ISLMABAD – Securities and Exchange Commission of Pakistan (SECP) on Tuesdayremoved Hussain Lawai from his post as Pakistan Stock Exchange (PSX)chairman.
Following the orders of the Supreme Court (SC), the SECP has directed thePakistan Stock Exchange to remove Hussain Lawai from the chairmanship ofthe Exchange and appoint a new chairman of the Board.
SECP Commissioner Zafar Abdullah wrote a letter to Richard Moren asking himto remove Lawai from his post in keeping in view the public interest.
SECP, the regulator of the capital market in a notification signed by theCommissioner Zafar Abdullah said it has come to the knowledge of the SECPthat a First Information Report (FIR) date July 6, 2018 has been registeredby the Federal Investigation Agency under Pakistan Penal Code read withPrevention of Corrpution Act, 1947 and the Anti-Money Laundering Act 2010.
The FIR among other individuals also nominates Lawai as one of the accusedand Lawai has been arrested by FIA for further investigation.
The Commission after considering the circumstances as stated above withrespect to Lawai, in the interest of general public and the capitalmarkets, in exercise of its power conferred under Section 12 read withSection 170 of the Securities Act, 2015, hereby directs PSX, through itsChief Executive Officer, to immediately remove Lawai as Chairman of theboard of directors of PSX under intimation to the Commission and appoint anew Chairman of the Board, while ensuring compliance with the regulatoryrequirements.
On Sunday, Supreme Court had barred the former president and his sisterfrom travelling abroad in the wake of the recent revelations in a fake bankaccounts case.