The Securities and Exchange Commission of Pakistan (SECP) has filed a criminal complaint against an employee of a leading bank for his alleged involvement in insider trading. The main accused, Syed Misbah Uddin Rizvi, was serving as head, equity and capital market, in the said bank and was responsible for the placement of orders for equity investment/ disinvestment of shares on behalf of the bank.
The case, filed in the court of the session’s judge, Karachi, is based on an investigation. The SECP purportedly found that he had inside information regarding the bank’s decisions to invest/disinvest as defined in Section 130 (g) and Section of 129 (d) of the Securities Act, 2015 respectively. The accused was allegedly found involved in inside trading in collusion and connivance with his relatives, Uddin Rizvi, Syed Khalid Grami and Syed Wajid Grami.