The South Pacific Stock Exchange (SPX) has reported a noticeable increase in walk-in inquiries, reflecting a growing interest among the public in the stock market. However, this surge in interest has led SPX officials to issue a warning about potential scammers posing as legitimate stock market brokers, urging caution among new investors.
Chief Executive Officer Sheraj Obeyesekere stressed the importance of raising awareness about the legitimate avenues for stock market participation. He highlighted that investments in the SPX should only be made through one of three authorized stock broker firms regulated by the Reserve Bank of Fiji: Fijian Holdings Stock Brokers, Fiji Stock Brokers, and Kontiki Stock Brokers, all of which employ certified investment advisors.
Despite the uptick in interest, Obeyesekere noted that while there have not been specific reports of scams thus far, heightened enthusiasm for investing often attracts fraudulent schemes aimed at exploiting novice investors. He underscored the critical need for the public to conduct thorough research and verify broker credentials to avoid falling victim to scams.
Nitin Gandhi, Chair of the SPX, reassured the public that the exchange possesses robust safeguards within its trading platform designed to detect and monitor unusual transactions, aiming to protect investor interests effectively.
The SPX is further encouraging individuals to adopt a patient approach, reminding them that diligent research and proper channels are vital steps in responsible investing. This advisory aligns with earlier developments in the SPX’s proactive stance on promoting safe investment practices, particularly following their record achievements in 2024, including the highest annual dividend payouts and increasing market participation.
As interest in the Fijian stock market continues to grow, the SPX is committed to enhancing public understanding and engagement in investing, paving the way for a more inclusive and dynamic market landscape in the future.
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