SECP files criminal case over price

manipulation in stock market

ISLAMABAD (Staff Reporter): The SECP filed criminal complaint on Tuesday against a person who manipulated the price of shares of Gauher Engineering Limited (now Drekkar Kingsway Limited). As a result of an investigation, it emerged that the accused and his associates bought a major stake in Gauher Engineering Limited in 2014 at a very subsidised rate. Gauher Engineering at that time was on the Pakistan Stock Exchange’s defaulters counter. Upon resumption of trading, the accused placed significant buy orders to ramp the price of shares. Subsequently, these shares were sold to market participants at higher prices to earn substantial gains. The accused also used his private limited company, in which he and his family have majority shareholding. It is pertinent to mention here that market manipulation is a criminal offence under the Securities Act, 2015, liable to punishment of imprisonment of either description for a term which may extend to three years or a fine not exceeding Rs100 million or both.

It is the second criminal complaint filed by SECP within 14 days, which shows its firm commitment to its policy of zero tolerance towards market abuse and any malpractice in the stock market. The SECP is striving for its best to ensure transparency in the capital market and strengthen investors’ confidence.

Ghee production increases by 2.31pc

ISLAMABAD (APP): Domestic production of vegetable ghee during first two-quarters of current financial year increased by 2.31 percent, where as cooking oil production decreased by 10.54 percent as compared to the corresponding period of last year. During the period from July-December, 2016-17, as many as 633,239 tons of vegetable ghee were locally manufactured as against the production of 618,913 tons of same period last year. According to the computation of quantum index number (QIN) of large scale manufacturing industries of Pakistan Bureau of Statistics, during the month of December, 2016, 112,616 tons were manufactured as compared the 104,711 tons of same month of last year. However, during domestic production of cooking oil decreased by 0.54 percent and it was recorded at 189,805 tons as against 190,929 tons produced in same period last year. As many as 33,210 tons of cooking oil were manufactured locally in month of December, 2016, as compared to the 29,912 tons produced in same month of last year.

PSC okays 8 new varieties of cotton seed

ISLAMABAD (APP): The Punjab Seed Council (PSC) has approved eight new seed varieties of cotton seed to enhance per acre production of the country’s major cash crop. The new approved varieties have characteristics in accordance with the local environment and would further boost the cotton production in the country, Cotton Commissioner Dr Khalid Abdullah told APP here Tuesday. He said the approved cotton seed varieties have the resistance ability to absorb high temperature, low water and resistance against the attacks of cotton leaf curl virus (CLVC) in the crop. The approved seed varieties would enhance the productivity with minimum use of inputs and would be the environment friendly, he added. Dr Abdullah informed that four varieties each from public and private sectors were approved for general cultivation besides three were recommended by Pakistan Central Cotton Committee. The approved varieties from the public and private sectors include FH 326, NIAB 3878, CYTO 179, BS 15, Shahkar 120, BPC 11, Sahara 120, CIM 600, CYTO 177, NIABG 4, NIABG and Tarzan 3, he added.

CPEC annual conference to be held in Aug

ISLAMABAD (APP): The government has decided to hold the annual conference on CPEC in August this year where the business community of Pakistan and China would be invited to participate. The decision was made in a meeting held here under the chairmanship of Minister for Planning, Development and Reforms Ahsan Iqbal on Tuesday. The minister directed high officials of the ministry to ensure the participation of private sector, researchers, trade experts, industry and education in the conference. He said the country’s private and production sector would be invited to exhibit their products in the conference. He said the conference’s participants would be informed about the progress made so far on the various projects of CPEC. The minister added that the annual conference would help in providing easy access to information regarding infrastructure, energy, industry and economic zones in the country. “Through this conference, a strong message would be conveyed to the world about emerging Pakistan and the positive image of the country”, he added.