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Editor n Cheif : Syed Asif Salahuddin
Editor: Tariq Sumair
 
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  SECP accelerates action against defaulting brokers
   
 
ISLAMABAD March 16 (INP): The Securities and Exchange Commission of Pakistan (SECP) has accelerated its efforts to curb the misconduct, market abuse and financial crimes of defaulting brokers of Pakistan Stock Exchange. For the purpose, the SECP is effectively making use of the international cooperation forum for regulation of securities laws: the International Organization of Securities Commissions (IOSCO) to confront the bad players in the market. It is encouraging to note that these efforts got a positive response from international authorities. After successfully obtaining information about British passports and travel details of the owners and director of defaulting brokerage house, the M.R. Securities, the SECP is now sharing these details with Financial Conduct Authority of the UK. The SECP is approaching the FCA, which is an effective regulator of the UK capital markets, to take up misappropriation of funds and illegal deposit taking by Mr. Mazhar Rafiq of M.R. Securities. Furthermore, the SECP under IOSCO MMOU is providing the records and particulars of the owners of the defaulting brokers, Ace Securities, to the Canadian securities regulatory authorities, which were very responsive to the SECP’s earlier requests for assistance in the matters of absconding brokers. Moreover, the SECP has also provided details of some potential defaulting brokers to the interior ministry for placement of their names on the exit control list. At present, a the SECP is conducting a comprehensive scrutiny to find out the lapses that hinder it to effectively discharge its mandated task to control and minimize misconduct, market abuse and financial crime from regulated sectors under its jurisdiction. Considering that it is important to have unhindered access to information and data relating to the SECP’s inquiries, investigations or inspections, the SECP has also written to the Ministry of Interior through Ministry of Finance, for its direct access to telephone call data, family tree of CNIC holders, immigration and passport record and facilities of digital/cyber forensics from relevant agencies. The authorization of such an access to information/data will bolster SECP’s enforcement regime at par with the international best practices and standards as set out by the IOSCO. INP/AK
 
 
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Chinese, KSA troops, Turkish Band participate in Pakistan Day parade
News Image   ISLAMABAD: Mar 23 (INP) In a historic first, Chinese troops took part in the Pakistan March 23 parade. A 90-member Chinese delegation had arrived in Pakistan on Monday to participate in the parade. More
updated 12 minutes ago
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IAF to participate in air combat exercise in Israel with 7 other countries
News Image   NEW DELHI: Mar 23 (INP) Soon after Narendra Modi visits’ Tel Aviv in July, the first-ever by an Indian PM since bilateral diplomatic relations were established in 1992, the Indian Air Force will be participating in a top-notch air combat exercise in Israel. More
updated 12 minutes ago
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