Manipulation Of Stocks With SMS Is A Cyber Crime In Pakistan
As reported in Daily Times and blogged about at Karachi Metblogs. Regardless of the fairness of this rule, I think it is absurd to assume that such rules can be realistically implemented. There will be a task force which monitors all the SMS traffic and figures out who is “manipulating” the market, yeah right! This is more of a PR tactic. Lets see when the first offender gets nabbed.
Manipulation of the stock exchange market through short messaging services (SMS) from mobile phones will be treated as a cyber crime, the federal government decided on Sunday, July 20, 2008.
The Federal Investigation Agency (FIA) will deal with creating disinformation about the stock markets through SMS. The government has also directed the agency to take immediate notice of such cases in future.
The decision to bring the practice under the agency’s supervision comes in the backdrop of a major stock market decline last week, which saw small investors, the most affected by the slide, demonstrating violently outside the major exchanges at Karachi, Islamabad and Lahore.
The recent sharp fall was attributed to a range of factors. Most immediate was the decision of the Securities and Exchange Commission of Pakistan to remove a 1% daily limit on how far share prices could decline, bringing it back up to 5%.
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