SECP rejects report, says it is cooperating with NAB

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ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has clarified a news item in The News headlined “Officer who dug out Rs82 billion Ogra scam being harassed”. It said the accusations made in the report on the SECP were unfounded and unsubstantiated.It said: “The Securities and Exchange Commission of Pakistan (SECP) is the largest statutory regulatory authority in Pakistan. The SECP, being the apex regulator of capital markets, has been entrusted with the responsibility to regulate and augment investor confidence by protecting public interests through effective enforcement and oversight of the stock market. The contributions made by SECP are widely acknowledged at domestic and international level.

“We take this opportunity to reiterate the unflinching resolve and commitment of SECP to facilitate NAB in its endeavours to eradicate corruption and corrupt practices from the society. Over the years SECP, in consultation with NAB authorities, has established a very effective, efficient and meaningful relationship for providing authentic information to augment NAB in its various investigations. Since 2007, a dedicated Senior SECP officer is nominated as coordinator to assist and provide all information as and when required by NAB. All the information provided to NAB in the past five years by SECP is on record which clearly reflects substantial provision of assistance by SECP to NAB. In addition to this NAB has also been facilitated by providing timely information and record through our Company Law Division and Company Registration Offices throughout Pakistan through an officer designated as SECP co-ordinator for information sharing with NAB.

“This arrangement to provide the requisite information through a designated officer is necessitated in view of the mandatory requirements of Section 35 of the Securities and Exchange Commission of Pakistan Act, 1997 (SECP Act, 1997) whereby no officer is allowed to submit any information to any organization or authority without authorization from the SECP Chairman.

“It is important to note that the said news item has stated that criminal proceedings have been initiated against a female officer of the SECP. It is clarified that no such criminal proceedings have been initiated and an investigation is pending against her for violations of the relevant laws and procedures pertaining to the SECP employees. The officer had requested a transfer from the Karachi office to Islamabad office last year and is presently working as a Deputy Director in the Securities Market Division. The officer is not facing any harassment in any proceedings against her and neither has she been stopped from performing her functions at her designated position.

“On the morning of January 11, 2013, Director (SMD) who was the authorized officer of the Commission in terms of the SECP Act, and intimation whereof had already been provided to the NAB authorities, visited NAB office with all the relevant information and informed them that he is present on the instructions of the Commission to assist in their ongoing investigation in Tauqeer Sadiq’s case. Subsequently, other officers of the Commission, including SMD commissioner, also attended NAB offices and provided all the information required by NAB officials. It is important to point out here that the Commission, continuing its history of assisting other authorities, had provided the relevant information in the Ogra investigation as desired by NAB vide its letter dated November 16, 2012, received in SECP on November 28, 2012, and information was also provided on December 4, 2012.

“In view of the above, it is reiterated that since the Commission has at no point in time refused to provide any information to NAB, the question of non-compliance with the provisions of the NAB Ordinance does not arise.


Courtesy: The News

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