Elements involved in Stock Exchange crash to be dealt with sternly: Dr Salman ISLAMABAD: Finance Advisor to Prime Minister Shaukat Aziz, Dr Salman Shah said that the major collapse of Stock Markets in March 2005 inflicted $ 13 billion losses to investors. Addressing at a crowded press conference here Friday alongwith Minister of State for Finance Omar Ayub Khan and Securities and Exchange Commission of Pakistan (SECP) Chairman Dr Razi, the Finance Advisor to the Prime Minister said the process of reforms for stabilizing the Capital and Stock Markets in the country would continue. He told that the forensic report by a foreign firm regarding the stock market crisis would reach in a period of twelve weeks adding that those found involved would be dealt with strictly. Dr Salman Shah informed that in the National Assembly’s Standing Committee on Finance’s meeting debate was held regarding the Stock Market Crisis Report in the presence of Former Chairman SECP Tariq Hassan. "All aspects of the report came under discussion and course of action for future was chalked out", he added. "The accusation levied by Tariq Hassan were debated upon. The proposals regarding financing forwarded by Shaukat Tareen’s Committee that was implemented upon on August 21. After that normal activity returned to the market. Members looked at the aspects of the report related to the market (stock markets)", he told reporters. Dr Salman said, "There are two aspects of the Task Force Report. One gives details of the flaws in our stock markets and the responsibility of the stock market crisis. It has been suggested to conduct forensic investigations and action against those responsible have been demanded". "The SECP has sought help of the firm (foreign). Its report will come in ten to twelve weeks time and those who have performed illegally they would be pointed out and action would be taken against them", he further added. Giving details of the meeting he said, "All members urged for improvement in capital market and accelerating the reform process so as to increase the role of capital market in the progressing economy. The National Assembly Committee would present proposals for its betterment that would help strengthen and stabilize the capital market. Tariq Hassan has accused that he cannot work because of interference from the Ministry of Finance". "The Task Force Report mentioned of introducing alternative plan of Badla Financing that is Margin Financing", he mentioned. Speaking about the crisis he said, "Governor State Bank convened a meeting on April 23, 2005 that agreed at availability of Rs 20 billion for margin Financing. A committee headed by Shaukat Tareen was formed charge with the responsibility of finding means for arranging the finance. It was announced to simultaneously phase out Badla Financing by September 2004. At that time there were 30 securities in the COT they had to transform to margin financing till June". Speaking about the causes he said, "Badla financing was scheduled to end by March during crisis time but it was carried on". He said, "On the proposal of Shaukat Tareen committee from April 30 to June 2005 an amount of Rs 200 million in terms of margin financing were provided. We never interfered in the Tariq Hassan’s work".