No Agent can make Sterile sale: SECP

The Securities and Exchange Commission of Pakistan (SECP) Thursday hauled to the stock exchange agents that no securities agent will earn a blank sale for its own account or to your clients’ accounts except in the manner and to such extent as provided for over the regulations of the securities market.

The SECP has issued alterations in the Securities Agents (Accreditation and Operations) Regulations, 2016.

The SECP has also revised regulation about the brief selling by a securities agent.In the event of overdue payment for some bank, CIB reports by the State Bank of Pakistan will likely be analyzed and if there’s a overdue/past because payment to a bank, regardless of quantity, in late column of the most recent CIB report of the individual and of those firms, companies, sole proprietorship etc., such individual is a primary executive, manager (other than nominee manager ), proprietor or spouse or host etc. ), such individual shall be considered fit and proper person except

(a) in case where such overdue amount is below litigation and the exact same is also emerging as sum under lawsuit in CIB account; or
(b) No delinquent payment is appearing from the late column at the following latest CIB report; or
(c) such individual provides the documentary proof of having no directorship in companies, companies, sole proprietorship etc.
,
aside from brokerage house, revealing overdue standing in their CIB reports. In the event of late amount in CIB report, no denying will be made unless the individual was given an opportunity of producing a representation before the Commission, SECP added.

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