September 3, 2003	Wednesday	Rajab 5, 1424

ISLAMABAD, Sept 2: The Securities and Exchange Commission of Pakistan (SECP) has taken further regulatory action against 22 brokerage companies engaged in illegal and unauthorized business under sections 472 and 88 of Companies Ordinance 1984.

The commission prohibited these firms from inviting and accepting deposits from the general public forthwith and ordered to return any money already collected by them.

According to a press release of the SECP this measure was in addition to the successful judicial action already being pursued by the commission against such companies.

A prohibitory order has also been passed against M/s Apex (Pvt.) Limited under the Securities and Exchange Ordinance, 1969 for carrying out unauthorized brokerage activities.

Further the SECP has decided to take action under section 264 of the Companies Ordinance against those companies who have failed to furnish requisite information pertaining to their activities to the Registrar of Companies.

The following six companies have failed to furnish the requisite information and these include: Nobel Management (Pvt) Limited; CFC Global (Pvt) Limited; Services International (Pvt) Limited; Trade and Brokerage (Pvt) Limited; Forex Management Consultants (Pvt) Limited; and Highlinks Pak (Pvt) Limited.

Further, the SECP has called for relevant information under section 261 of the Companies Ordinance from the following companies reportedly involved in unauthorized activities.

These companies include: Universal Resources (Pvt) Limited; Glonex (Pvt) Limited; Global Links (Pvt) Limited; International Financial Consultants (Pvt) Limited; Top Worth Equity (Pvt) Limited; Harvest Smartened Securities (Pvt) Limited; Daxing International (Pvt) Limited; Intertrade Intelligence & Communication (Pvt) Limited; Aglam Global Links (Pvt) Limited; Futures Trading Advisers (Pvt) Limited; Intercomex Financial Data Services (Pvt) Limited; Credit Manhattan Securities (Pvt) Limited; Fortune Financial Consultancy Services (Pvt) Limited; Forex Links (Pvt) Limited; and Apex Services (Pvt.) Limited.

In case the aforementioned companies fail to provide the requisite information, action against the errant companies shall be taken pursuant to section 264(4) of the Companies Ordinance.

The SECP will ensure that irrespective of the legal form of these businesses, no one escapes the ambit of law, the release concluded.—APP