Securities and Exchange Commission of Pakistan – SECP Policy Board revealed that Pakistan Stock Exchange or PSX is facing over regulation.
Pakistan Stock Exchange is suffering from over regulation as revealed by the SECP Policy Board on Wednesday (yesterday). However, they ordered the regulator to suspend annual renewal of brokers and to rationalize fee structures.
Professor Khalid Mirza led the SECP policy board meeting. However, Suleman Mehdi, Pakistan Stock Exchange Chairman, delivered the presentation to SECP board.
Suleman Mehdi also highlighted some key regulatory and policy issues that are creating hurdles for stock exchange intermediaries and other operators.
While recognizing PSX concerns, SECP board prescribed that there ought not be any restoration by the SECP as it has the authority to implement penalties and even suspend activities of any broker.
In addition, they also noticed that any suspicious activity should checked constantly and penalties be implemented in like manner’.
SECP board likewise noticed that the standards and controls with respect to securities exchange and brokers have been surrounded expecting that the market players were guilty parties.