Law:

Section:

Brokers and Agents Registration Rules, 2001-------Rr. 8, 9, 12 & Third Sched.---Securities and Exchange Ordinance (XVII of 1969), S.22---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss.33 & 34---Failure to deposit amount of penalty---Suspension of registration---Securities and Exchange Commission of Pakistan, imposed a penalty of Rs.400,000 on the company registered with the Commission under S.22 of Securities and Exchange Ordinance, 1969 and directed the company to deposit said amount in the account of the Commission within 30 days---Appeal filed by the company under S.33 of Securities and Exchange Commission of Pakistan Act, 1997, was dismissed and order imposing penalty was upheld by the Appellate Bench---Company, neither preferred an appeal under S.34 of Securities and Exchange Commission of Pakistan Act, 1997 nor deposited the amount of penalty as directed through order of the Commission---Admission of default and failure of the company to deposit the amount of penalty and failure to comply with the direction of the Commission, despite being afforded numerous opportunities to deposit the amount of penalty, had established that the company had contravened clause D(1)(2) of Code of Conduct set forth under the Third Schedule and R.12 of the Brokers and Agents Registration Rules, 2001---Conduct of the company of consistent and flagrant contravention of direction of the Commission, was appalling and deeply concerning---Registration of the company, as a broker was suspended for a period of fifteen days, by the Commission in exercise of the powers under R.8 of Brokers and Agents Registration Rules, 2001; company was directed to immediately deposit the amount of the penalty and furnish a copy of the deposit challan in the office, failing which registration of the company as a broker would be cancelled in accordance with R.9 of Brokers and Agents Registration Rules, 2001. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCI).---This order shall dispose of the proceedings initiated through Show Cause Notice bearing No.1(07) BS/KSE/MSW/SMD/2009/ dated November 22, 2011 ("SCN") issued to Zafar Moti Capital Securities (Private) Limited…

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