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Stock market crash-2008: SECP will present report on August 10

The Securities and Exchange Commission of Pakistan (SECP) will present report on stock market crash-2008 to the SECP Policy Board for approval on August 10, 2015. During a media interaction here on Thursday, Chairman SECP Zafar Hijazi stated that the meeting of the SECP policy Board would discuss the carsh-2008 report on August 10, he added. Reportedly, 99 percent suggestions in the report have already been implemented and enforced by the SECP.

The SECP officials had admitted that the commission has been criticised in the report, but most of the key reforms have been introduced in the stock market prior to issuance of this report. The report suggested further regulatory and operational reforms/ steps needed for enhancing investor protection, promoting market stability and avoiding the occurrence of such a situation in future. In the past, the SECP had expanded the investigation scope of the Karachi Stock Exchange 2008 crash by extending the deadline to finalise an independent study ascertaining the reasons and causes of the crash.

Copyright Business Recorder, 2015