Stock exchanges to lift floor from December 15

The Securities and Exchange Commission has told stock markets to remove the floors placed on their indices from December 15, more than three months after they were initially imposed to restore confidence in a market battered by political upheaval.

“The continuing restriction on the trade prices of the securities has adversely affected the ability of the market participants to manage their respective investments,” the regulating authority said in a statement on Thursday. “Despite best efforts, the market support fund, and other instruments like ‘put option’ could not be brought into operations so as to provide a soft landing,” it said, adding it found no reasons for the restrictions to continue.

The regulator has also barred the exchanges and their boards from closing the bourses, restricting prices of securities, or interfering in the normal operations of the exchanges for 90 days. “It is in the public interest to allow the securities markets to function without any hindrance in order to maintain the confidence of the investors,” the statement said.

Comments

SECP initiates 86 show-cause proceedings against compamies

The SECP’s Enforcement Department— while enforcing compliance of corporate and allied laws— initiated 86 show-cause proceedings and concluded 54 proceedings against chief executives, directors and auditors of companies in February and March. While facilitating companies to strengthen their capital base, the department allowed three listed companies to issue shares by way of otherwise than right at a discount and at par. In order to strengthen the existing regime of Corporate Social Responsibility (CSR) reporting, the SECP has joined hands with the ICAP for the external assurances of the CSR reports. CSR reports assist organizations in understanding and communicating their vision of combining a company’s profitability with social responsibility and environmental care. Both the SECP and the ICAP have reaffirmed their commitment to developing a framework for external assurance in accordance with prominent international assurance standards, and within a mutually agreed time f

Chairman SECP Reaffirms Commitment to Facilitate Businesses

The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI). The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc. These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings. During the session, the Chairman apprised the OICCI’s representatives about SECP’s future endeavors in this regard to simplify regulatory requirements, reduce compliance c

THK Associates (Private) Limited: Shares Registrar

THK Associates (Pvt) Limited was formed in 1989. The company is engaged in providing specialized services relating to the corporate sector and in particular acts as share transfer agent for a number of companies. THK Associates (Pvt) Limited is one of the leading service provider of Share Registrar, Transfer Agent, Balloters for IPO’s and Share Accounting Services and is managed and run by a set of professionals having indepth knowledge and expertise of organizing and managing diversified corporate activities including depository related Share Registrar activities. THK Associates (Pvt) Limited, previously an associate of KPMG Taseer Hadi & Co., has been restructured in terms of requirements of Clause XL of the Code of Corporate Governance and the shareholding of THK partners has been divested in the year 2004. Mr. Yunus Dawood, Chief Executive of DYL Motorcycle Limited, a shareholder and Director was appointed as Chairman of the Company in 2008. Mr. Javed Iqbal, former Chairman an

Stocks Observer. com

Search This Blog