Pakistan, June 19 -- A Pakistani court recently handed its first-ever conviction for insider trading, the Securities and Exchange Commission of Pakistan (SECP) said on Tuesday, hailing the judgment as one which will boost investors' confidence in the country's capital markets.
Insider trading refers to the practice of buying or selling a publicly traded company's securities while in possession of material information that is not yet public information. The SECP said it had filed a case against Zakir Hussain Somji, assistant vice president of investments at Habib Metropolitan Bank (HMB) Limited, after inspecting suspicious trading activity from Jan. 1, 2014, to Feb. 2, 2016.
The regulator said it was suspected that the accused, through his...