Law:

Section:

Securities and Exchange Ordinance (XVII of 1969)--- ----Ss. 6 & 22---Stock Exchange Members (Inspection of Books and Record) Rules, 2001, Rr.3 & 4---Inspection of Books and record required to be maintained by the company---Violation regarding "Net Capital Balance", charging of late payment charges and segregation of assets of the clients of the company---Effect---Inspection report had revealed various prima facie violations regarding "Net Capital Balance", charging of late payment charges and segregation of assets of clients---Company admitted its negligence with regard to obtaining client's mandate on non-judicial stamp paper and gave assurance that in future it would comply with the said requirement---Company's justification regarding "Net Capital Balance" was not tenable---Company had accepted the violations of trading on behalf of the clients through its proprietary account, keeping the clients' securities on its House Account, non-maintenance of collateral account and charging late payment charges to its clients---Penalty of Rs.500,000 was imposed on the company, with directions to the company to the effect; that (i) discontinue the practice of charging the late payment charges to the clients; that (ii) discontinue to trade for the clients through its proprietary account; that (iii) properly maintain collateral account; that (iv) handle the book entry securities in accordance with the regulatory framework; that (v) transfer the securities owned by the investors from the House Account to the respective sub-accounts of the investors and that (vi) regularize its "Net Capital Balance" in line with the requirements of Third Schedule of Securities and Exchange Rules, 1971; (vii) to ensure full compliance with the Ordinance, Rules, Regulations and Directives of the Commission in future. ORDER HASNAT AHMAD, DIRECTOR (MSRD).---This Order shall dispose of the proceedings initiated through a Show Cause Notice No.4/BRK-138/SE/SMD/2002 dated May 14, 2013 ("the SCN") issued to Messrs Live Securities Limited ("the Respondent") under section 22 of the Securities and Exchange Ordinance, 1969 ("the Ordinance"). 2. WHEREAS, the Commission in exercise of its powers…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492