ISLAMABAD, June 7: The Securities and Exchange Commission of Pakistan (SECP) has issued notice to the GEO television network for “acting in an irresponsible manner and deceiving public at large by running a news ticker about the issue of extension in exemption to capital gains tax (CGT)”.

The news ticker, aired on GEO News on Friday, related to an interview with Mr Abdullah Yousuf, Chairman, Federal Board of Revenue.

The ticker quoted the FBR chief as stating that no decision had been taken by the government regarding extension in exemption on CGT and that the matter would be addressed in the coming finance bill.

“There was significant adverse effect of this news on the capital market and within 15 minutes of the airing of news ticker, KSE 100 index dropped by over 200 points,” an SECP handout said on Saturday.

It said Finance Minister Naveed Qamar had already announced on June 4 that the government had extended exemption on CGT for two years.