Stocks Observer. com

As a part of its mandate to regulate the capital markets and curb unfair market practices , the Securities Market Division of the Securities and Exchange Commission of Pakistan took enforcement actions against the market participants for non-compliance to the regulatory framework during the month of February. An order was passed against ex-fund manager of an asset management company under Section 15 A of the Securities and Exchange Ordinance, 1969. Moreover, a broker of LSE was penalized under Rule 8 of the Brokers and Agents Registration Rules, 2001, for misstatement and failure to provide information to the SECP. Further, show-cause notices were issued to four brokerage houses of LSE under various provisions of the securities laws. In addition, three orders and four warning letters were issued against directors/beneficial owners of listed companies under Section 224 of the Companies Ordinance, 1984, for late filing of returns of beneficial ownership.