ISLAMABAD: The Securities Market Division of the Securities and Exchange Commission of Pakistan (SECP) has taken enforcement actions against market participants for non-compliance to the regulatory framework during the month of February, according to a statement issued.
An order was passed against the ex-fund manager of an asset management company under Section 15A 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 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.
In line with the Financial Action Task Force recommendations for implementation of an efficient anti-money laundering/counter financing of terrorism regime in Pakistan, amendments were approved to the general regulations of the Karachi Stock Exchange.
These amendments require all brokers to formulate and implement effective know your customer and customer due diligence policies and procedures in accordance with the guidelines issued by the exchange, with the prior approval of the SECP and any notices or circulars issued by the SECP from time to time.
During the month, two complaints pertaining to listed companies were resolved, the statements said.
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