Pakistan, Oct. 4 -- The Securities and Exchange Commission of Pakistan (SECP) has approved a formal referral to the Federal Investigation (FIA) to pursue legal action in the Bagasra Securities case, more than 16 years after the brokerage ceased operations, with nearly Rs 49 million in approved investor claims still unpaid.

The approval allows a written reference under Section 41B of the SECP Act, 1997, enabling FIA to initiate formal proceedings over alleged unauthorised transfers and pledging of clients' shares.

The referral names Sikandar Esmail Ahmed (Director/CEO), Shakeela Sikandar (Director), and Arshad Iqbal Advocate (Liquidator) as accused in the matter.

SECP initiated an enquiry in March 2010 following complaints concerning un...