Law: Securities and Exchange Ordinance, 1969

Section: 15

Securities and Exchange Ordinance (XVII of 1969)--Ss. 15-A & 15-E---Insider trading---Provident Fund Trust Company, a private limited company managed the funds of the employees of Pakistan Petroleum Limited---Board of trustees of the 'Fund' had prior information regarding the financial results of the 'Fund' by virtue of their positions in the 'Fund'---Information, regarding financial results of the 'Fund' was inside information as same was not available publically before its dissemination---Board of trustees of the 'Fund' using the material information regarding financial results of the 'Fund', disclosed by its Director traded on behalf of the 'Fund' by purchasing the shares of the 'Fund' just before the announcement of its financial results---Directors of the 'Fund' found engaged in "insider trading" by dealing with the shares of 'Fund' on the basis of inside information in violation of S.15-A of Securities and Exchange Ordinance, 1969---Company was liable for the penalty as defined in the S.15-E of the Ordinance---Commission, in exercise of powers under S.15-E(1) of Securities and Exchange Ordinance, 1969, imposed penalty of rupees one million on the company for contravention of S.15-A of the Ordinance by trading in the shares of the 'Fund' on the basis of inside information--- Directors of the company were directed to ensure that the operations of the 'Fund' were closely monitored by them and no trading was done on the basis of inside information in contravention of S.15-A of Securities and Exchange Ordinance, 1969. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCID).---This order shall dispose of the proceedings initiated through Show Cause Notice No. 1(4)INS/MSW/SMD/2012/PPL-02 dated September 19, 2012 ("SCN") issued by the Securities and Exchange Commission of Pakistan ("the Commission") under section 15E(3) of the Securities and Exchange Ordinance, 1969 ("Ordinance") to Pakistan Petroleum Provident Fund Trust Company (Pvt.) Limited and its Directors namely; Mr. Asim Murtaza Khan ("AMK"), Mr. Moira Raza Khan ("MRK") and Mr. Kamran Wahab Khan ("KWK") ("the Respondents"). 2. The Pakistan Petroleum Provident Fund Trust Company (Pvt.) Limited is a private…

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