Law:

Section:

Brokers and Agents Registration Rules, 2001--- ----R. 5(4)(5)---Renewal of certificate of registration as a broker---Company had prayed for renewal of certificate of registration as a broker---Control of the company was held by a person who failed to abide by the Code of Conduct for brokers, and failed to settle the investor's claims---Such a situation had created serious doubts about the credibility and integrity of the company; which led the Commission to believe that continuation of operations of the company, would harm the interest of the Stock market in general, and investors in particular---Company was not eligible for renewal of registration as a broker---Application of company, was refused in terms of R.5(5) of Brokers and Agents Registration Rules, 2001, which stood cancelled. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSRD).---This Order shall dispose of the application of Diyanah Islamic Financial Services (Private) Limited ("Company") TREC holder of the Islamabad Stock Exchange ("ISE") for renewal of certificate of registration as a broker under the Brokers and Agents Registration Rules, 2001 ("the Rules"), forwarded by the ISE to the Securities and Exchange Commission of Pakistan ("Commission"). 2. Detailed scrutiny of the information/documents attached with the application for renewal of certificate of registration revealed that Mr. Khalid_Waheed was a Sponsor and major Shareholder of the Company as Mr. Khalid Waheed and his family held 83% shares of the Company. 65% shares of the Company were held by Mr. Waheed and his spouse and the rest 18% shares were held by his parents and brothers. It is pertinent to mention here that Mr. Khalid Waheed was the Chief Executive Officer of Hum Securities Limited (Ex-TREC holder of the Karachi Stock Exchange) which failed to meet its obligations towards the investors and all the investor's claims against Hum Securities Limited and/or Mr. Waheed were still outstanding despite Commission's orders and instructions. 3. In order to decide the matter on merit, an opportunity of hearing was provided to the Company in terms of Rule 5(4) of the Rules to appear and argue its case on December 19, 2013. Mr. Khaleel Mujeeb ur…

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