SECP probes alleged insider trading in Unity Foods shares

The Securities and Exchange Commission of Pakistan (SECP) has stepped up an investigation into alleged insider trading and unusual transactions in shares of Unity Foods Limited, a company listed on the Pakistan Stock Exchange (PSX), summoning four individuals, including the company’s chief executive, for questioning on Thursday. The SECP has issued final notices to Unity Foods CEO Muhammad Farrukh, Safdar Sajjad, Fahmida Amin and Hina Safdar, directing them to appear before its investigation team in their personal capacity on September 3. The regulator is seeking responses and records relating to unusual trading activity in Unity Foods shares, including a complete record from Farrukh of the company’s shares pledged with banks, according to the notices. Sajjad, Amin and Hina Safdar have been asked to explain their purchase and sale of Unity Foods shares and provide relevant trading records and supporting documents. The four individuals had failed to appear before the investigation team despite being summoned on August 31, prompting the SECP to issue final notices. The formal investigation into trading in Unity Foods shares has been underway since June 2 and is being conducted under