The Chairman of Securities and Exchange Commission of Pakistan (SECP), Zafar Hijazi, said on Tuesday that SECP is actively working with the National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) to keep track of the on-going crimes in the country’s financial market. The main aim of the move is to take actions against self-acclaimed market gurus and market manipulators.
“After two years of hard work, we can comfortably claim that no criminal can hide from the SECP as we are continuously monitoring the capital markets,” he said while talking to media personnel at the SECP head office.
Moreover, we recently reported that SECP caught a man who was involved in illegal trading. Reports indicate that the individual earned millions of rupees by tricking people with his so-called “pump and dump” scheme.
Many analysts believe that this is the right step towards deterring such self-proclaimed market gurus, who provide wrong financial information to the public for their personal benefits.
The SECP, in its attempt to fight financial fraud (such as financial cybercrime), has been leading an initiative aimed at the formation of a high-level financial cybercrime prevention committee. The committee, comprising of SECP, State Bank of Pakistan (SBP), National Accountability Bureau (NAB), and Federal Investigation Agency (FIA) heads, will take proactive and broad-based enforcement action against financial criminals.
The Chairman of SECP, Zafar Hijazi, appealed to investors to not get tricked by the reckless tips offered by unauthorized person.