Law: Securities and Exchange Ordinance, 1969

Section: 22

Law: Brokers and Agents Registration Rules, 2001

Section: 8,12

Securities and Exchange Ordinance (XVII of 1969)---   ----S. 22---Brokers and Agents Registration Rules, 2001, Rr.8, 12 Third Schedule---Conducting business in violation of Code of Conduct---Evidence on record had established that Brokerage company had created false market and failed to maintain fairness in the conduct of its business---Company was responsible to monitor all trading activities being carried out through its trading terminals in order to track and prevent any transaction being made in violation of any applicable rules and regulations---Company had indulged in improper and undesirable conduct on the stock-exchange---Execution of said trades had shown that the company had failed to maintain high standards of integrity, promptitude and fairness in conduct of its business---Company had failed to exercise due care, skill and diligence in conduct of its business and had failed to abide by the provisions of the rules and regulations issued by the Commission---Company, in circumstances, had violated clauses A(2), A(4) A(5) of the Code of Conduct set forth under Third Schedule of Brokers and Agents Registration Rules, 2001, which in turn was in violation of R.12 of said Rules---Unfair trade practices, were detrimental to the growth and development of the market and undermine market integrity---Such trading activities of the company had interfered with the fair and smooth functioning of the market and also damaged the interest of other investors who were trading in the scrip---Violation of Rules and Regulations, was a serious matter, which entitled the Commission to even suspend the registration of the company, but the Commission had elected not to exercise that power---In exercise of the powers under S.22 of the Securities and Exchange Ordinance, 1969 Commission had imposed a penalty of Rs. 200,000 on the company with a direction to the company to take immediate measures; and put in place proper system and check to eliminate the occurrence of such type of violations in future; and to ensure that full compliance be made of all rules, regulations and the directives of the Commission in the future for avoiding any action under the law.   ORDER…

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