There is supposedly a big bad wolf stalking the Pakistan Stock Exchange. Earlier this month the Securities and Exchange Commission of Pakistan (SECP), the regulating agency responsible for rounding up all said wolves big and small, filed four different criminal cases.
Within the stock market this was big news. The last time the SECP took criminal action against anyone was back in 2017. The only problem is that the SECP has been suspiciously cryptic in its announcement.
In its press release, the commission stated that four different cases have been filed against different individuals which include brokers, as well as sponsor shareholders of listed companies . The violations had been carried out between 2019 to 2021 and the central accusation is stock price manipulation. What the press statement doesn’t tell us is who these individuals are and which stocks they manipulated.
Who could they be? Suspicion might be pointed towards those in the stock market that have the biggest, scariest teeth and the sharpest longest claws. These are the Jehangir Siddiquis, the Aqeel Karim Dhedhis, and the Munaf Ibrahims that loom large in the world of Pakistani stocks. But it isn’t one of the big boys from Karachi that have come under the regulator’s scrutinous gaze. In fact, it is a little known broker from Lahore that has woken the SECP out of their slumber after seven years.
Of course, it is just a little unfair to refer to Ali Malik as a little known broker. Profit has access to copies of the criminal cases that the SECP has taken to Banking Court. The chief accused is Ali Malik of the Lahore based brokerage company First National Equities Limited (FNEL). While FNEL and Ali Malik might not be household names, within the small community of stock market brokers they carry some heft. The man has been around since the 1980s and has made a name for himself in the stock market. But it isn’t just Ali Malik that has been nominated in these cases. In fact, his entire family has been accused of allegedly being part of a blatant stock manipulation campaign from 2019-21.
The shares in question that have supposedly been manipulated belong to different companies. There is first the Treet Corporation, which is one of the larger listed companies on the PSX and has been incorporated since 1977. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
Very racist and biased comment. Lahori broker????? Rather focusing on him being Lahori, you should have presented any evidence. Very poorly written story. speculative and argumentative article.
surely an article of biased and sensational motive. Journalists should be honest investigators into exposing **Corruption and Negeligence on part of a person or organization**.
His name starts with N? 😉
As usual, great unbiased reporting, by Profit. Completely worth the susbcription. I see others are commenting and making guesses without reading the article 😀
Lahori is not racist. It’s just a colloquial term as would be karachite.
Ali Malik was also involved in demise of Islamic Investment Bank
thanks for sharing good info.