Taking prompt action on a reference forwarded by Chairman SECP, NAB Rawalpindi has arrested Hassan Waheed Khan, Director AWJ Securities Private Limited, late night on Tuesday. The NAB team also raided the office of AWJ Securities located at 2nd floor of Stock Exchange Tower, Islamabad and seized all the relevant record.
NAB Rawalpindi presented the arrested Director of the said brokerage at NAB court on Wednesday and secured a 10 day physical remand for investigations. The brokerage house is accused of defrauding public at large. On a reference from the Chairman SECP, Zafar Hijazi, National Accountability Bureau (NAB) has started extraordinary investigations over the default made by M/s. M.R. Securities (SMC-Private) Limited and M/s. AWJ Securities (Private) Limited, two brokerage houses.
It is pertinent to mention here that the Chairman SECP is determined to use full force of law against defrauding stockbrokers to prevent such deceitful and corrupt business practices. Two weeks ago on the sudden closure of business by a Lahore-based stockbroker, the Chairman SECP called an extraordinary meeting of the Commission to review the situation arising out of brokers default. In this unusual lengthy meeting, the Commission decided to take all measures required to stop such deceitful and corrupt business practices.
The SECP Chairman also took up the matter with PSX board and convinced them to play their due role as front line regulator. Responding to SECP’s call, the PSX board suspended its chief regulatory officer pending a detailed inquiry and announced a number of steps to stream line business activities of stockbrokers and safeguard investors’ interests.