Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi said Tuesday that the commission can only take action against local IT company Axact after completion of investigation into its involvement in a fake degrees scandal by Federal Investigation Agency (FIA).
Addressing the Senate Standing Committee on Finance and Revenue, the SECP chairman said notices have been issued to Axact and a response is awaited till June 4.
“We did not know that a company registered in the name of IT was indulging in some other business,” he said, adding that around the world there are authorities which monitor the businesses of companies. The Senate committee was told that notices have also issued to Bol TV and other affiliated departments working with Axact.