The National Assembly standing committee on Finance has directed the Securities and Exchange Commission of Pakistan (SECP) to submit an investigation report on the brokers and financial institutions involved in March 2006 stock exchange crash by April 10.
Chairman of the committee Anwar Ali Cheema directed the SECP on Thursday to submit a detailed report on the issue by the deadline otherwise the committee would launch its own investigation to punish the culprits.
The committee members expressed serious concern over the non-availability of requisite information for current investigation with the SECP. The committee decided to start investigation unilaterally if the SECP did not submit an investigation report by April 10.
During the proceedings, the committee members asked the SECP officials to give a time period for submission of report. On the other hand, the SECP Chairman Raziur Rehman Khan did not specify a timeframe for submission of report taking the plea that investigation involves a lengthy procedure. Therefore, a specific timeframe could not be given to the committee.
Murtaza Satti, of Pakistan People's Party-Parliamentarians (PPP-P), said the SECP was wasting the committee's time, as it was not ready to conduct proper investigation. Sardar Tufail, of the ruling Pakistan Muslim League (PML), said the committee should come forward to play its due role to improve the situation.
Naveed Qamar, of the PPP-P, said the committee should draw a strategy to quash the rumours that the market crash issue would be shelved with the passage of time.
The committee asked the SECP to justify the forensic investigation, which did not spot 'actual culprits' costing over a million dollars. Following a clause-by-clause reading of the Anti-Money Laundering Bill, Cheema announced that the committee would now meet on March 20, on a requisition by Sardar Ayaz Sadiq and others.
Cheema rejected a request of State Minister for Finance Omar Ayub Khan for finalisation of the Anti-Money Laundering Bill in the next meeting. Cheema said the bill could not be finalised during a meeting requisitioned by committee members, who wanted to take up textile industry problems.
Kashmala Tariq said the anti-money laundering body, as proposed in the bill, should not be dominated by the government. "We should frame laws to protect our interests, not on the behest of US or any other state. The body should be independent of government influence with sufficient powers to act as a corporate watchdog."
On conclusion of the committee meeting, Cheema told reporters a taskforce, formed to investigate the matter, had found flaws in policies of the SECP. "Now the SECP is drawing itself out of the investigation, having spent too much money and time on the topic. It seems as if the SECP was helping the actual culprits," he added.
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