ISLAMABAD: As a part of stringent surveillance practices to cut abusive market practices, the SECP issued three orders to former employee of a brokerage house and two of their relatives in instances of front running/insider trading and a cumulative penalty of Rs5.05 million was imposed.
Moreover, three orders were issued against directors/beneficial owners of the listed companies for late filing of returns. A show-cause notice was issued to an individual for violation of Section 18A of the 1969 Securities and Exchange Ordinance due to submission of multiple applications. In another instance, offer of a listed company was also served show-cause notice for not complying with the SECP orders.
The prevailing regulatory framework is continuously being improved for the development of a conducive market. In this regard, nine amendments were approved to the existing regulations of the stock exchanges. The SECP also granted approval to a fund manager under its Employees Stock Option Scheme to incorporate certain amendments to its scheme.
During the month, 12 complaints pertaining to the brokers of the stock exchanges were resolved.
Copyright NNI (News Network International), 2011
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