KARACHI: A joint task force of the Federal Investigation Agency (FIA) and the Securities and Exchange Commission of Pakistan (SECP) was formed on Monday, a press release by the SECP said.

It said that the task force was formed on the instructions of Federal Minister for Interior and Narcotics Control Chaudhry Nisar Ali Khan.

The SECP stated that it was done to set a coordination mechanism between the two organisations to deal with sensitive issues in the capital market. “This joint task force will discuss all matters prior to initiation of any actions by FIA pertaining to the capital market.”

The SECP added: “Both the government institutions” had nominated their senior officers as members for the joint task force. Furthermore, nomination of officers at the zonal/operational level between the two institutions was initiated.

“The first joint task force meeting in this regard is scheduled to be held on Jan 19 at FIA Headquarters in Islamabad,” SECP said.

Meanwhile, a press release by the Pakistan Stock Exchange (PSX) stated that its board of directors on Monday “discussed the present situation of the bourse and uncertainty created by investigation of some brokers.” The statement said that the board was of the view that due to the specialised nature of the stock market, investigations related to the securities industry should be routed through the frontline regulator.

The board also decided to communicate with the SECP to suggest procedural aspects of investigation of stock market participants.

Published in Dawn, January 19th, 2016