name='verify-v1'/>"> MediaTrial: Call to end ‘undue’ transfers, postings in SECP

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Monday, January 27, 2014

Call to end ‘undue’ transfers, postings in SECP

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The war within SECP takes new turn when one of the Commissioner has complained that he being a Commissioner has been ignored while transfers and postings made by the acting chairman are "undue"

A letter addressed to the acting Chairman quoting: The letter said that the acting chairman is targeting MSRD of Securities
Market Division and Market Surveillance Wing (MSW), which gives the
impression that this is all being done apparently for obtaining
predetermined outcomes and granting favours to some people and targeting
some market participants.

In his letter, he further stated that the officer who has been made head of SID may have substantial experience in the SECP, but his experience is limited to reviewing accounts of listed companies and handling SECP's internal finance and administration matters, and while he may have performed very well at his past assignments, he has no well experience in or any exposure of the capital market, which makes him unsuitable to be heading the surveillance of the capital markets.
This is despite the fact that SECP has an executive director and two directors with substantial experience and expertise in capital markets, one of whom should have been given this responsibility relevant to their field, Haider said in a letter.

Similarly, the new team assigned to him in the surveillance wing has no experience or exposure of capital market either. Enforcement is a large part of the mandate of the SECP, and a person who does not even know the basics of capital market and neither is his team equipped to provide adequate support to him in this regard, will likely make mistakes which could be terribly counterproductive to the SECP's mandate and set up for further litigation.
The letter said, it is also strange and unwarranted that an experienced joint director of MSW has been transferred to a department which is not commensurate with his experience and qualification.

It is pertinent to point out that the complainant has been named in different mega scandals and NAB has taken into investigation along with the former chairman Mr. Mohammad Ali who has been set aside by the SC under Const.P#59/2011 Arshad Tiwana Vs SECP and others.

The critics have analyzed that this development has been arisen when the acting Chairman came from UAE (not from Ummrah) and just recently when NAB has framed charges in the Accountability Court in the matter of OGRA case.

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