INITIATION OF CRIMINAL PROCEEDINGS AGAINST CAPITAL ONE EQUITIES LTD, EX-MEMBER OF KARACHI STOCK EXCHANGE
Islamabad, May 17, 2010: The Securities and Exchange Commission of Pakistan (Commission) has filed a criminal complaint in the competent Court of Law against Capital One Equities Limited, ex-member Karachi Stock Exchange (KSE) along with its directors, officers and persons involved in non-transfer of shares/funds and unauthorized pledges of client’s shares and other prohibitive activities under the Section 24(2) of Central Depositories Act, 1997 as well as offences under relevant provisions of Pakistan Penal Code. The Honorable Court vide Order dated May 13, 2010 has issued warrants of all the accused persons. The Commission received number of investors’ complaints/claims against KSE Brokers during the first half of 2009 mainly pertaining to the alleged non-transfer of shares and non-payment of funds. The Commission directed the Brokers to resolve complaints and to make necessary arrangements for transfer of shares into respective Central Depository Company (CDC) accounts of the comp