The Security Exchange Commission of Pakistan (SECP) has imposed the penalty worth Rs 5 million for front running and insider trading. According to a statement released by SECP, 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 and insider trading and a cumulative penalty of Rs 5.05 million was imposed.
Moreover, three orders were issued against directors and 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, offerer of a listed company was also served show-cause notice for not complying with the SECP orders.-PR
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