 |
| |
WEEKLY
SECTIONS |
 |
|
 |
| SECP imposes Rs2m fine on UBL |
|
|
|
Thursday, August 06, 2009
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has imposed a fine of Rs2 million on United Bank (UBL) for failing to comply with the provisions of Listing Regulations of the Karachi Stock Exchange (KSE).
In its order, the SECP said the bank had misrepresented facts to the commission, thus violating the provisions of Section 18 of the relevant law.
The SECP also asked the UBL to take immediate measures and put in place proper checks and procedures to eliminate the occurrence of such instances in future.
In addition, the SECP asked the bank to fully comply with all rules, regulations and directives of the commission in future to avoid any punitive action under the law.
The SECP had served a show-cause notice to the UBL on March 12 for allegedly placing financial results for the period ending December 31, 2008 on its website before dissemination of financial results to the KSE while the board meeting was still in progress.
|
|
|
| Back
| Send
this story to Friend | Print
Version |
|
|
|
ISSN 1563-9479 
