Ssgc, sngpl shares: SECP denies ruling out insider trading

Sharing the report prior to submission of comments by the committee was not deemed appropriate.


Press Release July 23, 2013

ISLAMABAD: This is with reference to news item appeared in daily “The Express Tribune” on July 23, 2013 with the caption “SECP rules out insider trading in SSGC, SNGPL shares”. According to a statement issued by SECP, the commission never ruled out insider trading. The statement further said that the commission via Order dated January 18, 2013 has initiated enquiry into the trading in the shares of Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL) during the period from July 1, 2010 till December 31, 2011. The report was submitted on May 29, 2013 and reviewed by a committee consisting of senior most resources of the commission may be constituted to go through report. The committee submitted its comments/observations on the Report on July 18, 2013. Sharing the report prior to submission of comments by the committee was not deemed appropriate. The investigating officers never ruled out insider trading/front running in SSGC and SNGPL shares. The statement further said that the case of front running referred in the article, it is not by National Bank, but is probably a case of violation of section 15 A of the Securities and Exchange Ordinance, 1969 by AKD Securities Ltd.

Published in The Express Tribune, July 24th, 2013.

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