ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has suspended the registration of M/s Pak Meezan Securities (Private) Limited, a broker of KSE, and M/s Reliance Capital (Private) Limited, a broker of LSE, for a period of six months under the 2001 Brokers and Agents Registration Rules. The SECP conducted a detailed exercise regarding the verification of net capital balance (NCB) certificates of all the registered brokers directly from auditors. The auditors of M/s Pak Meezan Securities (Private) Limited and M/s Reliance Capital (Private) Limited refused to verify the authenticity of NCB certificates submitted by these brokers to the SECP. Subsequently, an enforcement action was initiated against the two brokers for submitting fake information to the SECP. It was established that the brokers were engaged in such an act that compromised their integrity, veracity and reputation.
Published in The Express Tribune, July 2nd, 2015.
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