KARACHI: Authorities of Karachi Stock Exchange (KSE) denying the Securities and Exchange Commission of Pakistan’s (SECP) move of imposing penalty of Rs. 1.7 million and decided to challenge this action, ARY News reported.
According to details an appeal will be filed in SECP’s tribunal within three days while KSE management also considering to challenge the penalty in High Court.
KSE sources said declared SECP’s stance as personal rivalry.
On Monday (May 25), the SECP issued two orders, imposing a penalty of Rs 200,000 on Managing Director Karachi Stock Exchange (KSE) and Rs 500,000 on his deputy for not properly following system audit regulations and not taking timely enforcement actions against non-compliant brokers.
And through another order in the same context, the SECP has imposed a penalty of Rs 1 million on Karachi Stock Exchange (KSE) for deviating from the requirements as laid down in the System Audit Regulations and is negligent in the discharge of its duties and obligations.