SECP registers criminal proceedings against a brokerage firm

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal complaint against the brokerage company registered in Lahore Stock Market under Section 38 of SECP Act, 1997 and Section 29 of the Central Depository Act, 1997, ARY News reported.

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According to details SECP has registered a criminal proceeding case in the lower court against Stock Master Securities Pvt Ltd (SMSPL) for unauthorized movement of shares.

SECP spokesman said the company [SMSPL] was found involved in buying and selling of shares without the permission of investors.

The investigations against SMSPL were carried under SECP ordinance 1969 that revealed company’s involvement in unauthorized movement of shares from their CDC sub-accounts, he added.

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