ISLAMABAD, Aug 21: Directors of two more forex brokerage companies were on Thursday put on the Exit Control List (ECL) by the Rawalpindi Bench of Lahore High Court on a petition filed by the Securities and Exchange Commission of Pakistan (SECP).

During hearing of the petition against directors of the two companies — M/s Tycoons International (Pvt) Limited and M/s Exchanges Impex (Pvt) Limited — Justice Mr Tanveer Bashir Ansari, in his order, also restrained all the directors of the respondent companies from alienating assets including immovable properties of the companies without the permission of the court.

These are among the 11 forex brokerage companies against which, according to official source, the SECP has initiated legal proceedings in various High Courts of the country under the allegation that they were involved in illegal and fraudulent transactions.

With a view to safeguarding the public interest against such unauthorized activities, the Securities and Exchange Commission of Pakistan had requested in its petitions that the directors of these companies be placed on ECL and their personal as well as companies’ accounts frozen.