TRG violation of PSX rules and regulations is responsible for lack of investor confidence Pipa News

TRG violation of PSX rules and regulations is responsible for lack of investor confidence

staff reporter

KARACHI: TRG Pakistan has violated PSX rules and regulations and its past track record of declining share price unexpectedly proves that its management is involved in artificial price manipulation.
Required under Clause 5.6 as per PSX Rules. 1/d of PSX Regulations that no Director, CEO or Executive of the Company shall, directly/indirectly, deal in any manner in the shares of the Company during the closing period prior to the declaration of the result.
On 22 September 2022, TRG Pakistan announced to hold its board meeting on 29 September 2022 to announce the financial accounts for the year ended 30 June 2022 and under clause 5.6 from 22 September 2022 to 29 September 2022 declared its ‘closed period’. .1/D of PSX Rules and Regulations.
On September 27, 2022 TRG issued a Disclosure of Interest by a Director, CEO, or Executive of a Listed Company and their spouse under the PSX Rules and Regulations. Here is a query on how a company bought its shares during the closure period under PSX rules and regulations.
The current situation here is showing no checks and balances by the Pakistan Stock Exchange Management (PSX) and the Pakistan State Regulatory Security Exchange Commission (SECP). How any PSX listed company is allowed to manipulate its own share price leaves a question mark on the regulator’s performance.
PSX’s failure to respond in time creates more uncertainty among investors regarding self-purchase of shares by TRG during its closing period.
While some PSX investors have feared that a potential breach of PSX rules and regulations by TRG ‘will not lead to a new bubble like Colmate in 2008’.
The Financial Daily reporting desk got in touch with both the regulators but they did not give their side in this regard.

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