Suo Motu Action Against Corrupt Stock Brokers of KSE

ms. khan, it looks like all of our dreams are completely shattered now. the cheif justice of pakistan is now history. we're winding back in time somehow.

Re: # 4-vanguard: you a bihari babu?

#5 Posted by einsteinwallah on August 29, 2007 7:59:13 am


Rumors are favorite tool used by "pump and dump" scammers.


The KSE, the echo chamber of paki self-delusions, is a shallow market. It can be moved by a few hundred points(or more) just buy a few shares.

Can you think of one major company listed on the KSE that can hold it's own in the world..like a reliance or a tatas...? I can't either...

Re: # 5
what do you think of banks actually investing in KSE?
okay, research reports are for broker's clients - so that a client is to be guided to invest in a.b.c stocks - but isn't misleading clients into investing in 'x' shares comes into breach of trust ? it is a crime and comes under section 420 Faujdari.

Re: # 3 - okay as regards to my working hours - I logs on from 1-2am almost everynight and thats a routine from atleast 7-9 years now. Its timmings - does not effect my work performance or routine.
As for you accusing me of being bias, I am bias - although I was not like that until I passed my fed.exams and later joining the service. It's because of Punjabigardi/Sindigardi which makes me bias - although this does not effect my judgement during my work and I don't discriminate when I work . My views are personal / political - and I know atleast 26 officers who share the same view due to treatment of Urdu Speaking Officers right from Ayub Era to now and believe me once you start dealing with the establishment division - they got some racist d*gs out there who hate us back in Khi/Hyd.

You cannot restrict and regulate "wash trades". Bogus financial research should be punished. I fail to understand your line of reasoning in following statements:

"It all started in the beginning of 2005 when a group of stockbrokers manipulated the shares of various companies through rumors , loopholes in KSE trading regulations for future Trading(A Financial Instrument), and illegal practice of “Wash Trade” ; thus artificially inflated the prices of various stocks to unbelievable levels."

How "wash trade" practice might have helped "inflate the prices of various stocks to unbelievable levels"? Rumors yes. Rumors are favorite tool used by "pump and dump" scammers. When you are intent on doing a pump-and-dump scam wash trade will hurt you if you hold on both legs of wash trade. If you had produced more details of what exactly were the "loopholes in KSE trading regulations for futures" which were used to scam investors then may be it will help understanding how exactly "wash trades" was used to scam.

BTW, its an open secret that Arif Habib is very close to Shortcut Aziz and they both made billions in this charade.

IB,

Whether the CJP is politically inclined or not, a lot of good is happening.

Regarding the KSE, I would request that lets not bog down the SC with requests for suo motu actions. A lot of people (mainly poor) who do not figure on the radars of government of Pakistan (as well as IB) think of CJP is the savior of last resort because some government officials spend all the working time reading and writing comments over chowk. I dont know when they get their work done. :)

IB, your taking action on behalf of Zoya Khan, would not that count as suo motu action from your side. What if the threatening guy turns out to be a Mohajir or Babar Khan Tijori etc. would you do anything with your bias in favor of Mohajir (btw i myself am mohajir).

"These Stock brokers then sold these stocks to investors at maximum prices by supporting it with bogus financial research. Since the prices of these stocks were based on rumors and illegal practices and not on the financial performance of the company and when these rumors were proved wrong the stock prices started a free fall in March 2005.

Within fifteen days (March 14,2005 to March 28, 2005) most of the stocks lost their values by fifty(50) percent. As a result more than hundred thousands investors lost their life long savings."

Enron scam was a lil similar. But no heads have rolled yet. I believe the 'American' investigative team they brought in couldn't help much. Unfortunately the data of transactions was lost in a computer glitch I hear.

Behan - I'm sorry for your loss,
My dad/mom lost 11 million PKR - through our broker Arif Habib . Zoya, we approached everyone
from Ministers to Directors of the KSE but nothing happened - and nothing will. It's astonishing to
know - that you recieved death threats - could you kindly message me through chowk messaging service
as who gave to the threats ; I will be greatful.
As for the Supreme Court ; I honestly have doubts over the CJ - he is only intrested in cosmetics and
political revenge then anything else.