88 brokers held responsible for Stock Market Crash
By Asad Cheema

ISLAMABAD—About 88 brokers including 13 major brokers of the country were held responsible for Stock Market crash on March 2005 in a Forensic Investigation Report submitted to National Assembly Standing Committee for Finance and Revenue which met here under the chairmanship of Anwar Ali Chima in the Parliament House Tuesday.
Security Exchange Commission has decided to take action against these brokers also including names of 13 main brokers, the opposition however has demanded to register cases against brokers involved in the Stock Market crash.
David Wolf briefed the Standing Committee about the Forensic Investigation Report comprised of 94 pages. The report has endorsed the recommendations of Task Force established for the investigation of Stock Market crash, adding that the stock market crashes due to irregularities in the future market.
The 13 brokers mentioned in the report including Atlas Securities, AKD Securities, BMA Capital, Arif Habib, Orix Investment Bank, KASB Securities, Dorus Securities, Abdul Jabar Khanani, AScot Investment Bank, Jahangir Siddique Capital Market, Akbar Ali Qasim Brothers, Alag zirs Securities and Motiwala Securities.
Chairman Securities and Exchange Commission (SECP), Raziuddin told notices would be issued to those held responsible in the initial investigation report and action would taken according to law.
The members of opposition including Naveed Qamar has demanded to register cases against brokers who are involved in Stock Market crash, adding that no new development is made in this report.
Salman Shah, Finance Advisor to the Prime Minister informed that action would be taken against those involved in the stock market crash and no pressure would be accepted in this regard. The Forensic Investigation Report has been uploaded on website to help people for the formulation of future strategy.
The Standing Committee would be inform of any action taken against brokers whose names are mentioned in the report.