Implementing the investor protection programme, the Securities and Exchange Commission of Pakistan (SECP) on Thursday directed the stock exchanges to ensure that all brokerage companies are registered with the commission maintain functional websites by December 31, 2015.
The broker’s website shall include information about the company’s basic business and financial details, shareholding pattern, compliance with code of corporate governance, contact details, investor’s complaints and grievances, feedback portal etc.
The web link of SECP investor education programme “Jamapunji” has also been made mandatory to be placed at the prominent place on home page of websites of brokerage companies. The SECP wants to ensure investors’ protection and website with up-to-date information at any given point of time will provide investors with accurate and easy access to information by the brokerage companies.
Earlier, there is neither any regulatory obligation for the brokerage industry to maintain the websites nor any minimum content requirement for websites. The SECP has directed all the stock exchanges to carry out necessary amendments to its regulatory framework and submit the same to the commission for approval. The SECP had previously specified that every public listed and public unlisted company shall maintain a functional website with effect from August 30, 2014. Further, it has also proposed the mandatory requirement for every asset management and insurance company to maintain its functional website.