SECP organizes workshop on insider trading and market manipulation

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ISLAMABAD, April 25 (APP): The Securities and Exchange Commission of Pakistan (SECP) organized an interactive workshop for media professionals on insider trading and market manipulation.
In the workshop held here on Tuesday, senior officials from the Surveillance, Supervision and Enforcement Department of the SECP brief journalists on various types of market abuse and techniques to detect and deal with such manipulations.
Yasir Manzoor, head of Market Surveillance, Supervision & Enforcement Department informed the participants that the SECP has taken serious notice of the brokerage houses involved in placement and cancellation of orders showing misleading appearance in the market (termed as spoofing), thereby interfering with free and fair market.
He said that SECP has issued prohibitory orders to brokers involved in generating artificial trading activities. A number of investigation initiated in the matter under Section 139 of the Securities Act, 2015 read with all enabling provisions of SEC Act, 1997.
It was informed that during the current year SECP has filed 7 criminal complaints for market abuses that include both insider trading and market manipulation.
Moreover, two criminal complaints have been filed wherein the employees of the banks were involved in front running the banks’ trading activity.
The media persons were also briefed on recent actions taken by the SECP for the development of capital market.