Law:

Section:

Brokers and Agents Registration Rules, 2001------- --------R. 17-------Security and Exchange Rules, 1971, R. 3-------Securities and Exchange Ordinance (XVII of 1969), Ss. 17, 18 & 21-------Protection of interest of investors-------Fraudulent and false statements-------Dealing of agent with the client in his own name-------Grievance of the appellants was, that Stock Exchange (Guarantee) had failed to act as a frontline regulator and taking any immediate action against the ex-Member of the Stock Exchange to protect the interest of numerous investors; that Stock Exchange kept on allowing said ex-Member to work as a broker till 2001, though he had ceased to be member of Stock Exchange-------Director, Securities Market Division, found that said ex-Member was not liable for acts done by another ex-Member in his personal capacity, and outside the authority of ex-Member; that other ex-Member having made himself liable for giving shares/money, liability vested upon him individually and personally-------Director Securities Market Division further found that Stock Exchange had handled claim of complainant in accordance with its powers, enumerated in its Articles, Rules and Regulations to entertain such complaints of investors against members/Brokers and adjudicate upon such disputes and rejected the prayer of appellants that there were legal discrepancies, as well as violation of law and directions of the Commission, were committed by the Stock Exchange-------Grievance of the appellants, had not been redressed, even after lapse of a decade-------Appellants had been denied remedy on the basis of mere technicalities-------Growth of stock market hinged on the confidence of investors in the system and process related to redress of grievance and dispute settlement-------System, where the investors, had to run from pillar to post to seek justice, was a system which was bound to collapse and detrimental to the economy-------Appellants, had prayed for return of their investment which seemed to be denied to them on the basis of technicalities-------Quasi judicial forum, should seek to dispense justice, and not hide behind technicalities-------While administering financial laws…

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