SECP refutes media reports regarding crackdown against companies

News Image

By MG News | Category Equity | July 18, 2019 at 02:09 PM GMT+05:00

0:00

July 18, 2019: The Securities and Exchange Commission of Pakistan here on Thursday said that no crackdown was being planned or under consideration of the commission.

In a press release, the SECP strongly refutes news appearing in a section of the press and electronic media attributing any purported action against companies.

It said that being the apex regulator of the corporate sector, the SECP was taking all necessary steps to ensure beneficial regulation and growth of capital market and corporate sector in the country.

It is also clarified that SECP does not regulate or enforce Income Tax Ordinance, 2001 or Benami Transactions (Prohibition) Act, 2017. SECP’s powers are restricted to offences provided in the SECP Act, 1997, and other administered legislation as provided in its schedule.

The recently notified rules, that is the “SECP (Search and Seizure) Rules, 2019”  are a requirement of law under section 31 of the SECP Act, 1997,  which  merely lays down strict procedures for use of powers by the SECP’s investigation officers.

 It is reiterated that these powers are restricted to investigations ordered by the commission under the SECP-administered legislation. As wrongly reported in a section of the media no new powers have been bequeathed to the SECP.

 It is clarified that the powers of search and seizure and forced entry have been part and parcel of the SECP Act, 1997, since the establishment of the commission.

It is stressed here that recently notified rules are aimed at helping the commission to curb any potential misuse of authority by the investigation officers.

The rules, inter alia, require investigation officers to first seek authorization, in writing, from the commission, comprising of five commissioners for the purpose of search and seizure.

Further, in certain circumstances, the order from the relevant magistrate is also required.

Related News

Name Price/Vol %Chg/NChg
KSE100 122,143.57
238.19M
-1.57%
-1949.56
ALLSHR 76,055.22
966.52M
-1.36%
-1051.07
KSE30 36,883.30
115.66M
-1.74%
-653.39
KMI30 180,397.18
129.11M
-2.16%
-3973.50
KMIALLSHR 52,092.45
393.86M
-1.73%
-918.69
BKTi 29,957.41
15.86M
-1.36%
-411.82
OGTi 27,188.26
11.39M
-1.70%
-471.10
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 105,450.00 106,630.00
103,010.00
-1645.00
-1.54%
BRENT CRUDE 74.62 78.50
70.41
5.26
7.58%
RICHARDS BAY COAL MONTHLY 88.00 0.00
0.00
-2.00
-2.22%
ROTTERDAM COAL MONTHLY 103.60 103.60
103.50
1.00
0.97%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 73.60 77.62
68.49
5.56
8.17%
SUGAR #11 WORLD 16.31 16.50
16.31
0.04
0.25%

Chart of the Day


Latest News
June 13, 2025 at 05:34 PM GMT+05:00

Gold price in Pakistan rises Rs4,600 per tola


June 13, 2025 at 05:03 PM GMT+05:00

PSX Closing Bell: A Hard Day’s Fall


June 13, 2025 at 04:56 PM GMT+05:00

PKR falls 79 paisa per USD in a week


June 13, 2025 at 04:45 PM GMT+05:00

Silver lining finally shines through


June 13, 2025 at 04:43 PM GMT+05:00

Pakistan steps Into data-driven future with NODP



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg