Tag: Secp

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) has nominated high profile and experienced professionals from the financial and capital markets as directors on the Board of Lahore Stock Exchange (LSE) for 2011. The nominees are Nishat Group Group Director (Finance and Accounts) Aftab Ahmad Khan, Crosby Capital Pakistan (Private) Limited Chief Executive Mumtaz Hussain Syed, Trust Investment Bank Limited Chairman Asif Kamal, and Kohinoor Maple Leaf Group former Group

KARACHI - The Securities and Exchange Commission of Pakistan registered 23 companies conducting foreign investment in February. In addition, one foreign company was also registered during the month.
Out of the 23 companies, six were from China, five from the US, two from South Korea and the remaining one each from Turkey, Sweden, Malaysia, the UK, Denmark, Romania, the UAE, Afghanistan, Iran and Canada. Seven companies were registered in Islamabad, three in Lahore, 11 in Karachi

ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) registered 324 companies in February.
The private companies have the highest share in the new incorporations totaling 290. In addition, there are 26 single-member companies, one public unlisted company, six non-profit associations and one foreign company.
Lahore Company Registration Office (CRO) registered 113 companies with the CRO in Islamabad and Karachi registering 90 and 89 companies, respectively.

ISLAMABAD - The Securities Markets Division of the Securities and Exchange Commission of Pakistan took action against seven non-compliant market participants in February. Warning letters were issued to three brokerage houses in the Karachi Stock Exchange for indulging in trading activities which stood in conflict with fair market practices.
In another instance, a show cause notice was issued to a listed company for failing to implement SECP orders. Moreover, warning letters were

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) would develop a "bond pricing agency" to revitalise the country's debt market that, the apex regulator believes, is currently not 'vibrant'. Further, the Karachi Stock Exchange (KSE) has called upon the federal government to accelerate the pace of issuing the amended computation rules for Capital Gains Tax (CGT) before functionality of the leveraged products at the country's bourses.
"Our focus is now the debt

ISLAMABAD - Federal Board of Revenue (FBR) and Security Exchange Commission of Pakistan (SECP) have agreed to work closely to exchange data for broadening the tax base, a press release issued Tuesday has stated. The agreement to create an interface of data between the two organisations was achieved at a recent meeting attended by FBR Inland Revenue Service (IRS) Member Khawar Khursheed Butt and SECP Chairman Muhammad Ali Ghulam Muhammad.

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) has decided to ban trading in the listed Term Finance Certificates (TFC) that are not covered under Bonds Automated Trading System (BATS). Aimed at ensuring the development and growth of the debt capital market in the county, the SECP move came after the nine-member Review Committee submitted its report to the regulator on BATS.
The decision would come into effect from April 30, said the apex regulator. "The

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) Tuesday selected nominee directors on the board of Karachi Stock Exchange (KSE) for 2011 after a delay of over three weeks.
According to KSE sources, the apex regulator after a delay of 24 days had ultimately announced the four names of its nominee directors on the KSE board from the financial sector. Those nominated include Muneer Kamal, Shazad G Dada, Asif Qadir and Abdul Qadir Memon who officiate as KASB Bank

ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has successfully securing concessional rates of stamp duty and registration fee for Real Estate Investment Trust properties in Punjab and Sindh.
In Punjab the stamp duty on REIT property purchases has been reduced from two percent to 0.5 percent. On REIT property sales the duty has been cut from two percent to one percent. In Sindh, the stamp duty on purchases has been reduced from three percent to 0.5 percent

LAHORE - The Lahore High Court on Thursday issued notice to SECP, owners of UBL and others respondents in a petition challenging the sale of UBL with unlawful clarification of Security and Exchange Commission of Pakistan that caused huge financial loss to 29,000 small shareholders of the bank across the country.
The court in its order further directed that that purchase/ acquisition of UBL shares by Bestways Group from Abu Dhabi Group, if conducted, will be subject to final

KARACHI - The regulator and management of the domestic equity market seem to have failed to preserve the integrity and credibility of the country's capital market, where the fate of hundreds of aggrieved investors faced with substantial losses is hanging in balance. The Securities and Exchange Commission of Pakistan (SECP) has long received complaints from the investors, particularly small ones, regarding the non-transference of shares and funds by various brokerage houses at the

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) received an overwhelming response from the corporate sector to its companies regularisation (CRS) and companies easy exit (CEES) schemes.
The schemes not only generated huge revenues but also enhanced the corporate compliance rate and have opened new avenues for future revenue generation. During the period from July to September, 1,264 companies regularised their defaults under CRS through filing 6,736 returns,

islamabad - The Securities and Exchange Commission of Pakistan (SECP) has taken notice of unregistered futures trading at the country's commodity exchange to protect the interest of small investors. In this concern, the apex regulator said, the SECP had issued an order against Ravi Oil Cake Traders, a partnership firm, for operating an illegal commodity exchange. It said the firm had violated Section 3 (1) of the Securities and Exchange Ordinance 1969 by providing unauthorized trading

ISLAMABAD - The securities market division of the Securities and Exchange Commission of Pakistan (SECP) penalised market participants for violation of fair market practices, by issuing three orders in the month of December 2010.
The enforcement action has been taken to foster a transparent and efficient securities market and to safeguard the investors' interest, according to a press statement adding that the copies of all the orders are available on SECP's website.
As a

ISLAMABAD - The Senate Standing Committee on Finance on Wednesday directed the ministry of finance to furnish it with complete details of candidates and the procedure adopted for the appointment of the chairman and commissioners of the Securities and Exchange Commission of Pakistan (SECP).
The meeting of the committee was held under the chairmanship of Senator Ahmad Ali.
Secretary Finance Waqar Masood Khan said that the prime minister had appointed the Chairman while no

KARACHI - The Securities and Exchange Commission of Pakistan (SECP) is holding talks with stakeholders as the apex regulator intends to amend the Code of Corporate Governance 2002.
Some of the proposed amendments in the code touch upon the representation of independent and executive directors, the role of chairmen and chief executives, the number of total directorships in listed companies held by an individual, self-evaluation of the boards, the directors' education, training,

ISLAMABAD - The SECP's amnesty schemes, the companies regularisation scheme (CRS) and companies easy exit scheme (CEES) have been extended to Monday January 3, 2011.
The schemes were to be closed on Friday. However, due to a general strike on Friday and bank holiday on Saturday, most of the companies may not be able to submit their documents. On requests made by the stakeholders, Company Registration Offices of the SECP are open up to 6 pm today to facilitate submission of