Operation clean up in SECP on cards

Operation clean up in SECP on cards

Islamabad: Dated April 30^th

Acting Commissioner Security and Exchange Commission of Pakistan (SECP) has decided to launch an operation cleanup in the financial regulator.

The decision has been taken after the institution faced questions regarding its reputation due to highly controversial steps taken by the former chairman SECP who was recently relieved by the Supreme Court, sources said.

The former chairman appointed dozens of officials to please certain lobbies, the sources said adding that eight directors against three hundred thousand salary per month.

Similarly, many consultants were hired which increased salary bill of SECP by ten million per month.

According to a statement posted on the website of Pakistan Media Group, the former chairman took unjustified actions against companies which were considered against his former boss Aqil Karim Deedhi.

In collusion with a major insurance company, the former chairman not only shifted Insurance Division to Karachi but appointed their nominee as Insurance Commissioner.

The decision not only resulted increased expenditure but harassment of thirty five small insurance companies to grab their business. Some of the small companies are considering to close businesses, insiders informed.

An official of the Insurance Division has opened an agency in an insurance company in the name of his wife to get commission worth tens of millions.

Why a specific division is working in Karachi when rest of the divisions in the financial regulator can discharge duties from Islamabad, sources questioned.

Pakistan’s corporate sector will never progress and masses deprived of their lifetime earnings in artificial market crash will never get justice unless SECP is cleared of corrupt elements.