OUR STAFF REPORTER ISLAMABAD - In order to punish all 12 accused of MKA Securities (Pvt) Ltd and Prudential securities for their involvement in unauthorised pledges of clients, shares and other prohibited activities , SECP obtained arrest warrants of all accused from the court. Spokesman told this newspaper on Monday that SECP filed criminal complaints against the 12 people of the above said company under section 24 (2) of central depositories Act, 1997 as well as offences under relevant provisions of the Pakistan Penal Code. The court has issued arrest warrants of all the accused of said company which was former member of the Karachi Stock Exchange. The SECP had received many complaints against the 12 accused of the said company. They failed to comply with the SECP directions to resolve complaints and to transfer shares into respective Central Depository Company accounts. Consequently, on June 26, 2009, the SECP suspended their registration along with three other brokerage houses. The SECP appointed committees comprising officers from the SECP, KSE and CDC to enquire into the matters relating to unresolved complaints against the five brokers, spokesman added. Records revealed that they, without clients consent, transferred shares and pledged them with the bank to obtain financing, he added. The finances so obtained were mostly used to liquidate liabilities of brokerage houses or its directors, their relatives and friends. He further added the accused and their bigwigs also misused the powers given to them under CDC sub-account opening form in moving or pledging the shares of their clients from their respective sub-accounts, resulting in a total loss to the clients. The Prudential Securities Limited, in addition to above, also transferred clients shares to its associated/group companies Earlier, SECP had also filed similar criminal complaints against Capital One Equities Limited, Cliktrade Limited and Eastern Capital Limited. The copies of five enquiry reports and respective criminal complaints are available on the SECP website, he maintained.