Federal Finance Minister Ishaq Dar has asked the Securities and Exchange Commission of Pakistan (SECP) to adopt a policy of ‘zero tolerance’ against insider trading and set the example by identifying and penalising black sheep in the stock market so that it serves as deterrence.
On his visit to the SECP office in Islamabad yesterday, Dar said incidents of insider trading and market manipulation like price manipulation, blank selling, front running, etc had severely damaged the interest of small investors and must be curbed for the protection of investors.
Later, while speaking to the SECP employees, the finance minister said the role of SECP was not limited to regulating the corporate sector and the capital market, but also facilitating and protecting the small investors.
He highlighted the SECP’s recent initiatives including the development of sukuk regulations, book-building regulations, unit link rules for life insurance and approval of Real Estate Investment Trusts (REITs).
On the occasion, SECP Chairman Zafar Hijazi and commissioners gave a detailed presentation in relation to the SECP’s reform agenda and areas requiring the government’s support.
He said the SECP was very firm in its mission of developing a transparent and vibrant capital market, efficient and compliant insurance, NBFC and corporate sectors.
