Stocks Observer. com

By Ansar Abbasi ISLAMABAD: The Security and Exchange Commission of Pakistan (SECP), which is sitting on an inquiry report over the alleged securities fraud of the corporate bigwigs, has sought an amendment in the SECP Act of 1997 in order to be endowed with the power of plea bargaining apparently to help the corporate bigwigs in question. SECP Chairman Salman Ali Shaikh when contacted denied that the purpose of the amendments sought is to cover up a mega fraud as concluded by the SECP’s report submitted early this year. There was no action taken by the SECP against the companies involved in the stock exchange fraud. Sources claim that the SECP, which has been delaying and concealing the alleged corruption of the corporate bigwigs so far, wants the SECP Act to be amended to authorise the Commission to indulge in plea bargaining, which in this case is particularly motivated by the desire to conceal the criminal conduct of some bigwigs and let them go scot-free. “If the SECP starts to ai...

The Board of Directors of the Karachi Stock Exchange (KSE) has cancelled the membership of three suspended brokers on permanent basis at the expiry of the deadline given to them to remove complaints against them. The membership of three brokerage houses — Capital One Equities Limited, Clicktrade Limited and Eastern Capital Limited, is cancelled with immediate effect, the KSE notified on Thursday. The notification added, “The above mentioned brokers have failed to pay and address their clients/investors’ legitimate claims. They also failed to honour arbitration award and did not fulfil their financial obligation towards the Exchange.” Earlier on June 26, SECP had suspended the membership of five brokerage houses. The two other were Prudential Securities and MKA Securities