Pursuant to Section 218 (2) of the Securities Act, No. 41 of 2016 (as amended by Act No. 21 of 2022) (“Act”), the Securities and Exchange Commission (the “Commission”) had, on 12th June 2025, imposed administrative penalties against Mr. George Nshindano Mtonga for providing advice on investments in securities without a license and promoting an unauthorised collective investment scheme (“CIS”). Further, the Commission imposed administrative: