SECP okays moving reference against Bagsara Securities to FIA

The Securities and Exchange Commission of Pakistan (SECP) has approved the forwarding of a reference to M/s Bagsara Securities to the Federal Investigation Agency (FIA) for further action, reported 24NewsHD TV channel on Saturday.

According to details, investors of Bagsara Securities are still liable to pay an amount of Rs50 million.

The inquiry revealed that investors’ shares were transferred and pledged without their consent.

Investors’ shares worth more than Rs176.2 million were pledged from 2007 to 2010. Banks and the stock exchange sold the pledged shares upon default on payment.

Verified investment of Rs. 145.5 million from 333 investors. Investors were paid Rs 96.57 million; Outstanding claims from investors amount to Rs 48.9 million. The purpose of the reference is to advance the recovery of investors’ dues.