The Securities and Exchange Commission of Pakistan (SECP) has cancelled licenses of 93 securities brokers during 2016-17. The SECP's annual report 2017 revealed that during 2016-17, licenses of 93 securities, brokers were cancelled. Out of which, licences of 39 securities brokers were cancelled due to the refusal of their applications by the SECP whereas the rest were cancelled due to either relinquishment/surrender of Trading Right Entitlement Certificate of the securities broker or failure of the securities broker to apply for renewal of licence or for being declared as defaulter by the securities exchange.
Subsequent to promulgation of the Securities Brokers (Licensing and Operations) Regulations, 2016 on June 30, 2016, all the brokers registered under the Brokers and Agents Registration Rules, 2001 were deemed to be licensed as securities broker under these regulations and their annual renewal applications were processed in accordance with the requirement of these regulations. Whereas, agents are required to be registered with the SECP under the Brokers and Agents Registration Rules, 2001. Presently registration as commodity broker is being issued under the Commodity Exchange and Futures Contract Rules, 2005, the SECP added.
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