Continuing its efforts for the development of transparent and efficient stock market, the SECP has adopted a vigorous approach to ensure investors' protection and strengthen enforcement procedures. The SECP's Securities Market Division has been practicing vigilant supervision and stringent oversight of the securities market.
In this regard, the SMD issued 20 orders, six show cause notices and six warning letters to various companies and individuals for contravening various securities and corporate laws in May. Three orders were issued against listed companies for violation of listing regulations of the Karachi Stock Exchange (KSE). An order was passed against Sui Northern Gas Pipelines Limited for non-disclosure of material information regarding financial results of the company and a penalty of Rs 1 million was imposed. Another order was passed against National Refinery Company Limited for dissemination of incorrect financial results to the exchange and a penalty of Rs 500,000 was imposed. An order was issued against Ecopack Limited for late dissemination of half-yearly results to the KSE and a fine of Rs 25,000 was clamped.
Fourteen orders were passed against directors/beneficial owners of listed companies for late filing of the returns of beneficial ownership u/s 224 of the 1984 Companies Ordinance. In this regard, orders were issued against two director/beneficial owner of KASB Bank Limited, four beneficial owners of Asia Insurance Company Limited, two beneficial owners of Fateh Industries Limited, three beneficial owners of Fateh Sports Wear Limited, two beneficial owners of TPL Trakker Limited and a beneficial owner of TPL Direct Insurance Limited.
An order was issued against Avais Hyder Liaquat Nauman Chartered Accountants for calculation of wrong net capital balance of a brokerage house. Further, orders were issued against Intermarket Securities Limited, Member KSE and Muhammad Hashim, Member PMEX for submission of wrong information to the Commission. During the month, five show cause notice were issued to KSE brokers and their auditors for violation of the Securities and Exchange Ordinance, 1969. Moreover, show cause notice has been served to a listed company for violation of listing regulations.
In the month of May, three warning letters were issued to chairman of Murree Brewery Company Limited, Honda Atlas Cars Pakistan Limited and Murree Brewery Company Limited for not abiding by the listing regulations. Moreover, two warning letters were issued to two individual investors for execution of wash trades. A warning Letter was issued to ex-CEO of a listed company for late submission of the tenderable gain.-PR
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