SECP moves against unlicensed brokerages
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By Our Staff Reporter | 4/15/2017 12:00:00 AM
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has taken action against unlicensed entities carrying out trading operations in currency and commodity markets across the country.

These illegal trading and brokerage establishments are operating in collaboration with foreign counterparts and use foreign trading platforms/ exchanges, a press release said on Friday.

It said the regulator had targeted such elements back in 2002-03. That exercise led to enforcement action against 39 establishments, including White House Securities, Wall Street Securities, Tycoon International, Exchange Impex and United Brokerage. The SECP also had the names of directors of some companies put on the Exit Control List (ECL).

This time round, the SECP has gathered preliminary data about more than 30 illegal operators, the statement said. The SECP will forward the list of illegal brol(erage houses and their agents to the FIA for an immediate crackdown.