NAB chairman takes action against two brokerage houses

ISLAMABAD: National Accountability Bureau (NAB) Chairman Qamar Zaman Chaudhry has taken cognizance of two cases on a complaint lodged by Chairman Securities and Exchange Commission of Pakistan (SECP) regarding MR Securities (SMC-Private) Limited (MRSPL) and AWJ Securities Private Limited. 

The two brokerage Houses registered with SECP have been complained against for non-transfer/non delivery of Securities and non-payments of cash to the investors. It has been alleged that MR Securities (SMC-Private) Limited (MRSPL) and AWJ Securities Private Limited brokerage House’s Directors/Management have cheated investors at large through fraudulent means. 

The chairman NAB has taken serious notice of the matter and ordered NAB Islamabad/Rawalpindi and NAB Lahore to conduct inquiry on the complaint under NAO-1999 following under their respective jurisdiction. 

Earlier, in line with chairman NAB’s firm resolve and commitment to eradicate corruption and corrupt practices from the country, NAB and SECP have created a Joint Task Force comprising senior level officers of NAB and SECP in order to work expeditiously on corruption cases referred by SECP to NAB.