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...
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