The Securities and Exchange Commission of Pakistan (SECP) has advised the Pakistan Cricket Board (PCB) not to make any agreements and business relations with gambling companies in the Pakistan Super League (PSL).
Sources told ProPakistani that some betting outfits labeled as surrogate companies have entered the Pakistani market by entering into sponsorship and advertisement contracts with several media and sports enterprises and advised not to make any agreements or enter into business relationships with these surrogate companies.
The Ministry of Information and Broadcasting in its letter titled Zero Tolerance for Surrogate Companies” addressed the PCB, PEMRA, PTV, PBC, PTA, and SECP that these are originally gambling, betting, and casino companies.
Such operations are mostly run by hostile countries with the motives to destroy the moral fabric of Pakistan, introduce corruption in the Pakistan team, and put Pakistan into further economic turmoil by moving untaxed money out of the country in dollars.
Many advertisements of such betting surrogate companies are being run on digital, electronic, social, and print media in Pakistan.
It is critical to stop all such surrogate betting companies from operating in Pakistan. Therefore, Pakistan Cricket Board, Pakistan Super League, PSL franchises, club cricket, private league, Television channels, radio broadcasters, internet platforms, newspapers, magazines, and other media/advertising platforms are strictly advised to not make any agreements and business relations with such surrogate companies and to not promote them through any kind of advertisement.
Moreover, it is advised to immediately terminate existing agreements with such surrogate companies.
Now, therefore, the SECP in the exercise of powers under section 40B of the SECP Act 1997, hereby directs all companies and limited liability partnerships to ensure compliance with the aforementioned advisory of the Ministry of Information and Broadcasting in true letter and spirit.
Editorial & Legal Practice Group
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Jurisdiction: Pakistan