As part of its mandate to regulate capital markets, the Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) issued orders, show-cause notices, and warning letters to non-compliant market participants in March.
Due to regulatory non-compliance, orders were issued against owners of five listed companies under Section 224 (2) of the Companies Ordinance 1984, and were directed to surrender gains of Rs79 million.
As a part of routine monitoring and surveillance, warning letters and three show-cause notices were issued to members of the stock exchanges and beneficial owners of listed companies.
Subsequent to the promulgation of the Securities (leveraged markets and pledging) Rules, 2011, amendments were approved to the regulatory framework of the National Clearing Company of Pakistan Limited to cater to operational aspects. In addition, approval was granted to a company for issuance of American Depository Receipts outside Pakistan. Meanwhile, six investor-related complaints were resolved during the month.
Published in The Express Tribune, April 9th, 2011.
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