aurora97 is right, it is illegal to collect money or fund from the public without SC approval.

Once you get the approval from SC, then it can be done, it is just as same as mutual fund or UT.

It is to protect the interest of public.

If they allow simply anyone can start up a company that collecting fund tha varnish afterwards.

Even it is not alloed, we have plenty of illegal company that are offering so called 'investment fund' around that offering 5% per month return, blar blar invest in forex, gold, blar blar (to fool investors), which in the end of the day, investors will be the victim.
So I can't imagine how the situation will be and how many people money will be conned if authority allow simply.

License carry gun, you won't able to prevent the abuse of it and somebody being killed because of it.
Without the license to carry gun, it is all over the place, and situation become more fearful.

That's the difference.

Even here we have lot of foumers said some pyramid scheme or con-scheme is true (and rebuff others claims), if we allow investment company can be easily set-up, I can't imagine how many people money will be conned then.

Yes, I partly agree on high restriction of investment firm set up which restrict the alternative and option as well as too protective to existing investment firm especially UT company (which lead to they can charge high service charges of 5%), but think in opposite way, if you were BNM, how can I know you (the person want to setup investment firm) are trustfulness people to run and get public money and won't varnish overnight, you also don't know, right?