Big brokers manipulating bourses: CJ

BHURBAN - The enactment of the Competition Ordinance, 2007 has replaced the monopolies and Restrictive Trade Practices, Chief Justice of Pakistan (CJ) Abdul Hameed Dogar said.

He said this while addressing the economic experts in a seminar titled, 'The Importance of Competition Regime' organized by the Competition Commission of Pakistan on Monday.

He said that significant developments in competition law and policy had taken place around the world during the last 20 years.

He also informed that under the new law, the Competition Commission had been empowered to act in many situations that arose in the economic life of a country on a regular basis requiring it to protect consumers from anti competitive behavior against cartels, prohibited agreements and deceptive market practices.

He observed "from a wider perspective, unless we in Pakistan learn to compete with each other on a level playing field, economic growth dream could not be fulfilled," while adding, "We find it very difficult to compete internationally too".

While praising the government policies he said, government takes appropriate action to ensure that the provisions in the ordinance that confer independence on the commission are properly and sincerely implemented.

He opined that there were two major responsibilities of the CCP, "which needs to make itself much better known in the country and the Commission actions must be done with integrity by maintaining high professional standards", he added.

The CJ entered the seminar hall with High Courts CJs except Peshawar High Court CJ, and the people remained seated on their seats as a mark of protest against PCO judges. When the CJ came to address the gathering some of the audience boycotted his address and left the hall registering their peaceful protest.

A group of journalists tried to ask questions but Dogar refused by saying that it was the time for lunch. However, when asked about his proposal to the government regarding reappointment of some sacked judges, he blamed that there were some elements who were propagating negatively.

Chairman CCP, Khalid Aziz Mirza, while addressing the participants highlighted the objectives and achievements of the Commission. He suggested that there was need to strengthen the institutions in the country, which lead to the economic development. He said that economic progress needed a competition like situation, among the individuals and the institutions, in the country.

He observed that through investment and business activities cooperation, integrity, opportunities and growth in the country could be possible. He claimed that to promote a culture of competition was a big achievement of CCP. He maintained that the Commission had close linkages with cellular and fertilizers companies. He noted that right from the start the Commission, for the first time in the history of the country, has introduced transparent, fair and investigative audit system.

Alden F Abbott, Chairman Bureau Competition, highlighted the US policies of Competition. He urged for the international Competition regimes network.  

Alberto Heimler, Director of Research and International Affairs at the Italian Competition Authority and Vido Dhall, Acting Chairman of Competition Commission of India since the establishment of the Commission in October 2003, also addressed the event.

Monitoring Desk adds: Justice Abdul Hameed Dogar has said the regulator of local bourses is confronted with a great challenge as big brokers exert much influence on the share markets while small investors are forced to face hardships, reported a private TV channel Monday.