Stock brokers, which remain the largest driving force behind the market, have a different perspective. They termed over-regulation and appointment of inexperienced officials on the PSX board of directors the root cause that has badly shaken confidence of investors and damaged market performance. A market official said the Securities and Exchange Commission of Pakistan (SECP) had initiated about 11 criminal proceedings against the stock brokers and investors during the outgoing year 2017. A leading broker, Aqeel Karim Dhedhi, has partially held responsible the SECP-nominated directors on the PSX board for the current stock market crisis. Regulators have been upgrading the KYC form since 2014, but it has remained incomplete so far.

Source: The Express Tribune December 26, 2017 03:56 UTC