Can SECP freeze bank accounts Karachi?
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Section: Facing a Court Case in Karachi? Call Legal Shark Law Firm In Karachi, the Securities and Exchange Commission of Pakistan (SECP) recently issued a statement that it has taken necessary action against banks and other financial institutions that are involved in activities that violate the banking laws and SECP s, including unauthorized or unapproved transactions. This has given rise to a legal gray area and there is a need to have a legal opinion on it. In Karachi, our law firm Legal Shark has issued a press
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As SECP is the regulatory authority of the country and is responsible for keeping a check on every legal deal related to business, individuals, and society, SECP has made it its top priority to have a robust mechanism for the safeguarding of money deposited in a bank account. In the recent years, there have been instances where SECP has frozen several bank accounts of private as well as public sector entities, including individuals, traders, traders’ associations, and financial institutions. Apart from this, SECP has even imposed penalties on those viol
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The Capital Development Authority (CDA) recently proposed a bill to ban cars within the city. The proposed bill has caused a stir in Karachi’s bicycle-only zone, Karachi Cycling Federation and Cycling Pakistan have claimed that the bill has already led to an unsafe traffic environment for cyclists. According to Karachi Cycling Federation’s Secretary Tariq Mehmood, the proposed bill, which came into effect in April 2019, has left cyclists “completely helpless.” This bill has
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Yes, indeed the Securities and Exchange Commission of Pakistan (SECP) can freeze bank accounts in Karachi. As per the PSDP-2018, SECP s have been updated to state, ‘The SECP shall freeze a bank account when there is evidence of any suspicious transaction, transaction of any non-accountholder, non-residential status of a non-resident, fraud or any similar cases as per the regulatory framework. When the SECP receives information of any suspicious transaction, the regulatory
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Topic: SECP’s decision to freeze Karachi’s bank accounts Section: Legal Help Karachi Here I am trying to express the urgency and emotions of the Karachi community: The SECP decision to freeze bank accounts Karachi has turned the city into a battlefield. My city, once filled with hope and aspiration, has turned into a place of fear and paranoia. I had hoped that the SECP would do good by providing financial support for the crisis-affected communities in Karachi. But now it’
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“The Securities and Exchange Commission of Pakistan (SECP) is currently reviewing the feasibility and effectiveness of freezing bank accounts in Karachi, according to a statement made by the top regulatory body on Tuesday. Read Full Report The decision was taken during an SECP board meeting on Friday where board members discussed with the legal and advisory council on the best course of action in the wake of recent terrorist attacks in the city, which has resulted in significant losses to various financial institutions in the country. According to the statement, the review has been initiated by