KARACHI, June 16: GEO TV has demanded an apology from the Securities and Exchange Commission of Pakistan (SECP) for alleging that a news item on the network was responsible for causing a drop in the Karachi Stock Exchange Index, says a press release.

On June 6, SECP had issued a notice to GEO TV for carrying a news ticker that led to a drop in the KSE-100 index.

The SECP accused the TV network of “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 ticker quoted the Federal Bureau of Revenue chief Abdullah Yusuf 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.