KARACHI
The Securities and Exchange Commission of Pakistan (SECP) reaffirms its commitment to continue its vigorous campaign against perpetrators of manipulative schemes, insider traders and violators of regulatory principles.
It is pertinent to mention here that the SECP has a very extensive scope under the law that includes regulating the capital markets, corporate, insurance companies, non-banking financial companies, collected investment schemes and other licensed entities linked to the sectors under its jurisdiction.
The SEPC’s activities are governed through various laws, i.e. the SECP (amendment) Act 2016, Companies Act, 2017, Securities Act, 2015, Insurance Act, 2002, and a number of other laws.
The powers of these laws for regulating, monitoring, surveillance and of taking enforcement actions have been delegated to various divisions and departments of the commission. The departments authorised for certain regulatory actions, i.e., supervision, investigation, inquiries, surveillance, onsite and offsite inspections continue to function regularly irrespective of any change in the management. While enforcing compliance of relevant laws, the various departments of the SECP continue their efforts and have zero tolerance for any violations of shareholder rights and public interest in general.
In order to maintain effective credible deterrence, the SECP is continually performing its functions by carrying out investigations relating to insider trading and market manipulation. These investigations due to intricacies involved in their just disposal, are at different stages of completion and the commission will proceed as per its legal and regulatory regimes.
It is pertinent to reiterate that the SECP believes in enhancing the legal and operational relationship with related agencies for effective law enforcement.
Similarly, during the on-going quarter starting July 1, 2017, the relevant department of the SECP has completed offsite examination of annual accounts of 50 companies and quarterly accounts of 52 companies.
SECP is totally Corrupt Department who allow Owner of Mazhar Rafique M R Securities CEO to go Aboard with 1900 Clients hard earn money approx 300 Crore / 3 ARAB PKR. Clients loose every thing just because negligence of SECP Regulator who get some money from Owner of M R Security Pvt Ltd PSX/291 TREC Licence Holder on monthly Basis.
Even he sold out Clients Shares which clients purchased and put into CDC Account. Its our humbly request to the concern department at least please give us back our shares which is under PSX Custody with out any reason and delaying time for what????
Newly Joined Chinese Management request to please resolve this issue. PSX and SECP did audit just before 3 months and according to the record every thing is fine and he get Clearance letter why why why ……?????