Karachi: Security Exchange Commission of Pakistan (SECP) on Wednesday slapped prohibitory order on Faysal Bank Limited (FABL) for manipulation shares prices in the equity market under section 20 of its Ordinance 1969.
The commission issued a detail report based on its observations and findings of the trading trends of Faysal Bank in different scrips particularly at times of announcement of quarterly results.
The commission cited that bank trading in different sector’s share was not seen as per standards and practices of KSE.
“The FABL extensively invested in relatively thinly scrips before the end of financial closing period June 30, 2011 and December 31,2011. It was further observed that trading activity by FABL contributing significantly to the movement of prices of the scrips and KSE 100 index.
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