February 4, 2020 (MLN): Despite several requests from stockbrokers to revise the contents of the New Brokers Regime, the Securities and Exchange Commission of Pakistan (SECP) has gone ahead and approved the original amendments.
According to the notice issued by SECP on Tuesday, the amendments will be made in three regulations, i.e. Securities Brokers Regulations, Public Offering Regulations and securities and Futures Advisers Regulations.
This obviously has not come down well with the Stockbrokers’ Association, which yet in another letter to the regulator, has expressed bewilderment over the approval.
“PSA is astonished to see that despite the fact that the matter of New Broker Regime (NBR) was fixed for consideration and call notices had been issued to all the stakeholders for February 6, 2020, before the National Assembly’s Standing Committee on Finance, Revenue & Economic Affairs, the draft for proposed Broker Business Model has not only been approved but also sent for Gazette Notification” the letter said.
“Secretary NA Standing Committee when contacted and informed of the development, remarked that it had never happened in the past. He further informed that despite what has happened meeting fixed for February 6, 2020, is on and all parties summoned must attend the same” it added.
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