Foreign institutions hide clients identity

Zafar Moti Chief Executive Officer of Zafar Moti Capital Securities in an interview with The News said that foreign institutions have refused to provide Universal Identification Numbers (UINs) of their clients which is a huge discrimination between Pakistani clients and foreign clients.

This attitude should be changed and same treatment should be given to all, Zafar said.

He said it is obligatory for us to provide the complete information of our clients it should be compulsory for the foreign institutions to provide the details of their clients. Zafar minced no words in saying that authorities always are interested in facilitating the foreign investors interests but local investors interests are not catered to.

CFS limit raised to Rs 55 billion: VaR implementation delayed

After a detailed meeting with the stock exchanges management, the Securities and Exchange Commission of Pakistan (SECP) on Thursday enhanced the CFS limit to Rs 55 billion for Karachi Stock Exchange (KSE); Rs 10 billion for Lahore Stock Exchange (LSE) and Rs 5 billion for the Islamabad Stock Exchange (ISE) from November 6.

It also delayed implementation of value at risk (VAR) management system till December 4. It was also due to come into effect from November 6. The SECP and stock exchanges management also reached an amicable solution to VAR management system and institutional margining. The SECP team was headed by its chairman, Raziur Rehman Khan. He was assisted by securities market division commissioner Rashid I. Malik.

Investors waiting for forensic probe report : Stock crisis of March 2005

Investors in stocks, who lost their life-time savings during the stock market crisis of March 2005, are eagerly awaiting the forensic investigation report.

In early July three forensic experts from the US were called in to assist a team of Security and Exchange Commission of Pakistan (SECP) officials and foreign auditors in uncovering the trails of the financial fraud, if one had actually been committed.

Seven to eight weeks have gone by since the experts were commissioned to finish the job in 10 to 12 weeks. But there is still a deafening silence on all fronts. No one knows what’s going on and how far there has been a progress. No one is quite sure even of the ‘terms of reference’.