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-------Securities and Exchange Rules, 1971, Third Schedule-------Irregularities in calculation of "Net Capital Balance" ('N.C.B.')-------Report submitted by the inspection team, highlighted major irregularities in calculation of the 'Net Capital Balance' ('N.C.B.') of the company-------Said calculation was duly verified and certified by the Auditor which showed that 'N.C.B.' was not calculated in accordance with Third Schedule of the Securities and Exchange Rules, 1971 and had been overstated-------Director of the Commission taking a lenient view issued warning to the Auditors to be vigilant in the future-------Validity-------Auditors, had overstated the "N.C.B." and Director of the Commission had rightly taken a lenient view, and did not impose any penalty under S.22 of the Securities and Exchange Ordinance, 1969, but given a warning to strictly comply with applicable Rules and Regulations in future-------Impugned order, could not be interfered with, in circumstances. THIS ORDER PASSED BY: TAHIR MAHMOOD, COMMISSIONER (CLD) AND FIDA HUSSAIN SAMOO, COMMISSIONER (INSURANCE):--------------- 1. This order shall dispose of Appeal No. 29 of 2013 filed under section 33 of the Securities and Exchange Commission of Pakistan (the "Commission") Act, 1997 against the order dated 11/04/13 (the "Impugned Order") passed by the Respondent. 2. The Commission in exercise of its powers under section 6(1) of Securities and Exchange Ordinance, 1969 ("Ordinance") read with Rules 3 and 4 of Stock Exchange Members (Inspection of Books and Record) Rules, 2001 ordered an inspection of the books and records required to be maintained by Shajar Capital Pakistan (Pvt.) Ltd. ("SCPL"), TREC Holder of KSE and a broker registered under the Broker and Agents Registration Rules, 2001. The report dated 06/11/12 submitted by the inspection team highlighted major irregularities in calculation of Net Capital Balance of SCPL as on 30/06/12, the calculation of which were duly verified and certified by the Appellant. It appeared that NCB…

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