Modaraba: SECP de-registers 11 companies
These MMCs de-registered by the SECP include Bankers Equity Limited
ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has de-registered 11 Modaraba Management Companies (MMCs). The deregistered MMCs were non-compliant with the conditions of registration certificates granted to them as well as with the Modaraba Companies and Modaraba (Floatation and Control Ordinance) 1980 and the Modaraba Rules, 1981. According to a statement issued here on Tuesday, the SECP de-registered these MMCs after detailed scrutiny of each case and completing the due process of law and providing them with an opportunity of hearing. These MMCs de-registered by the SECP include Bankers Equity Limited, National Technology Development Corporation Limited, Islamic Investment Bank Limited, Premier Modaraba Management (Pvt.) Limited and seven others.
Published in The Express Tribune, January 20th, 2016.
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