This has reference to an incisive, analytical and thought provoking article, (Business Recorder, August 29) by Khalil Ahmad, under the above caption.
As pointed out by the worthy writer, Securities and Exchange Commission of Pakistan (SECP), deserves appreciation of small investors for not succumbing to the enormous pressure exerted on it by the scheming, conniving and manipulating, the so-called KSE directors, who are responsible for the successive capital market crashes, to allow short selling.
The KSE mafia, AKA, The Gang of Five, have taken the small investors to the cleaners by indulging in unethical speculative short selling, without being in possession of the stocks they have been manipulating. Everywhere in the world where short selling is allowed, the brokerage house or sellers are required to provide credible evidence that they are physically holding such stocks. One sincerely hopes that SECP will continue to ward off the pressure of the self-serving brokerage houses and keep a check on their unethical activities.
In tandem with the appreciation, SECP must also be taken to task for not completing and presenting the investigative report on the 2005 capital market crash. The question is: if and when a similar exercise will be undertaken for the 2006 crash and when will this be presented, hopefully not in the next millennium?
It is hoped that SECP will conduct itself as a strong watch dog and not as a pliable lump of plasticine in the hands of manipulating brokerage houses, vested interests or the corrupt government functionaries.