Law: Securities and Exchange Ordinance, 1969

Section: 6

Securities and Exchange Ordinance (XVII of 1969)--Ss. 6 & 22---Stock Exchange Members (Inspection of Books and Record) Rules, 2001, R.5---Brokers and Agents Registration Rules, 2001, R.8---Failure of Brokerage company to co-operate with the Inspectors by not providing information/document etc.---Brokerage company had failed to co-operate with the Inspectors in inspection initiated by the Commission, and had prima facie contravened the provisions of S.6(3) of the Securities and Exchange Ordinance, 1969 and R.8(x) of Brokers and Agents Registration Rules, 2001---Violation of Rules and Regulations was a serious matter which would entitle the Commission to even suspend the membership of the company/trading right entitlement, but the Commission taking a lenient view in the matter, in exercise of the powers under S.22 of Securities and Exchange Ordinance, 1969, imposed a penalty of Rs.100,000 on the company with further direction to fully co-operate with the Inspectors, and provide all the requisite information and necessary record for the purpose of inspection---Company was further directed to ensure that full compliance be made of all Rules, Regulations and directives of the Commissions in the future. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSCID).---This order shall dispose of the proceedings initiated by the Securities and Exchange Commission of Pakistan ("the Commission") under section 22 of the Securities and Exchange Ordinance, 1969 ("the Ordinance") and Rule 8 of the Brokers and Agents Registration Rules, 2001, ("the Brokers Rules") through Show-Cause Notice bearing No.SMD-/MS&CID-C&IW/10-1(152)/2012 dated September 20, 2012 ("the SCN") issued to Live Securities Limited ("the Respondent"), Trading Right Entitlement Certificate Holder ("TREC") of Karachi Stock Exchange Limited ("KSE") and registered as a broker with the Commission under the Brokers Rules. 2. The brief facts of the case are that the Commission in exercise of the powers under subsection (1) of section 6 of the Ordinance vide Order No. SMD-/MS&CID-C&IW/ 10-1(124)/2012 dated July 9, 2012 appointed, under Rule 5 of Stock Exchange Members (Inspection of Books and Record) Rules,…

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