Promoters of Ponzi schemes now risk up to 10 years

imprisonment following the passage of the Investments and

Securities Amendment Bill 2023 by the Senate.

The bill is expected to aid the functioning of the capital market

and facilitate the ongoing economic diversification in the

country.

Among other provisions, the bill prohibits the operation of

Ponzi/pyramid schemes and other illegal investment schemes

while prescribing a jail term of not less than 10 years for

promoters of such schemes.