KARACHI – As part of its mandate to regulate the capital markets, the Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) has issued orders, show cause notices and warning letters to non-compliant market participants.
Because of regulatory non-compliance, orders were issued last month against beneficial owners of the five listed companies under Section 224 (2) of Companies Ordinance, 1984. The companies were directed to surrender their gains to the tune of Rs 79 million, said an SECP statement on Friday.
It said the regulator, as a part of its routine monitoring and surveillance, also issued a warning letters and three show cause notices to the members of the stock exchanges, beneficial owners of listed companies and other market participants.
Subsequent to the promulgation of the Securities (Leveraged Markets and Pledging) Rules, 2011, amendments were approved to the regulatory framework of the National Clearing Company of Pakistan Limited to cater for the operational aspects.
