SECP has strengthened regulations concerning online loan applications after reports of substantial financial losses to consumers.
The new directives aim to prevent fraudulent practices, limiting online companies to provide loans not exceeding 25,000 to a customer. Additionally, these firms are restricted from charging customers more than double the loan amount upon repayment.
Previously, companies exploited customers by imposing over five times the interest on loans. The revised regulations now permit a customer to borrow a maximum of Rs 75,000 from three lenders simultaneously.
SECP officials, speaking at a media workshop in Islamabad, disclosed considerations for implementing electronic voting in company shareholder meetings. They emphasized the illegality of trading via WhatsApp under the guise of broker houses. To combat insider trading, Stock Marlette is enhancing its call recording capabilities. Insider trading, a white-collar offense, lacks specific penalties, posing challenges in prosecuting cases. As a result, around fifty brokers have transitioned to exclusively operating as trading brokers due to stricter regulations.