According to a press release issued by the SECP, Securities and Exchange Commission has asked the Pakistan Stock Exchange to remove from Hussain Lawai from the chairmanship of the Exchange and appoint a new chairman of the Board.
SECP, the regulator of the capital market in a notification signed by the Commissioner Zafar Abdullah said it has come to the knowledge of the SECP that a First Information Report (FIR) date July 6, 2018 has been registered by the Federal Investigation Agency under Pakistan Penal Code read with Prevention of Corrpution Act, 1947 and the Anti-Money Laundering Act 2010.
The FIR among other individuals also nominates Mr Lawai as one of the accused and Mr Lawai has been arrested by FIA for further investigation.
The Commission after considering the circumstances as stated above with respect to Mr. Lawai, in the interest of general public and the capital markets, in exercise of its power conferred under Section 12 read with Section 170 of the Securities Act, 2015, hereby directs PSX, through its Chief Executive Officer, to immediately remove Mr. Lawai as Chairman of the board of directors of PSX under intimation to the Commission and appoint a new Chairman of the Board, while ensuring compliance with the regulatory requirements.
