Law: Securities and Exchange Ordinance, 1969

Section: 22

Securities and Exchange Ordinance (XVII of 1969)--S. 22---Brokers and Agents Registration Rules, 2001, R.8---Volatility in the share price resulting from the withdrawal of stock dividend by the company---Trading record of the company had revealed volatility, both in terms of share price and volume, on the dates of first and second announcement---On the first announcement the share price of the company closed on the upper circuit breaker---On the date of second announcement during the first five minutes of the trading period a total number of shares of the company i.e., 177,500 was traded, which was more than the total volume of shares traded which constituted 44% of the total traded volume of 404,000 shares on that day---Representative of the company had accepted that it was a mistake on part of the company and should have not taken place at first place---Representative of the company admitted the mistake and asserted that the violations of the provisions of the Listing Regulations of Stock Exchange had occurred inadvertently by the company---Representative of the company was apprised that considerable volatility was also observed in the share price of the scrip---Trading pattern exhibited relatively unusual movement compared with recent historical trading pattern, both in terms of the share price and trading volume---Payout announced by the company in the form of stock dividend and cash dividend were revised and the payout announcement did not include the stock dividend that was announced in the first announcement and volatility in the shares price was observed---Company was one of the recognized institutions of the health sector and belonged to a well known group---Company, in circumstances, was expected to be conversant and had fully complied with the regulatory requirements---Institute of company's repute was expected to know that any disclosure of price sensitive information should be equitable and not in a manner that would compromise the investors' confidence on the fairness and transparency of the market---Volatility in the share price resulting from the withdrawal of stock dividend by the company had intensified the gravity of the violation as it…

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