The Securities and Exchange Commission of Pakistan (SECP) has unearthed 20 major cases of market manipulation, including nine cases of insider trading, during 2017 and taken appropriate action against those involved in insider trading.
Sources told Business Recorder here on Monday that the Commission has taken action against 20 market manipulators involved in different crimes including nine cases of insider trading in 2017 as compared to 17 cases during 2016. In 2015, the Commission has detected five cases of market manipulation and four cases in 2014.
The SECP enforcement activities included on-site inspections, offsite review, enquiries, investigations and specialized inspections to effectively implement SECP''s regulatory framework. In 2017, a total of 16 investigations were initiated among which 13 were completed.
The SECP has conducted compliance reviews and 1,150 cases were forwarded for adjudication against the non-compliant securities brokers. A total of 155 notices were issued to listed companies by the SECP seeking explanation for unusual price and volume fluctuation, sources added.
At the same time, 596 letters were issued to the securities brokers by the SECP who had failed to submit their financial returns for various quarters or were irregular filers requiring them to ensure submission of pending quarterly financial returns of various quarters while ensuring full compliance in the future.