SECP penalises illegal commodity exchange by Rs 10 million | Pakistan Today

SECP penalises illegal commodity exchange by Rs 10 million

islamabad – The Securities and Exchange Commission of Pakistan (SECP) has taken notice of unregistered futures trading at the country’s commodity exchange to protect the interest of small investors. In this concern, the apex regulator said, the SECP had issued an order against Ravi Oil Cake Traders, a partnership firm, for operating an illegal commodity exchange. It said the firm had violated Section 3 (1) of the Securities and Exchange Ordinance 1969 by providing unauthorized trading facilities in cottonseed oil futures contracts thereby posing a risk to the deposits of numerous investors. “A penalty of Rs 10 million has been imposed on the two partners of the firm,” the Commission added. The SECP also cautioned the general public that all transactions in the commodity futures contracts in the country were governed by the Commodity Exchange and Futures Contracts Rules 2005.
SECP fines three insurance companies: The Securities and Exchange Commission of Pakistan (SECP) imposed a penalty of Rs 421,000 on three defaulting insurance companies due to their non-compliance with the statutory deposit requirements. According to a statement of SECP, the insurance division of the commission, as part of its enforcement and regulatory function, passed three orders, fining defaulting insurance companies in December, mainly on the grounds of non-compliance with the statutory deposit requirements. The department also recovered the penalty of Rs 421,000 from the companies.



Related posts

Top