Daily HURRIYAT

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) granted licences to fifteen not-for-profit associations under Section 42 of the Companies Ordinance, 1984, from April to June, 2011 as compared to ten licences issued in the corresponding period of the previous year. Sector-wise division reveals that the licences were granted to five associations in the education sector, three each in the social services sector and the healthcare sector, two in the commerce sector and one each in the charity and sports sectors. In the education sector, Pakturk Education Foundation (having both Turkish and Pakistan nationals as its promoters), Let’s Serve Humanity, Darmaan Welfare Foundation, Teach for Pakistan, and Aman Institute for Vocational Training have been formed to establish educational institutions and centres, with the permission of the competent authority, but not to act as degree awarding institutes. Associations in the social services sector include Farz Founda...

I SLAMABAD – January 7: In order to safeguard the interest of common investors, the Securities and Exchange Commission of Pakistan (SECP) has taken cognizance of unregistered commodity futures trading. The SECP has issued an order against Ravi Oil Cake Traders, a partnership firm, for operating an illegal commodity exchange. The firm violated Section 3 (1) of the 1969 Securities and Exchange Ordinance by providing unauthorized trading facilities in cottonseed oil futures contracts thereby posing a risk to the deposits of numerous investors. A penalty of Rs10 million has been imposed on the two partners of the firm. The general public is cautioned that all transactions in commodity futures contracts in Pakistan are governed by the 2005 Commodity Exchange and Futures Contracts Rules. Presently, the National Commodity Exchange Limited (NCEL) is the only registered commodity futures exchange in Pakistan, providing authorized trading platform in various listed futures contracts includi...