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Notices issued to eight SECP officials allegedly involved in data leak

Notices issued to eight SECP officials allegedly involved in data leak

ISLAMABAD: The Securities Exchange Commission of Pakistan (SECP) handed over show-cause notices to eight officials allegedly involved in the data leak, according to media reports on Wednesday.

The head of a fact-finding committee on Saturday presented the data leak report to the commission in which eight people were held responsible for the breach as they allegedly committed several mistakes.

The committee recommended strict action against them in accordance with the SECP human resource manual.

The commission, according to the report, issued show-cause notices to eight officials including Additional Director (Market Surveillance Department) Arsalan Zafar Hujazi on the recommendation of the fact-finding committee.

However, the remaining officials are from the IT wing and companies’ registration office SECP.

While confiscating Hujazi’s laptop, the committee sent him on forced leave whereas it was further reported that the former SECP chairman’s son had also deleted the data from his laptop and obtained a letter from SECP’s HR department to apply for a UK visa.

These employees who have been handed over the notices can submit a written reply within seven days, and hearings will be held for each person in front of the Commission.

Subsequently, the commission will decide the punishments in accordance with the SECP HR manual where the minor penalties and the major penalties have been clearly defined.

The major penalty included dismissal and the minor is suspension from service, with a possibility that the case could be referred to FIA.