The Securities and Exchange Commission of Pakistan (SECP) has reinforced its online Financial Reporting System (FRS) for all the trading right entitlement certificate (TREC) holders of stock exchanges in the country.
The initiative has been taken in order to safeguard investors’ interests and effectively monitor financial health of the trading right entitlement certificate (TREC) holders.
The FRS requires the TREC holders to submit their quarterly financial returns through the SECP’s website within 30 days of the close of each quarter, a statement of the commission issued said.
Majority of the brokerage houses were providing their financial reports on an annual basis. However, the SECP believes that since the TREC holders act as custodians of the clients’ assets, therefore, their reporting requirements need to be enhanced. This initiative is in line with the commitment of the SECP to strengthen oversight of the TREC holders.
Published in The Express Tribune, July 7th, 2015.
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