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SECP moves action against illegal commodity exchange

ISLAMABAD – 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 including metals and agricultural
products.

secp1 SECP moves action against illegal commodity exchange

Securities and Exchange Commission of Pakistan

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