Offering investment advice on social media and other mediums without gaining license from the Capital Market Development Authority (CMDA) is against the law, stressed the authority.

In a statement Saturday, CMDA said that it is the responsibility of the authority to regulate the Maldivian stock market, and issue all securities related permits.

It is also the responsibility of this authority to prevent unlawful activities in securities transactions in order to protect the interests of investors.

Citing the Financial Securities Act and regulations formed under the Act, CMDA said that creating and running investment funds without securing necessary permits is against the law.

CMDA advised people to ensure parties are registered with CMDA before accepting investment offers.