National Assembly panel to examine stock market crash probe report by month's end

A five-member subcommittee of National Assembly finance panel will meet in the last week of this month to look into the Securities and Exchange Commission of Pakistan (SECP) report on stock market's March crash.
The committee will suggest amendments in SECP Act to make it stronger for effectively monitoring stock market activities.
The Commission had tabled the much-awaited report titled 'Review of the Stock Market Situation March 2005' during the first meeting of the standing committee on August 3.
However, the legislators expressed dissatisfaction over Commission's efforts, and a sub-committee of the standing committee on finance and revenue was formed.
They expressed reservations over the performance of SECP, saying that the Commission had failed to play its role as regulator despite having expertise and mandate to regulate the activities of trading at stock exchanges.
The sub-committee consists of Tufail Ahmed, Naveed Qamar, Ghulam Murtaza Satti, Liaquat Baloch and Kashmala Tariq.
A member of the committee told Business Recorder that the meeting would take place in the last week of this month. "We have not been formally informed yet, but it would most probably be held after the ongoing National Assembly session," he added.
He said the committee would thoroughly look into the report of Securities and Exchange Commission of Pakistan and action taken by the Commission.
However, he expressed his ignorance if the Commission had submitted any fresh details.
He said that situation after local bodies elections and ongoing National Assembly session were major reasons of delay in convening the meeting of the sub-committee.
He said there was dire need of bringing amendments in SECP Act to introduce an effective monitoring system so the Commission could initiate stern action against brokers involved in the manipulation of stock markets.