FIA to Help Recover Rs. 49 Million After 16 Years
For context, the Securities and Exchange Commission of Pakistan (SECP) has approved sending a reference to the Federal Investigation Agency (FIA) in the Bagsara Securities case, involving unpaid investor claims that have remained outstanding for 16 years.
For context, the Securities and Exchange Commission of Pakistan (SECP) has approved sending a reference to the Federal Investigation Agency (FIA) in the Bagsara Securities case, involving unpaid investor claims that have remained outstanding for 16 years.
Article outline
- What happened
- The key numbers
- The details
- The bottom line
Key points
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- Bagasra Securities (Private) Limited was a corporate member of the Karachi Stock Exchange and registered with the SECP as a broker.
- 48.9 million remain outstanding, leaving investors awaiting payment even after 16 years.
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- The inquiry identified 333 investors with verified claims totaling Rs.
Claims worth Rs. 48.9 million remain outstanding, leaving investors awaiting payment even after 16 years. The SECP remarked the purpose of the reference is to advance the recovery of outstanding amounts owed to investors.
Notably, an inquiry discovered that investors' shares were transferred and pledged without their consent. Between 2007 and 2010, shares worth more than Rs. 176.2 million belonging to customers were pledged, according to the inquiry report.
Banks and the stock exchange afterwards sold the pledged shares after payments were not produced against them. SECP Moves to Create Business Closures More Transparent.
For context, the inquiry identified 333 investors with verified claims totaling Rs. 145.5 million. Of this amount, Rs. 96.57 million has already been paid to investors.
Bagasra Securities (Private) Limited was a corporate member of the Karachi Stock Exchange and registered with the SECP as a broker. The firm was declared a defaulter by the Karachi Stock Exchange in November 2008 after failing to settle a final loss of concerning Rs. After which its membership card was put up for auction, 51.4 million. The SECP had additionally initiated enforcement proceedings against Bagasra in 2007 over violations of futures trading regulations. Stay Connected with ProPakistani.
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Taken together, the developments around FIA to Help Recover Rs. 49 Million After 16 Years point to a situation that is still moving, and the coming days should bring more clarity.
