IPI Gas Pipeline - full steam ahead
Prime Minister Shaukat Aziz has clearly said that the United States is not a hurdle for IPI Gas pipeline project. The project is in the greater interest of the region and it will be executed without any hurdle. He also mentioned that security and funding for the project will not be an issue.
This statement is positive news for the Pakistani economy as increased gas supplies are needed to drive the economic engine for the region. In order to grow the economy at around 7-8%, Pakistan needs to develop its manufacturing sector further, and for that energy reserves are the key.
This project would be beneficial for the economy in general, and the fertilizer industry in particular, as it cannot go for expansion due to gas shortages.
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24542 replies to this topic
#8
Posted 20 June 2006 - 09:18 AM
Kuwait to set up oil refinery at Port Qasim
BR
ISLAMABAD (June 20 2006): Pakistan and Kuwait on Monday signed series of agreements and memorandums of understanding for enhancing bilateral economic relations including an MoU for setting up an oil refinery at Port Qasim.
President General Pervez Musharraf and Amir of Kuwait Sheikh Sabah Al Ahmed Al Jaber Al Sabah witnessed the signing ceremony.
=================================
SECP sends risk management proposals to bourses:
comments solicited by June 26
HARIS ZAMIR
BR
KARACHI (June 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has proposed several measures related to the current risk management practices prevalent at the stock exchanges, addressing the issues of:
'netting',
'mark-to-market profit/loss',
'margining',
valuation of securities despotised as exposure, and
'capital adequacy'
The SECP has reviewed in detail the existing risk management framework and, to further improve the system, has asked all stock exchanges to furnish their comments/observations by June 26.
The main objective is to "improve the risk management of the stock exchanges and to bring it in line with international best practices", its letter to Karachi Stock Exchange said.
The 20-page document has addressed all the issues pertaining to improvement through such measures so as to boost the confidence level of the investors.
Under the proposed 'value at risk' (VAR)-based margining system, it says that VAR provides an accurate statistical estimate of maximum probable loss on portfolio when markets are behaving normally. VAR is typically calculated for one-day time period, known as the 'holding period'.
A '99 percent confidence level' means that there is (on average) a one percent change of the loss being in excess of that VAR. As interim measure, it is proposed that VAR-based margins are to be stipulated for each scrip.
The 'margins' would be calculated in 'real-time'. 'Margin' rates would be revised every Friday evening and would become applicable from the following Monday morning. The VAR margin and 'Mark-to-Market' would be collected on 'T', after close of trading, or prior to the start of trading on 'T+1' (same margins would be applicable for all the three markets).
The 'three markets' means:
i) ready market,
ii) futures market, and
iii) CFS
The SECP, regarding 'netting' regime for exposure purposes says that "no netting of open positions shall be allowed across the 'three markets'. The only exception is in 'CFS market' and 'ready market' where a CFS broker financee may have an open ready market sales position and an open CFS purchase position in the same scrip. In such cases, 'netting' shall be allowed, provided CFS purchase position has been released and settlement of both 'open' positions is on the same date.
Regarding 'mark-to-market' loss collection and profit distribution, the regulator has said that this mechanism means "amount payable by the member on account of each client, as well as member's proprietary position, to the clearing house due to difference between weighted average price of the position and the closing price case of outstanding transactions of a client at any predetermined moment of time during a single clearing period".
It further suggests that no 'netting' shall be allowed in profits and losses across markets. Losses shall be 'netted' against profits and net losses shall be deposited with the exchange at the end of each day, or prior to opening of trading the next day.
'Mark-to-market' losses shall be determined every day, at the close of trading, based on the closing prices. Deposit against mark-to-market losses would be accepted either in cash or in the form of approved securities acceptable as deposit against ready market exposure. Unrealised profits shall not be paid to members in any form, except in futures deliverable market.
The draft paper for valuation of securities, as eligible, will be held as security distributed companies in three groups. The main purpose of this recommendation is to categorise collateral effectively and as opposed to the current practice, which only considers turnover and EPS of the scrip for ranking of eligible securities against deposit. All securities should be categorised on measures of liquidity and volatility.
Group 1 would consist of stocks which have been traded on at least 80 percent of the days in previous six months and whose impact cost is less than, or equal to, one percent.
Group 2 shall consist of stocks which have been traded at least 80 percent of the days in the previous six months and whose impact cost is greater than one percent and less 2 percent.
The remaining stocks, which do not fall in Groups 1 and 2, shall be classified as Group 3.
=====================================================
KSE seeks members’ views on SECP proposal
Staff Report
DT
KARACHI: The management of the Karachi Stock Exchange (KSE) has asked for feedback from members of the exchange on the proposed risk management steps received from the regulating authority, Securities and Exchange Commission of Pakistan (SECP), on Monday.
The Exchange management has asked members to send their comments, observations on the proposal in writing by Monday, June 26. The comments or observations would be forwarded to the SECP by the management of the Exchange for consideration.
The management of the KSE has sent the document of proposal sent by the SECP along with the notice issued to the members on Monday. “The SECP has reviewed in detail the existing risk management framework and is pleased to propose for discussion purposes a new management structure attached as I, II, III and IV designed to improve the risk management at the stock exchange,” said the letter of proposal issued by the regulating authority.
The proposal included topic of netting, market to market loss collection and profit distribution, value at risk based margining system and valuation of securities eligible to be held as security.
It also named capital adequacy and said that the paper regarding the topic would be sent to the Exchange on Tuesday, June 20.
=======================================================
JS Finance to launch real estate Modaraba
DT
KARACHI: JS Finance Limited, a Modaraba Management Company is launching Modaraba Al-Makatib, a real estate Modaraba for offices with a capitalization of Rs 200 million.
In a press release issued here on Monday JS Finance Limited said it was in process of attracting investors for pre-IPO investment and underwriting while the IPO was expected in July 2006. This is for the first time that a corporate entity has been formed for the purpose of conducting real state business. The modaraba management has more real estate modarabas in the pipeline to be floated after the flotation of Modaraba Al-Makatib.
It said that Jhangeer Siddiqui and DCD group are the sponsors of JS Finance Limited. Jhangeer Siddiqui Group has a reputation for being the pioneer in financial market and has an operating history spanning four decades while DCD group is a private equity and real estate investment group based in UK, USA and South Africa.
It said a professional team would provide low acquisition cost attracting customers at competitive and viable rates. It said Modaraba intends to acquire office-space properties at all key location to earn high rental yields and reap benefits from capital appreciation. The capital structure would be aggressively managed with a policy of prudent leverage. Exit strategies would be made with investment in assets that appeal to wide group of buyers.
BR
ISLAMABAD (June 20 2006): Pakistan and Kuwait on Monday signed series of agreements and memorandums of understanding for enhancing bilateral economic relations including an MoU for setting up an oil refinery at Port Qasim.
President General Pervez Musharraf and Amir of Kuwait Sheikh Sabah Al Ahmed Al Jaber Al Sabah witnessed the signing ceremony.
=================================
SECP sends risk management proposals to bourses:
comments solicited by June 26
HARIS ZAMIR
BR
KARACHI (June 20 2006): The Securities and Exchange Commission of Pakistan (SECP) has proposed several measures related to the current risk management practices prevalent at the stock exchanges, addressing the issues of:
'netting',
'mark-to-market profit/loss',
'margining',
valuation of securities despotised as exposure, and
'capital adequacy'
The SECP has reviewed in detail the existing risk management framework and, to further improve the system, has asked all stock exchanges to furnish their comments/observations by June 26.
The main objective is to "improve the risk management of the stock exchanges and to bring it in line with international best practices", its letter to Karachi Stock Exchange said.
The 20-page document has addressed all the issues pertaining to improvement through such measures so as to boost the confidence level of the investors.
Under the proposed 'value at risk' (VAR)-based margining system, it says that VAR provides an accurate statistical estimate of maximum probable loss on portfolio when markets are behaving normally. VAR is typically calculated for one-day time period, known as the 'holding period'.
A '99 percent confidence level' means that there is (on average) a one percent change of the loss being in excess of that VAR. As interim measure, it is proposed that VAR-based margins are to be stipulated for each scrip.
The 'margins' would be calculated in 'real-time'. 'Margin' rates would be revised every Friday evening and would become applicable from the following Monday morning. The VAR margin and 'Mark-to-Market' would be collected on 'T', after close of trading, or prior to the start of trading on 'T+1' (same margins would be applicable for all the three markets).
The 'three markets' means:
i) ready market,
ii) futures market, and
iii) CFS
The SECP, regarding 'netting' regime for exposure purposes says that "no netting of open positions shall be allowed across the 'three markets'. The only exception is in 'CFS market' and 'ready market' where a CFS broker financee may have an open ready market sales position and an open CFS purchase position in the same scrip. In such cases, 'netting' shall be allowed, provided CFS purchase position has been released and settlement of both 'open' positions is on the same date.
Regarding 'mark-to-market' loss collection and profit distribution, the regulator has said that this mechanism means "amount payable by the member on account of each client, as well as member's proprietary position, to the clearing house due to difference between weighted average price of the position and the closing price case of outstanding transactions of a client at any predetermined moment of time during a single clearing period".
It further suggests that no 'netting' shall be allowed in profits and losses across markets. Losses shall be 'netted' against profits and net losses shall be deposited with the exchange at the end of each day, or prior to opening of trading the next day.
'Mark-to-market' losses shall be determined every day, at the close of trading, based on the closing prices. Deposit against mark-to-market losses would be accepted either in cash or in the form of approved securities acceptable as deposit against ready market exposure. Unrealised profits shall not be paid to members in any form, except in futures deliverable market.
The draft paper for valuation of securities, as eligible, will be held as security distributed companies in three groups. The main purpose of this recommendation is to categorise collateral effectively and as opposed to the current practice, which only considers turnover and EPS of the scrip for ranking of eligible securities against deposit. All securities should be categorised on measures of liquidity and volatility.
Group 1 would consist of stocks which have been traded on at least 80 percent of the days in previous six months and whose impact cost is less than, or equal to, one percent.
Group 2 shall consist of stocks which have been traded at least 80 percent of the days in the previous six months and whose impact cost is greater than one percent and less 2 percent.
The remaining stocks, which do not fall in Groups 1 and 2, shall be classified as Group 3.
=====================================================
KSE seeks members’ views on SECP proposal
Staff Report
DT
KARACHI: The management of the Karachi Stock Exchange (KSE) has asked for feedback from members of the exchange on the proposed risk management steps received from the regulating authority, Securities and Exchange Commission of Pakistan (SECP), on Monday.
The Exchange management has asked members to send their comments, observations on the proposal in writing by Monday, June 26. The comments or observations would be forwarded to the SECP by the management of the Exchange for consideration.
The management of the KSE has sent the document of proposal sent by the SECP along with the notice issued to the members on Monday. “The SECP has reviewed in detail the existing risk management framework and is pleased to propose for discussion purposes a new management structure attached as I, II, III and IV designed to improve the risk management at the stock exchange,” said the letter of proposal issued by the regulating authority.
The proposal included topic of netting, market to market loss collection and profit distribution, value at risk based margining system and valuation of securities eligible to be held as security.
It also named capital adequacy and said that the paper regarding the topic would be sent to the Exchange on Tuesday, June 20.
=======================================================
JS Finance to launch real estate Modaraba
DT
KARACHI: JS Finance Limited, a Modaraba Management Company is launching Modaraba Al-Makatib, a real estate Modaraba for offices with a capitalization of Rs 200 million.
In a press release issued here on Monday JS Finance Limited said it was in process of attracting investors for pre-IPO investment and underwriting while the IPO was expected in July 2006. This is for the first time that a corporate entity has been formed for the purpose of conducting real state business. The modaraba management has more real estate modarabas in the pipeline to be floated after the flotation of Modaraba Al-Makatib.
It said that Jhangeer Siddiqui and DCD group are the sponsors of JS Finance Limited. Jhangeer Siddiqui Group has a reputation for being the pioneer in financial market and has an operating history spanning four decades while DCD group is a private equity and real estate investment group based in UK, USA and South Africa.
It said a professional team would provide low acquisition cost attracting customers at competitive and viable rates. It said Modaraba intends to acquire office-space properties at all key location to earn high rental yields and reap benefits from capital appreciation. The capital structure would be aggressively managed with a policy of prudent leverage. Exit strategies would be made with investment in assets that appeal to wide group of buyers.
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#9
Posted 20 June 2006 - 07:38 PM
Another sixer
from Arib Habib !!!Taken over charge in April 2006.
Purchased land value Rs.20 billion for in just Rs.50 million.
Details :
http://www.bbc.co.uk/urdu/pakistan/story/2...l_mill_na.shtml
#10
Posted 22 June 2006 - 09:08 AM
News: IPI gas project hits snags
Iran rejects price suggested by Pakistan, India
By Khalid Mustafa
ISLAMABAD: Iran’s warning that it will not sell gas to both Pakistan and India in case its nuclear dispute with the United States is resolved has shaken the authorities concerned in Pakistan.
A senior official said on condition of anonymity that the Ministry of Petroleum and Natural resources has taken the statement of Iranian deputy oil minister Muhammad-Hadi Nejad-Hosseinian as a surprise shock.
The Iranian minister told the state radio that the price suggested by Delhi and Islamabad is almost half of the price offered by Tehran and it will not sell its gas at knock-down rates to India and Pakistan, instead it will sell it to other countries on better prices.
However, when contacted, Jehangir Khan, joint secretary Development and spokesman for the Ministry of Petroleum and Natural Resources, refused to comment on Nejad-Hosseinian’s statement. He said the ministry would come up with its reaction after it receives a formal communication from Iran to this effect.
The official said no doubt there is a stalemate on the pricing issue and to this effect the Ministry of Petroleum and Natural Resources has sought the intervention of top leadership of the country to find a solution to the gas pricing issue acceptable to both the seller and the buyer.
The trilateral talks will be held in India sometime in July and this issue will be debated again. The official said Iran has linked the gas price with oil in three international markets — Japan, the UAE and Oman — but Pakistan wants to link the price to 30 per cent of its imported oil which it purchases from the UAE market. Besides the stalemate on the gas pricing issue, there is another stumbling block which surfaced on the “unjustified” demand of Tehran that Pakistan will not have the right to sell the gas to another country in case the Iran-Pakistan, or IP, gas line gets materialised. Islamabad has refused to accept the point, arguing that once gas is sold, the seller has nothing to do with it.
Iran had raised this issue during the 8th bilateral meeting at the level of Joint Working Group on the IP gas pipeline project held in Islamabad on May 21-22, the official said. The Iranian side referred to the Algeria-Spain gas accord under which Madrid cannot sell the gas to any other country, which it receives from Algiers.
Replying to a question, the official said that in case of the IPI project, Iran also wants Indian guarantee that it will not sell the gas to another country. He said Delhi also refuses to accept this demand
Under the IP gas pipeline project the two sides have agreed to a supply agreement under which Iran has agreed to enhance off take volume of gas from 2.1 billion cubic feet per day (bcfd) to 2.8 bcfd in case the project gets implemented bilaterally.
Under a bilateral project, ie IP gas pipeline project, Pakistan will lay a pipeline from the Pak-Iran border to Bhong, near Rahim Yar Khan. This will cost Pakistan about $2 to $2.5 billion. AFP adds: The Iranian minister said, “If the two governments intend to subsidise their domestic gas, there is no reason for Iran to pay this subsidy.”
Quoted by the Iranian oil ministry’s Shana news agency, Nejad-Hosseinian said Iran was not desperate to sell its gas to India and Pakistan. “The tripartite peace pipeline agreement is not an absolute obligation,” he said.
He also warned India and Pakistan that if the nuclear issue is resolved, other countries “will be the first customers of our gas (and will pay) even better prices”. The official also said there was disagreement with India and Pakistan over the amount of gas to be exported — with Iran unwilling to sell a large chunk of its planned daily exports of 480 million cubic meters to just two countries. “We think it is better for us to have various customers,” he said.
===========================================
U.S. crude-oil inventory at eight-year high
By Taufiq Bhai
===========================================================
PC to miss deadline for major sell-offs
BR
ARIF RANA
ISLAMABAD (June 22 2006): The Privatisation Commission is surely to miss the deadline of June 30 for National Investment Trust (NIT), Pakistan State Oil (PSO) and many other major sell-offs. The commission had set the deadline of June 30 for a number of major transactions such as NIT, PSO, SSGC, SNGPL and PPL.
The PC had repeatedly claimed at high-level meetings that the process for strategic sale of PSO, NIT, NPCC, PPL, OGDCL, Jamshoro Power Company and Fesco was at an advanced stage. It had also received statements of qualifications (SOQs) in the cases of SSGC and SNGPL.
The privatisation process of Services International Hotel, Lahore, Heavy Mechanical Complex, Lasbella Textile Machinery, Hazara Phosphate and Lyalpur Chemicals were also among those transactions, which were to be offered for bidding before June 30.
The slow progress in majority of the cases is the major reason of not meeting the specific deadline by the Privatisation Commission and PSO and gas distribution companies are its typical example. Despite repeated announcements of bringing them at an advanced stage for sell off, the Privatisation Commission is yet to open them for due diligence.
However, the concerned officials call litigation into Pakistan Steel Mills (PSM) case as a major reason of missing the deadline.
They said the Privatisation Commission had completed the process in few cases, NIT in particular, and it could be offered to the investors for bidding before the closing of the current fiscal year, but things did not remain as simple as in the past for the concerned authorities due to litigation of Pakistan Steel Mills (PSM) case. The sources said Pakistan Steel Mills case has brought the privatisation process to a complete halt, as the authorities are reluctant to take up any new job for privatisation prior to the final judgement on it by the Supreme Court of Pakistan.
They said, "the officials of the Privatisation Commission are following the policy of wait and see for the privatisation of any new public sector entity and it was the basic reason of delay in bidding in NIT and few other cases".
The sources said the since the start of hearing into PSM case the commission had held a series of meetings to decide the policy for the future sell-off plan, but each time the outcome was nil. The concerned officials were of the opinion that the Privatisation Commission should hold back its sell-off plan in the given situation and till the PSM case is decided.
Iran rejects price suggested by Pakistan, India
By Khalid Mustafa
ISLAMABAD: Iran’s warning that it will not sell gas to both Pakistan and India in case its nuclear dispute with the United States is resolved has shaken the authorities concerned in Pakistan.
A senior official said on condition of anonymity that the Ministry of Petroleum and Natural resources has taken the statement of Iranian deputy oil minister Muhammad-Hadi Nejad-Hosseinian as a surprise shock.
The Iranian minister told the state radio that the price suggested by Delhi and Islamabad is almost half of the price offered by Tehran and it will not sell its gas at knock-down rates to India and Pakistan, instead it will sell it to other countries on better prices.
However, when contacted, Jehangir Khan, joint secretary Development and spokesman for the Ministry of Petroleum and Natural Resources, refused to comment on Nejad-Hosseinian’s statement. He said the ministry would come up with its reaction after it receives a formal communication from Iran to this effect.
The official said no doubt there is a stalemate on the pricing issue and to this effect the Ministry of Petroleum and Natural Resources has sought the intervention of top leadership of the country to find a solution to the gas pricing issue acceptable to both the seller and the buyer.
The trilateral talks will be held in India sometime in July and this issue will be debated again. The official said Iran has linked the gas price with oil in three international markets — Japan, the UAE and Oman — but Pakistan wants to link the price to 30 per cent of its imported oil which it purchases from the UAE market. Besides the stalemate on the gas pricing issue, there is another stumbling block which surfaced on the “unjustified” demand of Tehran that Pakistan will not have the right to sell the gas to another country in case the Iran-Pakistan, or IP, gas line gets materialised. Islamabad has refused to accept the point, arguing that once gas is sold, the seller has nothing to do with it.
Iran had raised this issue during the 8th bilateral meeting at the level of Joint Working Group on the IP gas pipeline project held in Islamabad on May 21-22, the official said. The Iranian side referred to the Algeria-Spain gas accord under which Madrid cannot sell the gas to any other country, which it receives from Algiers.
Replying to a question, the official said that in case of the IPI project, Iran also wants Indian guarantee that it will not sell the gas to another country. He said Delhi also refuses to accept this demand
Under the IP gas pipeline project the two sides have agreed to a supply agreement under which Iran has agreed to enhance off take volume of gas from 2.1 billion cubic feet per day (bcfd) to 2.8 bcfd in case the project gets implemented bilaterally.
Under a bilateral project, ie IP gas pipeline project, Pakistan will lay a pipeline from the Pak-Iran border to Bhong, near Rahim Yar Khan. This will cost Pakistan about $2 to $2.5 billion. AFP adds: The Iranian minister said, “If the two governments intend to subsidise their domestic gas, there is no reason for Iran to pay this subsidy.”
Quoted by the Iranian oil ministry’s Shana news agency, Nejad-Hosseinian said Iran was not desperate to sell its gas to India and Pakistan. “The tripartite peace pipeline agreement is not an absolute obligation,” he said.
He also warned India and Pakistan that if the nuclear issue is resolved, other countries “will be the first customers of our gas (and will pay) even better prices”. The official also said there was disagreement with India and Pakistan over the amount of gas to be exported — with Iran unwilling to sell a large chunk of its planned daily exports of 480 million cubic meters to just two countries. “We think it is better for us to have various customers,” he said.
===========================================
U.S. crude-oil inventory at eight-year high
By Taufiq Bhai
===========================================================
PC to miss deadline for major sell-offs
BR
ARIF RANA
ISLAMABAD (June 22 2006): The Privatisation Commission is surely to miss the deadline of June 30 for National Investment Trust (NIT), Pakistan State Oil (PSO) and many other major sell-offs. The commission had set the deadline of June 30 for a number of major transactions such as NIT, PSO, SSGC, SNGPL and PPL.
The PC had repeatedly claimed at high-level meetings that the process for strategic sale of PSO, NIT, NPCC, PPL, OGDCL, Jamshoro Power Company and Fesco was at an advanced stage. It had also received statements of qualifications (SOQs) in the cases of SSGC and SNGPL.
The privatisation process of Services International Hotel, Lahore, Heavy Mechanical Complex, Lasbella Textile Machinery, Hazara Phosphate and Lyalpur Chemicals were also among those transactions, which were to be offered for bidding before June 30.
The slow progress in majority of the cases is the major reason of not meeting the specific deadline by the Privatisation Commission and PSO and gas distribution companies are its typical example. Despite repeated announcements of bringing them at an advanced stage for sell off, the Privatisation Commission is yet to open them for due diligence.
However, the concerned officials call litigation into Pakistan Steel Mills (PSM) case as a major reason of missing the deadline.
They said the Privatisation Commission had completed the process in few cases, NIT in particular, and it could be offered to the investors for bidding before the closing of the current fiscal year, but things did not remain as simple as in the past for the concerned authorities due to litigation of Pakistan Steel Mills (PSM) case. The sources said Pakistan Steel Mills case has brought the privatisation process to a complete halt, as the authorities are reluctant to take up any new job for privatisation prior to the final judgement on it by the Supreme Court of Pakistan.
They said, "the officials of the Privatisation Commission are following the policy of wait and see for the privatisation of any new public sector entity and it was the basic reason of delay in bidding in NIT and few other cases".
The sources said the since the start of hearing into PSM case the commission had held a series of meetings to decide the policy for the future sell-off plan, but each time the outcome was nil. The concerned officials were of the opinion that the Privatisation Commission should hold back its sell-off plan in the given situation and till the PSM case is decided.
Click Here For: "Daily Reports From Different Brokerage Houses"
Note: Please make your own due diligence before making any decision
Regards,
Abdul Mateen Khan
#11
Posted 22 June 2006 - 09:40 AM
‘Amendment in offing to impose heavy fine on law violating brokers’
KARACHI: Chairman Security Exchange Commission of Pakistan (SECP) Raziur Rehman Khan said Tuesday that amendment in law was in offing to impose heavy fine on those brokers involved in violation of the law.
Under this amendment the fine limit would be increased to the maximum fine from the fixed minimum fine, he said while talking to Geo News Bazar Programme.
The SECP chairman said that investigation into resent fall in KSE was underway and the detail, about all the KSE brokers, was being collected from the database.
However, he said that the final report about the KSE fall would be furnished within three weeks.
KARACHI: Chairman Security Exchange Commission of Pakistan (SECP) Raziur Rehman Khan said Tuesday that amendment in law was in offing to impose heavy fine on those brokers involved in violation of the law.
Under this amendment the fine limit would be increased to the maximum fine from the fixed minimum fine, he said while talking to Geo News Bazar Programme.
The SECP chairman said that investigation into resent fall in KSE was underway and the detail, about all the KSE brokers, was being collected from the database.
However, he said that the final report about the KSE fall would be furnished within three weeks.
#12
Posted 22 June 2006 - 10:43 AM
dingdong, on Jun 22 2006, 09:40 AM, said:
‘Amendment in offing to impose heavy fine on law violating brokers’
KARACHI: Chairman Security Exchange Commission of Pakistan (SECP) Raziur Rehman Khan said Tuesday that amendment in law was in offing to impose heavy fine on those brokers involved in violation of the law.
Under this amendment the fine limit would be increased to the maximum fine from the fixed minimum fine, he said while talking to Geo News Bazar Programme.
The SECP chairman said that investigation into resent fall in KSE was underway and the detail, about all the KSE brokers, was being collected from the database.
However, he said that the final report about the KSE fall would be furnished within three weeks.
KARACHI: Chairman Security Exchange Commission of Pakistan (SECP) Raziur Rehman Khan said Tuesday that amendment in law was in offing to impose heavy fine on those brokers involved in violation of the law.
Under this amendment the fine limit would be increased to the maximum fine from the fixed minimum fine, he said while talking to Geo News Bazar Programme.
The SECP chairman said that investigation into resent fall in KSE was underway and the detail, about all the KSE brokers, was being collected from the database.
However, he said that the final report about the KSE fall would be furnished within three weeks.
Heavy punishment can not serve the purpose... A punishment (5 years Jail) should be imposed.
As Sheikh Rasheed told "Inn ko zara Jail kar darwaja dikhao tou yea teekh hoongain"
