ISLAMABAD: Senate Standing Committee on Finance has taken notice of Securities and Exchange Commission of Pakistan (SECP) interfering in the stock market.
Sources said that chairman of the committee Senator Saleem Mandviwalla said that SECP is manipulating the stock market and pressurising brokers for selling shares. He added that the role being played by SECP in the stock market is dubious.
Saleem also claimed that SECP is taking action against brokers in guise of Panama Leaks case and wanted to prove that stock market will be affected from the judgment over panama leaks.
He said SECP and the brokers have a dispute on in-housing financing and the SECP has started a show-off operation against brokers on this controversial issue.
He added that SECP has completely failed to rein in frauds in stock exchange. He further said the investigation into frauds was being hampered despite audit reports.
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.
