SECP, Pakistan Stock Exchange (PSX) in Grip of Powerful Brokers?
The Securities and Exchange Commission of Pakistan (SECP), along with the top management of Pakistan Stock Exchange (PSX) seem adamant on keeping mum over the recent scam worth more than Rs 1.5 billion. This is despite lodgment of 11 FIRs in Mithadar police station and FIA Corporate Crime Circles (CCC) against Wamiq Mohammad Yousaf, allegedly a front man of Zafar Moti Securities and Adam Securities. FIA sources say that so far, around Rs 40 million have been recovered from Wamiq Yousaf during the investigation and this very same amount would soon be distributed among the complainants. According to the SECP source, at least 20 names were recommended by the PSX, out of which SECP selected seven directors. Earlier, the PSX Board had already elected seven directors on behalf of the PSX shareholders for a period of three years. The election was held at an extraordinary general meeting (EOGM) on April 19. The Securities and Exchange Commission of Pakistan (SECP) Wednesday selected seve...