Stocks Observer. com

Though it was a bit late to act, government finally has placed the names of five suspended members of Karachi Stock Exchange (KSE) on Exit Control List (ECL). Ministry of Interior placed these suspended members on ECL on the recommendation of Securities & Exchange Commission of Pakistan (SECP), sources told Daily Times on Thursday. However, the action taken by the government with regard to these suspended members was of little use as two of these members have already flown out of the country; one reportedly in Europe and other in Singapore. Though sources in SECP termed the placement of the names of suspended members on ECL to safeguard the interests of investors whose hard-earned money is at risk due to inability of these members to pay-off their liabilities, market participants said that apex regulator acted late and it should have taken this step once the membership of these brokers was suspended on June 30, 2009. SECP took the action after failure of these members to give a spe...