SECP moves against non-compliance

The Securities and Exchange Commission of Pakistan (SECP) has taken action against the non-compliant market participants, a statement said on Wednesday.

As a part of its mandate to regulate the capital markets, in April the Securities Market Division of the SECP issued two orders against MRA Securities Ltd and Adam Securities Ltd, the statement said.

A show cause notice was issued to official of a listed company under section 15-E of the 1969 Securities and Exchange Commission Ordinance, it said.

The SECP directed a beneficial owner of a listed company to tender gain of Rs9.78 million due to regulatory non-compliance under the 1984 Companies Ordinance.

Moreover, six warning letters to the beneficial owners of three listed companies were issued for late filing of returns of beneficial ownership.

During the month approved amendments to the regulatory framework of the Karachi Stock Exchange (KSE) and the National Clearing Company of Pakistan (NCCP) to encourage trading activity on the Bonds Automated Trading System.

In addition, two approvals were granted to issue, circulate and publish the Offer for Sale Document for shares of Pakgen Power Ltd and International Steels Ltd.

From: The News