secpKSE praises government, criticises SECP

Terming the incumbent government’s policies `business-friendly’, Karachi Stock Exchange (KSE) members said that these policies reflected in investors’ confidence in the stock market. “The Karachi Stock Exchange has achieved unprecedented progress in terms of its performance during the last one year,” said a press release of KSE Stockbrokers Association issued here on Friday.

However, the Association through the same press release pointed out that its members have been deeply hurt by the recent punitive and insulting action of the SECP against the KSE by imposing a penalty/fine on their managing director, deputy managing director and the Exchange itself on the plea that they have been lenient to the TREC Holders.

The press release further said: “The SECP has `wittingly’ or `unwittingly’ given a wrong message to the prospective strategic buyer on the eve of Demutualization of the Exchange. Is it an attempt to sabotage the Privatisation/Economic programme of the Government? Is it an attempt to fail the Demutualization of the Exchange? Many such questions are being asked, the release said, alleging that “matters like market manipulation already investigated by SECP are not being pursued vigorously.”

“Instead the SECP wasting its energy in subduing and ridiculing its own arm, the frontline regulator in the eyes of the regulated and the public at large,” the press release said, adding: “As against this, the KSE has settled investors’ claims worth more than billions of rupees to the satisfaction of the parties.” The KSE Stockbrokers’ Association hoped that the concerned authorities would take remedial measures to improve the working of the SECP by recruiting officers in a transparent manner, the release concluded. – PR

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