Law: Securities and Exchange Ordinance, 1969

Section: 22

Securities and Exchange Ordinance (XVII of 1969)--S. 22---Brokers and Agents Registration Rules, 2001, Rr. 8, 12 & Third Sched.---Creation of artificial volume in the scrip of the Brokerage company and execution of scheme in concert with other companies---Violation of Code of Conduct---Trading data of Stock Exchange for the relevant period showed that out of total trading volume in the scrip of the company, approximately 82% was traded by its associates and resulted in increase in share price---Company was found involved in creation of artificial volume in its scrip and execution of the scheme in concert with its participants, with a view to distort the market for personal gains---As provided in the Code of Conduct set forth under the Third Schedule of the Brokers and Agents Registration Rules, 2001, it was the responsibility of the company not to create false market, either singly or in concert with others, or indulge in any act that was detrimental to the investors' interest---Company, in circumstances, had violated clause A(1)(2)(4) & (5) of Code of Conduct, which in turn was violation of R.12 of Brokers and Agents Registration Rules, 2001, read with R.8 thereof---Company had shown very casual attitude towards the Commission and despite number of extensions on its own request, did not even feel the need to inform about its non-availability/absence on date of final hearing---Each and every market participant was supposed to play its due role to ensure that market was fair, efficient and transparent for the protection of investors and to reduce the systematic risk of the market---If any market participant did not act accordingly, then it should be held accountable for that---Violation of the Rules and Regulations, was a serious matter which entitled the Commission to suspend the registration of the company, but Commission elected not to exercise that power---Commission, in exercise of powers under S.22 of Securities and Exchange Ordinance, 1969, imposed on the company a penalty of Rs.500,000 in circumstances. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCI).---This order shall dispose of the proceedings initiated through Show Cause Notice bearing No.1…

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