Law:

Section:

Securities and Exchange Ordinance (XVII of 1969)--- ----Ss. 6(3) & 22---Brokers and Agents Registration Rules, 2001, R.8 & Third Sched:---.---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Failure to submit financial information---Securities and Exchange Commission, in exercise of powers conferred under S.6(3) of Securities and Exchange Ordinance, 1969, read with Third Sched. of Brokers and Agents Regulation Rules, 2001, had directed all the Trading Right Entitlement Certificate (TREC) holders/brokers to submit their financial information online Financial Reporting System (FRS) within 30 days of the close of each quarter---Commission had also arranged the awareness and training session for 'TREC' holders---Commission vide its letters had directed the Stock Exchanges to ensure the compliance within the stipulated time limit---Despite all said effects, appellant-company failed to file the financial information---Appellant-company, having failed to discharge its regulatory obligations---Executive Director of the Commission (PRPD) in exercise of powers under S.22 of the Securities and Exchange Ordinance, 1969, imposed a penalty of Rs.300,000 on the appellant---Company with direction to file all overdue financial returns---Appellant-company contended in appeal that due to inaction of accountant their Financial Reporting System (FRS) password had expired and subsequently, there was no way for them to submit their financial information online and that they received no assistance from the help disk of the Commission---Appellant-company had submitted previous as well as current FRS on the website of the Commission when the password was renewed---Impugned order was upheld as the violation of Brokers Rules had been established---Appellant-company having subsequently submitted all previous and current FRS, taking a lenient view, penalty was reduced to Rs.150,000 by the Appellate Bench with direction that in case of similar non-compliance in future strict action would be taken in accordance with law. THIS ORDER PASSED BY: SHAUKAT HUSSAIN, COMMISSIONER (CCD-CLD)---.--- 1. This Order is in the matter of Appeal No.47 of 2017 filed under…

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