Stocks Observer. com

The Securities and Exchange Commission of Pakistan has filed a criminal complaint in the court of an additional sessions judge, Lahore, against Farooq Younas Khan, director/chief executive, Muhammad Junaid Ahmed, director, and Muhammad Zulsham Younas Khan Sherwani, former director, of the YS Securities and Services (Private) Limited, a former member of the Lahore Stock Exchange. The complaint has been filed under Section 28 of the 1997 Central Depositories Act and Section 32(5) of the 1997 Securities and Exchange Commission of Pakistan Act, 1997. After examining documentary evidence and recording of the witness statement, the court has summoned the accused for February 22, 2014. The SECP received numerous complaints against the YS regarding non-payment of funds, non-transfer of shares and closure of its offices without any notice to the LSE. Taking cognizance of the matter, the SECP directed the LSE to take appropriate action against the accused. The governing board of dire...