SECP has taken a genuine note of extortion by MR Securities, a Lahore-based stockbroker:
SECP has taken a genuine note of extortion by MR Securities, a Lahore-based stockbroker, With a specific end goal to prevent such false practices, the SECP Chairman, Zafar
Hijazi gathered a meeting of PSX Board of Directors. The Chairman said that the SECP would not endure such activities as it was its prime obligation to secure financial specialist interests. He solicited the PSX Board from Directors to completely research if some of its authorities were careless in releasing their administrative obligations.
PSX guaranteed the SECP:
PSX guaranteed the SECP that it would finish the examination concerning the matter by February 13, and give its report by February 14. Later a meeting between the SECP and the PSX will be held to make some conclusive move. The Chairman told the PSX Board of Directors that an obstruction move must be made against the stockbrokers who keep on defaming the market by swindling financial specialists and vital measures ought to be put into impact. The director made it clear that “there is nothing dearer to my heart than financial specialist security, and we will make a conclusive move if PSX neglects to shoulder its obligation as the forefront controller.
He communicated his mistake with the part of evaluators of stockbrokers who keep on failing in raising warnings. Rather, inconsistencies in business houses are being distinguished by examinations through the joint assessment groups and SECP reviews. The SECP has guided the PSX administration to instantly educate every single influenced financial specialist through daily paper commercials on the most proficient method to hold up their cases with the PSX.In the meantime, the SECP’s group of request officers from the Securities Market Division that the Chairman sent to Lahore is occupied in gathering and examining back office information of the representative’s workplaces in Lahore, Sahiwal, Multan, and Bahawalpur.