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 Brokers interest: SECP inconsistency raises eyebrows

 Brokers interest: SECP inconsistency raises eyebrows

KARACHI: Inconsistency in the policies of the Exchange Commission of Pakistan has been undermining interest investors at stock market and shattering their confidence.

The broker expressed deep concern over the situation and demanded the Securities and Exchange Commission of Pakistan should bring in consistency to its policies.

According to KSE Brokers Association, at a recent book building process for initial public offerings in a number of companies, investors felt great inconsistency in the SECP policy and kept on changing the regulations frequently. The association said that this state of affairs undermined investors’ confidence and left a poor impression of the book building mechanism.

They demanded that there should be no upper cap for share price and principle of strike price should be adhered to besides all applicants be allotted the shares on Pro-Rata Basis at that strike price.