ISLAMABAD: Chairman Securities and Exchange Commission of Pakistan (SECP) Zafar Hijazi has asked Pakistan Stock Exchange (PSX) management to protect investors’ interests by forestalling fraudulent practices by individual brokers. He said this while chairing a meeting of PSX Board of Directors in Islamabad. The meeting took serious note of the fraud done by MR Securities, a Lahore-based broker. The PSX assured the SECP chairman that it would complete the investigation into the matter and give its report by 14th of this month. He said that the SECP would not tolerate such activities as it was its prime responsibility to protect investor interests. He asked the PSX Board of Directors to thoroughly investigate if some of its officials were negligent in discharging their regulatory responsibilities. The PSX has assured the SECP that it would complete the investigation into the matter by February 13, and give its report by February 14. Later, a meeting between the SECP and the PSX will be held to take some decisive action. The chairman told the PSX Board of Directors that a deterrent action has to be taken against the stockbrokers, who continue to defame the market by defrauding investors and necessary measures should be taken. The chairman made it clear that “there is nothing dearer to my heart than investor protection, and we will take decisive action if PSX fails to shoulder its responsibility as the front line regulator.”