SECP committee names 4 employees for data leakage

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) fact-finding committee has nominated four employees of the Commission for alleged involvement in sensitive data leakage.

The Commission will issue show cause notices to the four employees by tomorrow (Monday). Sources in the SECP told The News that a special meeting of the commission on this issue was held here on Saturday which decided to maintain secrecy over the case, but strict action would be taken in accordance with the SECP human resource manual. These persons can submit their written replies within seven days, and hearings will be held of each person in front of the Commission. After the hearing, the responsibilities will be fixed.

According to the Securities Act 2015, data theft is a criminal offence. The fact-finding committee includes Registrar of Companies Mubashir Saduzai, Additional Director Law Syed Irfan Shah and a senior official of the IT Department. The head of the committee Sadia Khan, Commissioner SECP, presented the report that suspected four employees for this offence. It was thoroughly discussed, and then it was decided not to public this data leak report. A day before this meeting, the report was finalised. A copy of the report will be forwarded to PM Secretariat in sealed envelope, said the sources.

The sources said the Commission will take the decision on punishment under the SECP HR manual that clearly defines penalties. Contrary to the Commission decision to not make the report public, the policy board members are of the view that the report should be made public.