SECP orders brokerage companies to update websites

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has advised stock exchanges to ensure that all brokerage companies registered with the commission maintain functional websites with minimum contents/information latest by December 31, 2015.
A statement issued Thursday asked the broker’s website to include information about the company's basic business and financial details, shareholding pattern, compliance with code of corporate governance, contact details, investor’s complaints/grievances, and feedback portal, etc.
The web link of Securities and Exchange Commission of Pakistan investor education programme ‘Jamapunji’ has also been made mandatory to be placed in a prominent place on the home page of the websites of brokerage companies.
The SECP wants to ensure investors’ protection and up-to-date websites will provide investors with accurate and easy access to information by the brokerage companies.
Earlier, there was neither any regulatory obligation for the brokerage industry to maintain the websites nor any minimum content requirement for websites.
The SECP has advised all the three stock exchanges to carry out necessary amendments to its regulatory framework and submit the same to the SECP for approval.
TheSecurities and Exchange Commission of Pakistan had previously specified that every public listed and public unlisted company shall maintain a functional website with effect from August 30, 2014. Further, it has also proposed a mandatory functional website for every asset management and insurance company.