Senate Standing Committee on Finance has taken notice of Securities and Exchange Commission of Pakistan (SECP)’s interference in the stock market.
Sources said that Standing Committee on Finance Chairman Senator Saleem Mandviwalla said that SECP is manipulating the stock market and pressurising brokers for selling shares, and role being played by SECP in the stock market is dubious.
Saleem also claimed that SECP is taking action against brokers in the guise of Panama Leaks case and wanted to prove that stock market will be affected by the judgment over Panama Leaks.
He said SECP and brokers have a dispute on in-housing financing and it has started a show-off operation against brokers on this controversial issue.
SECP has completely failed to rein in frauds in the stock exchange and investigation into frauds is being hampered despite audit reports, he added.
A meeting of senate standing committee on finance has been summoned in the first week of March to discuss the actions being taken against brokers, he added.