THE Securities and Exchange Commission of Pakistan (SECP) regulates non-banking finance companies (NBFCs) and oversees the protection of borrowers’ rights and confidential information. Alleged privacy violations involving a licensed NBFC have raised questions about regulatory oversight.
Publicly available social media content allegedly associated with some employees of the said NBFC, including a Facebook page, has published borrowers’ photographs and caste-wise lists identifying alleged defaulters. These practices could constitute serious breaches of customer confidentiality and responsible recovery standards.
Caste-based disclosures may also expose entire communities to humiliation and discrimination. Financial recovery must never override human dignity.
I had lodged a complaint with the SECP on Sept29,seekingregulatoryintervention. On Oct 20, the SECP responded that my suggestion had been duly noted.
This is not the speed at which the world moves today. My focus solely is on public interest. It is not about defaming any institution or individual, but strengthening regulatory accountability and protect the rights of borrowers. The SECP should conduct a detailed, impartial investigation, establish whether regulatory violations occurred, and take appropriate action.
Imtiaz Junejo Hyderabad