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SECP meets PSX: M.R. Securities brokerage’s owner flees the country with investors’ millions?

SANA MAHMOOD

KARACHI: Taking notice of the rumors that owner of Lahore-based (brokerage house) M.R. Securities has fled the country with millions of investors’ money, Securities & Exchange Commission of Pakistan (SECP) has asked vanguard Pakistan Stock Exchange (PSX) to do the needful.

PSX board of directors has been told by the SECP Chairman Zafar Hijazi that defaming of market by defrauding investors was unacceptable.   

The PSX board members were inquired in an urgent meeting called by SECP about the protective measures taken by PSX in order to ensure the safety of investors’ money.  

SECP was told by the PSX officials that a scrupulous probe will be conducted to figure out how the stockbroker in question managed to bolt from Pakistan without their knowledge.

The board members of PSX also assured the SECP chief that they will endeavor to pin point which officials were neglectful in this respect.

Findings of the investigation will be shared by the SECP on Monday 13th Feb., 2017.

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.