Law: Securities and Exchange Ordinance, 1969

Section: 6,22

Law: Securities and Exchange Ordinance, 1969

Section: 6,22

Securities and Exchange Ordinance (XVII of 1969)-------Ss. 6 & 22---Brokers and Agents Registration Rules, 2001, R.8---Stock Exchange Members (Inspection of Books and Record) Rules, 2001, Rr.3 & 4---Failure to provide requisite information, documents to Inspection Team---Interim inspection report submitted by Inspection Team duly constituted by the Commission had revealed that respondent/broker company had not co-operated with the inspectors in providing requisite information, documents and clarification as required under the law---Broker company despite numerous opportunities, had failed to provide the information/documents/details required by the Inspection Team in a timely manner, which had placed restrictions on the ability of the Inspection Team to perform the inspection initiated by the Commission---Non-provision of required information/documents, was violation of Rules and Regulations, which was serious matter as provided in subsection (3) of S.6 of Securities and Exchange Ordinance, 1969 and R.8 of Brokers and Agents Registration Rules, 2001---Violation of the Rules and Regulations, was a serious matter which entitled the Commission to even suspend the registration of the broker company---Commission, taking a lenient view in the matter, in exercise of the powers under S.22 of the Securities and Exchange Ordinance, 1969, imposed on the company a penalty of Rs.100,000. ORDER IMRAN INAYAT BUTT, DIRECTOR/HOD (MSRD).---This Order shall dispose of the proceedings initiated through Show Cause Notice bearing No. 1(1) SMD/MSRD/C&IW dated September 3, 2013 ("SCN") served to D.J.M. Securities (Private) Limited ("Respondent"), Trading Right Entitlement Certificate Holder/Broker of the Karachi Stock Exchange Limited ("KSE") by the Securities and Exchange Commission of Pakistan ("Commission") under section 22 of the Securities and Exchange Ordinance, 1969 ("Ordinance") read with Rule 8 of the Brokers and Agents Registration Rules, 2001 ("Brokers Rules"). 2. Brief facts of the case are that the Commission in exercise of its powers under subsection (1) of section 6 of the Ordinance read with Rule 3 and Rule 4 of the Stock Exchange Members (Inspection of…

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