ISLAMABAD: Former chairman Securities Exchange commission of Pakistan Tariq Hassan has provided a list of top ten brokers including Arif Habib Securities to the National Standing,s committee on Finance and Revenue for their involvement in stock exchange crisis in March 2005, it is learnt.
These brokers earned a net profit worth million rupees and Mr. Hassan was deprived of his office after filing a report that held these responsible for the stock exchange crisis.
These brokers who will be taken up in the meeting of Standing committee of Finance to be held on July 7 include Arif Habib securities, Aqeel Kareem Dhedi, Itlas Invest, DMJ sec Ltd, Orix inv Bank Limited, Kasab securities, Darson Ltd, First capital equity, Motiwala securities,S.C securities.
These brokers created an artificial crisis in the stock exchange market Karachi from 28th Feb 2005 to 21st March 2005 depriving the people of million rupees.
Taking a stern action of stock exchange crisis, National Assembly’s standing committee on Finance and Revenue has summoned the former chairman security exchange commission of Pakistan (SECP) Tariq Hassan to discuss about these brokers and his removal from the office.
The meetings of Standing committee of Finance and Revenue would be held under the chairmanship of Chaudhry Anwar Ali Cheeema and in the meeting held on July 7, the issue of stock exchange crisis will be taken up.
Member National Assembly standing committee on Finance and Revenue Laique Khan confirmed that Committee had also summoned the members of task force justice (r) Saleem Akhtar, Dr Muhammad Zubair, Shaihid Kardar and Muhammad Sultan Allana to attend the meeting scheduled on July 7 to give presentation regarding inquiry report against the persons responsible for wash trade depriving small investors of Rs 17 billion during March 2005 stock exchange crisis.
He informed that the former chairman SECP Tariq Hassan would be questioned regarding his sudden dismissal from his office and added that mafia behind the stock exchange crisis had been active enough to remove him from the job.
Many other members of National Assembly from opposition will also attend the meeting. These members include Fouzia Wahab, Syed Khurshid Shah, Rubina Saadat QaimKhani, Khawaja Muhammad Asif, Mehreen Anwar Raja, Sherry Rehman, Qamar Zaman Kaira, Syed Qurban Ali Shah, Muhammad Pervez Malik, Farid Ahmed Paracha.
Finance standing Committee will also look into the matter of crash of stock exchange in March 2005 as per task force to know about the final responsibility on the stock exchange scandal as per the report of Security Exchange Commission of Pakistan.
The committee will also question to the former chairman security exchange commission of Pakistan Tariq Hassan over his sudden removal from his office and many members of the standing committee believed that the broker mafia in stock exchange had caused his removal from the office.
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