SECP dismisses reports

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has strongly dismissed and discounted reports in the print and electronic media that due to reference of certain cases to the National Accountability Bureau (NAB), the stock market has experienced some fluctuations.
In a statement issued on Tuesday, the SECP clarified that NAB has been approached to take punitive action exclusively against those brokers who embezzled shareholders’ assets and have fled the country.
The commission says that no other case against brokerage houses have been referred to the bureau for any regulatory violations.
For the purpose, the SECP chairman had recently met the NAB chairman to pursue these particular cases of misappropriation.
The joint task force comprising senior level officers of the SECP and NAB is also expeditiously working on these cases, it said.
The SECP chairman has reiterated his determination to always safeguard the interest of small investors and curtail tendencies to commit fraud.
The commission has advised the media persons to always objectively report the trading activity in the stock market and not to fall prey to unscrupulous elements spreading baseless rumors and thus harming the capital market through speculations.