resilience and wise habits as investors.
“The world of finance can be complex and challenging, but with the right knowledge and mindset, we can navigate it successfully,” Mugala said.
She said resilience was the ability to bounce back from setbacks, and wise habits were the foundation of sound financial decisions.
Mugala said these together, formed a formidable shield against fraud, deception and investors, both new and experienced, must be vigilant and discerning.
“They must be aware of the various investment opportunities and understand the associated risks,” she said.
Mugala stated that a smart investor was not swayed by promises of quick riches but was grounded in the principles of diligence, research, and prudence.
“As we embark on World Investor Week under the theme of “Cultivating Resilience and Wise Habits: A Smart Investor avoids Fraud,” let us renew our commitment to empowering investors with knowledge, promoting ethical practices, and safeguarding their interests,” she said.
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