SECP is not addressing the core issue of Stock Market: Senator Saleem Mandviwalla
ISLAMABAD: Former Finance Minister and PPP Senator Saleem Mandviwalla said that SECP is not addressing the core issue of Stock Market.
He held that SECP current actions against brokers and the threat of using FIA and NAB are only denting sentiments which are evident by the current wave of selling by foreigners’ months before Pakistan’s inclusion into the MSCI index. These kinds of actions will keep genuine investors away from the market and cause an artificial crisis”.
Senator Saleem Mandviwalla question that why despite nine types of audit and compliances, SECP has not been able to protect investors. Moreover these round the year inspections and audits have become errant to compliant brokers.
Senator SaleemMandviwalla said that “It is also suspicious to see how some brokerages have been able to pass through audits for years at end without any of their non-compliances coming to the fore. And only now once the Chinese are ready to take over, has the SECP decided to reign in these brokers who for years had been non-compliant”.
Senator SaleemMandviwalla concluded that “SECP must rethink its strategy without any ulterior motives and stay in the ambit of law and to listen to elected representatives of the people of the country and stop trying to be more loyal than the king”.
Source : Online