ISLAMABAD: In bid to broaden its powers as a key financial regulator, the Securities and Exchange Commission of Pakistan (SECP) has boosted its enforcement campaign in the capital markets, taking 11 actions for violations in January and February this year as compared to five and eight actions in 2013 and 2014, respectively.
Talking to media, SECP Chairman Zafar Hijazi said that the commission took actions against violators irrespective of their strong social or financial standing.
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Briefing the media, Market Surveillance Head Abid Hussain said that the fine was imposed on Feb 13, 2015 on the CEO of Al-Abbas sugar mills for purchase of 250,000 shares during the closed period, however, the charged person has not contested the case in any court of law and deposited Rs100,000.
Out of 20 suspicious transactions detected in February, formal inquiry has been ordered in six of them. The Commission is facing at least six cases in Sindh High Court against its decision over insider trading.
