IslamicFinance.de

Securities and Exchange Commission of Pakistan (SECP) Executive Director Nasim Shahid cancelled the licence of the asset management company Dawood Capital Management on March 22, 2013. He concluded in his order that Dawood Capital Management CEO Tara Uzra Dawood used privileged information and forged documents to avoid an imminent loss of Rs18.2 million. He also imposed a penalty of Rs20 million on her. The appellate bench of the SECP set aside the earlier order on January 22, saying the SECP executive director “did not have the power to pass the impugned order”. The bench also overturned parts of the 17-page original order that held Dawood guilty of having defrauded investors in the run-up to the write-down in the value of the mutual funds.