Pakistan News

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  • India to stop licensing indexes, securities to foreign exchanges

    MUMBAI: India’s three main stocks exchanges said on Friday they would stop licensing their indexes and securities or providing data to foreign exchanges, saying such agreements had led trading to migrate outside of the country...

    Foreign markets now offer dollar-based derivative contracts based on Indian indexes, shares and other securities under licensing agreements with Indian exchanges, allowing overseas investors to gain exposure...

  • BCCI proposes limited-over series with Pakistan in India

    The Board of Control for Cricket in India (BCCI) on Tuesday proposed a limited-over series with Pakistan, comprising five one-day and two Twenty20 internationals, but reiterated that the Indian team would not be travelling to Pakistan or UAE for the matches...

    However, since it’s not possible to play them in Pakistan or the UAE, we have to look at playing the series in Northern India in December,” BCCI chief Shashank Manohar told The...

  • Senate clears Securities Bill

    ISLAMABAD: Five years after being presented in parliament, the senate on Thursday passed the Securities Bill-2015, paving the way to upgrade and consolidate legal structure for regulating the capital markets...

    The capital markets are primarily being regulated under Securities and Exchange Ordinance 1969 (SEO 1969), whereas the corporate sector regulator derives inputs from two more laws — the Companies Ordinance 1984 and the Takeover...

  • Investors’ run on ACE Securities

    KARACHI: While there is the investors’ run on stock brokerage ACE Securities, the nest is empty...

    According to the market sources, ACE Securities Chief Executive Officer Haroon Iqbal appears to have fled the country with investors’ Rs350 million...

  • Securities Bill passed by NA

    ISLAMABAD: The National Assembly on Wednesday passed the Securities Bill 2015...

    Presently the securities market is being regulated under Securities and Exchange Ordinance 1969, and there was a need that SEO-69 be repealed and replaced with a comprehensive and modern piece of legislation...

  • Regulators to act against ACE Securities

    KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has decided to take stern action against the directors of ACE Securities (Pvt) Limited for defrauding its clients, initiating an inquiry in the case...

    The SECP in a notice on Wednesday reassured that it was “approaching the law enforcement agencies concerned to bring the directors of ACE Securities back to Pakistan, who have reportedly fled the country...

  • KSE invites claims against ACE Securities

    KARACHI: The Kar­achi Stock Exchange requested investors / clients of the absconding broker ACE Securities to submit their claims arising out of transactions made subject to the regulations of the Exchange along with documentary evidence...

    The last date for submission of claims against ACE Securities is Monday (June 15) after that no claim shall be entertained by the KSE, the bourse stated...

  • New securities law

    AFTER more than a decade of capital market reforms, the new securities law finally makes certain illegal practices in the financial markets criminal offences...

    The law also requires securities exchanges to safeguard clients’ assets and establish a centralised customer protection and compensation fund, a step that ought to have been taken many years ago...

  • Three officials of AKD Securities sent to prison

    KARACHI: A judicial magistrate on Tuesday remanded three senior officials of the AKD Securities in judicial custody in a graft case...

    The FIA arrested the trio on Jan 4 for allegedly convincing the Employees Old-Age Benefits Institution in 2010 through a research report to invest around Rs340 million in a textile company, Amtex Limited, that caused a loss of around Rs290m to the EOBI...

  • AKD Securities CEO, two directors arrested as FIA raids Karachi offices

    KARACHI: Federal Investigation Agency (FIA) on Monday raided two offices of Aqeel Karim Dhedi (AKD) Securities here and arrested the firm's Chief Executive Officer (CEO) Fareed Alam and two directors – Tariq Ghumra and Mohammed Iqbal – over fraud charges that caused a loss of Rs290 million to Employees Old-Age Benefit Institution (EOBI) in 2010, officials said...

    A senior FIA official who was part of the raiding team told Dawn that...

  • FIA arrests chief executive of AKD Securities

    KARACHI: The Federal Investigation Agency arrested on Monday a top notch of capital market giant AKD Securities for causing a loss of more than Rs250 million to the exchequer by allegedly manoeuvring with the Employees Old-Age Benefits Institution, said a senior official...

    The major arrest in recent months by the FIA came after its officials raided first the head office of AKD Securities in Clifton to pick its chief executive Fareed...

  • FIA gets remand of AKD Securities men in graft case

    KARACHI: A judicial magistrate on Tuesday remanded three employees of the AKD Securities in the custody of Federal Investigation Agency in a graft case...

    Around 20 suspects including EOBI ex-chairman Zafar Iqbal Gondal and Hina Dhedhi, daughter of Aqeel Karim Dhedhi, owner of AKD Securities, are shown absconders in the case...

  • Banks investment in govt securities rises to Rs6.33tr

    KARACHI: Banks’ share in overall investments in the government securities has risen to 91 per cent suggesting high dependence of the economic managers on bank borrowings for running government affairs...

    The State Bank of Pakistan in its second quarterly report of this fiscal year stated that banks’ investments in government debt securities stood at Rs6...

  • SECP approves Debt Securities Trustee regulations

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the draft regulatory framework for the licensing and regulation of Debt Securities Trustees (DSTs) in order to promote debt markets in the country...

    The DSTs will be established under Securities Act 2015...

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