SECP takes action against market participants

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ISLAMABAD - As a part of its mandate to regulate the capital markets and curb unfair market practices, the Securities Market Division of the SECP took enforcement actions against the market participants for non-compliance with the regulatory framework in the month of May.

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Two orders were passed for insider trading and penalties were imposed. In order to curtail the operational malpractices, 8 warning letters were issued against brokers of the KSE and other market participants for regulatory non-compliances. In an effort to protect the investors’ interests, an order was passed against a brokerage house of the KSE and penalty was imposed. Show-cause notices were issued to two brokerage houses and an audit firm under various provisions of the securities laws.
In addition, 5 orders and 16 warning letters were issued to directors/owners of listed companies under for late filing of returns of beneficial ownership. During the month, 13 complaints against brokers and 6 complaints against listed companies were resolved.