COLOMBO, Dec. 17 -- Sri Lanka's Securities and Exchange Commission (SEC) has issued a public warning over ongoing investment scams targeting prospective share market investors, identifying two entities allegedly involved in misleading and unauthorized activities.

Speaking at a media briefing on Tuesday (16), SEC Deputy Director General Tushara Jayaratne said the regulator has identified Blue Ocean Securities Limited and Gladius South Asia as companies linked to such scams.

According to Jayaratne, Blue Ocean Securities has been encouraging investors to trade through a mobile application named BOMate, which gives the impression of facilitating share trading, but does not allow transactions through the official stock market system.

"Inves...