ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has strongly dismissed and discounted reports in the media that due to reference of certain cases to NAB, the stock market has experienced some fluctuations.
In a statement issued 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, according to statement issued by SECP.
The SECP says that no other case against brokerage houses have been referred to NAB for any regulatory violations. For the purpose, the Chairman SECP recently again met the NAB Chairman to pursue these particular cases of misappropriation.
The joint task force comprising senior level officers of SECP and NAB is also expeditiously working on these cases. The SECP Chairman has reiterated his determination to always safeguard the interest of small investors and curtail tendencies to commit fraud.
The SECP has urged media to report objectively report the trading activity in the stock market and not to fall prey to unscrupulous elements spreading baseless rumours and harming the capital market through speculations.
