Illegal Futures and Equity Trading Scheme: Frequently Asked Questions - Regulatory FAQs

Illegal Futures and Equity Trading Scheme: Frequently Asked Questions

What are the facts of the case?
The Securities Commission Malaysia (“SC”) has imposed administrative sanctions on:
Kahar Mohd Tahir (“Kahar”)(NRIC Number: 670215-01-6185); and
Mohd Faizal Jamaludin (“Faizal”)(NRIC Number: 760405-01-5625),

respectively for carrying out fund management activity without a licence.
SC’s investigation revealed that both Kahar and Faizal had illegally solicited monies from the public and carried out the regulated activity of fund management without holding a licence.
Kahar accepted monies from the public between July and December 2015 whereas Faizal did the same between February and December 2015, purportedly to invest in a futures and equities trading scheme (“Illegal Scheme”).
SC’s administrative sanction against Kahar and Faizal included a directive to restitute eligible investors who had participated in the Illegal Scheme.
What actions have SC taken to stop the Illegal Scheme?
SC had frozen the monies held by Kahar and Faizal in their futures and equity trading accounts and imposed administrative sanctions against them.
Who is eligible to be compensated from the money which the SC recovers?
Eligible investors would be those who had deposited money into Kahar and Faizal’s account respectively from February to December 2015. It is important that claimants are able to submit sufficient proof of the amount invested. Claimants who have submitted and received their claims are not eligible to submit their claims again for this round of restitution exercise. All claims must be accompanied with the relevant supporting documents and the duly completed claim form available at https://www.sc.com.my/regulation/enforcement/claim. Please include the following with your claim form:
A certified true copy of your National Registration Identification Card (NRIC) or document of incorporation (in the case of non-individuals, a certified true copy of the board resolution or letter of authorisation); and
All relevant supporting documents (Example: proof of payment such as bank deposit slips, credit card payment slips, proof of telegraphic transfer via internet banking or ATM).
Eligible investors must submit their claim together with the necessary supporting documents to the SC before 5 pm on 6 February 2019.

SC shall have the absolute discretion to approve or reject the submitted claims. Please be informed that SC’s decision is final and no correspondence about SC’s decision will be entertained.
How will SC know who is eligible to make claims?
SC will collate a list of investors who have suffered loss as a result of this Illegal Scheme. It is important for claimants to provide the relevant details and documents to SC within the stipulated time frame.
If I had previously submitted a complaint and provided supporting documents, will I need to resubmit the information again after the SC places the advertisements calling for claims to be made?
If you have previously made a complaint to SC’s Consumer & Investor Office and have submitted supporting documents as stated in no. 4 above, you need only submit the claim form and any other information or documentary evidence supporting your claim.
How do I submit my claim and who should I contact if I have any queries on the restitution?
Your claim submission or any queries with regards to the restitution should be addressed to:

Consumer & Investor Office
Securities Commission Malaysia
3 Persiaran Bukit Kiara
Bukit Kiara
50490 Kuala Lumpur

Tel: 03 62048999
Email: [email protected]
Claim Form
Claim Form (Kahar Mohd Tahir)
Claim Form (Mohd Faizal Jamaludin)

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