Law:

Section:

(a) Central Depositories Act (XIX of 1997)------- --------S. 24(2)-------Handling book-entry securities without authority-------Whenever a broker would move/handle the securities of client, he would move them with the consent of client and not otherwise. (b) Securities and Exchange Commission of Pakistan Act (XLII of 1997)------- --------Ss. 20, 29 & 33-------Qanun-e-Shahadat (10 of 1984), Arts.117, 118 & 119-------Claim of debit-------Burden to prove-------Broker who claimed debit against respondent failed to produce any documentary evidence in proof of his claim-------Burden being on the broker under Arts. 117, 118 & 119 of the Qanun-e-Shahadat, 1984 to prove the fact of debit, he was under obligation to prove the same-------Broker having failed to prove the fact of alleged debit, it would be assumed that no such debit was in existence. THIS ORDER PASSED BY: TAHIR MEHMOOD, COMMISSIONER (CLD):------------ 1. This order shall dispose of Appeal No. 59 of 2009 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 (the SECP Act) against the order dated 25-09-2009 (Impugned Order) passed by the Respondent No. 1. 2. The brief facts of the matter are that Respondent No. 2 has filed a complaint against Appellant before Securities and Exchange Commission of Pakistan (the Commission) alleging therein that the Respondent No.2 was the client of Junaid Ali (Agent), who was an agent of Mr. Siddiq Moti/Appellant, member Karachi Stock Exchange (KSE). Respondent No. 2 conducted the business of sale/ purchase of shares with the said agent for about 4 years on the basis of faith. He is resident of Hyderabad and due to his good reputation; certain close relatives and friends also trusted him and invested in shares through him. On 19-5-2000, when he checked the CDC delivery position report, a lot of shares were available in the account. Certain shares which were given to the Agent and his partner Mr. Khalid Waheed were also available. In November, 2000, his relatives asked him to sell their shares and return their investment. Resultantly, he placed order with the Agent, however the agent delayed and gave indications of loss.…

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