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Manipulation of stock market: FIA has no govt order to treat unwanted SMS as cyber crime - LRE - 07-23-2008 10:05 PM
Manipulation of stock market: FIA has no govt order to treat unwanted SMS as cyber crime
* No law exists to deal with texts spreading disinformation
By Shafiq Sharif
LAHORE: The Federal Investigation Agency (FIA) has not received any government order to deal with manipulation of the stock market through SMS as a cyber crime, FIA Regional Director Chuadhry Manzoor told Daily Times on Tuesday.
“We have not received any direction to consider SMS-based speculations, threats and disinformation as a cyber crime,” he said, adding that no law even existed to deal with this problem. “The parliament has to enact laws to consider such SMS as a cyber crime,” he said, adding that his department never dealt with any such case in its history.
An official on the condition of anonymity said that the FIA could not deal with such SMS under the Cyber Crime Law.
He said that only 25-Telegraph Act was available, but to counter threats and unwanted calls made by landline or mobile phones.
“The act is almost obsolete to affective counter the situation,” he said, adding that there was a dire need to amend the Cyber Crime Law and the Telegraph Act if the government was serious in finding those involved in disinformation on the stock market. He said that the Cyber Crime Wing of the FIA could take action against those involved in disinformation only if such SMS were included in Cyber Crime Law.
Mirza Irfan Baig of the Capital Vision Securities said that a monthly bomb hoax SMS was a routine at the stock market, which tumble the market rallies. Disinformation had also been spread through SMS about financial data of various companies, he said.
He said that about 10 percent of companies in the stock exchange operate the sale and purchase of their shares through SMS. He said that the decision taken by the government to include such SMS in cyber crime would help them in their business.
Another stock exchange official, seeking anonymity, said that the government wanted to protect its own interest. He said that the government had decided this after rumours were spread through SMS that the president was quitting the government.
Asif Baig Mirza of the ABM Securities praised the government for deciding to protect investors at the stock market. He said that such SMS containing unauthentic information promote negative sentiments, and nothing else. Interior Secretary Kamal Shah was not available for comment.
http://www.dailytimes.com.pk/default.asp?page=2008%5C07%5C23%5Cstory_23-7-2008_pg13_6