To avoid frauds and forgery, people should have proper knowledge on financial sectors of a financial institute before they invest their money, said Thokchom Hemo Singh, founder and managing director of Panthoibi Housing Finance Company Limited.
He was speaking to the media on Wednesday at his office chamber located at Uripok Tourangbam Leikai, Imphal West in connection with its 17th Annual Day.
Hemo said people should have proper knowledge on the financial sector while investing their money to any financial institute by leaving the thoughts of a shortcut method that could risk their money.
People of the state have been suffering due to financial issues since pre-covid and it’s been increasing during the pandemic, he added.
He informed that there are two types of companies in the financial sector - one is a private limited company and another is a public limited company. In a private limited company the number of shareholders is limited to 200 and there is a strict prohibition for accepting public deposits whereas there could be unlimited number of shareholders in a public limited company.
Hemo said there are 15 groups of companies in the country which accept public deposits whereas there are 80 groups of companies in the country that do not accept public deposits. Among the 80 group of companies Panthoibi Housing Finance Company Limited is at serial number 20, he added.
He appealed to the people not to take shortcuts while making money but to rather invest their money by having proper knowledge on the financial sector.
On the 17th Annual Day of Panthoibi Housing Finance Company Limited he also extended wishes to the people of Manipur.