SECP takes actions against 7 companies 09 March 2011Karachi Reporter: Ben Wilkie
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The Securities Markets Division of the Securities and Exchange Commission of Pakistan has taken action against seven non-compliant market participants in February.
Warning letters were issued to three brokerage houses of the Karachi Stock Exchange for indulging in trading activities, which were in conflict with fair market practices.
In another instance, a show cause notice was issued to a listed company for failing to implement the SECP orders. Moreover, warning letters were issued to the three directors of different listed companies for late filing of returns of beneficial ownership.
In an effort to strengthen the regulatory framework of capital markets, the SECP accorded its approval to a number of amendments to the regulations of three stock exchanges, Clearing Company and Depository Company. This includes provisions pertaining to the introduction of new products, i.e., margin financing, margin trading and securities lending and borrowing.
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