Stock Market Reforms Committee’s statement strongly condemned by PSA
KARACHI: PSX Stockbrokers Association (PSA) strongly condemns the statement of Stock Market Reforms Committee (SMRC) here on Wednesday wherein it claimed that brokers from Islamabad, Lahore hail New Brokers Regime (NBR).
PSA believe that the said issue is long outstanding issue but never been demanded in a way as it has been implemented now.
The fact is that Stock Brokers of Pakistan Stock Exchange have unanimously rejected the entire NBR.
PSA has been called upon by the National Assembly Standing Committee on February 6 to discuss the issue. SECP has also been summoned by the Standing Committee. This haste in promulgating new regulation doesn’t make any sense, the PSA said.
The Stock Market Reforms Committee, set up by the Securities and Exchange Commission of Pakistan (SECP) to prepare ‘New Brokers Regime’ (NBR), said that SECP did not fully implement its recommendations and some of the quantitative and qualitative criteria have been diluted to accommodate some practical concerns of the market participants.
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