Law:

Section:

Securities Act (III of 2015)--- ----S. 150---Securities Brokers (Licensing and Operations) Regulations, 2016, Regln.20---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Securities and Exchange Commission Circular No.4 of 2013, dated 16-4-2013---Failure to file quarterly financial returns---Appellant company failed to file quarterly financial returns online, despite the fact that the Commission had arranged the awareness and training for the Trading Right Entitlement Certificate holders---Said failure, prima facie, was a non-compliance with the provisions of sub-regulations 1 & 2 of Regln.20 of the Securities Brokers (Licensing and Operations) Regulations, 2016 and contravention of SECP Circular No.4 of 2013, dated 16-4-2013---Commission in exercise of powers under S.150 of Securities Act, 2015 imposed a penalty of Rs.100,000 on the appellant/Company---Appellant/Company, contended that it could not do so as the online system was giving problems and that its brokerage house staff was not fully aware of the Regulatory requirements---Company must have ensured that all compliances were made in letter and spirit on time---On Company's assurance to fully comply with the Regulatory requirements in future, Commission, taking a lenient view, set aside the impugned order to the extent of penalty and directed the appellant to be careful in future. THIS ORDER PASSED BY: SHAUKAT HUSSAIN, COMMISSIONER (CCD-CLD)---.--- 1. This Order is in the matter of Appeal No.91 of 2017 filed under section 33 of the Securities and Exchange Commission of Pakistan (Commission) Act, 1997 (SECP Act) against the order (Impugned Order) dated 30/05/17 passed by the Respondent. 2. The brief facts of the case are that review of the Financial Reporting System (FRS) data revealed that JSK Securities Limited (Appellant) did not file quarterly financial returns through the online FRS for quarter ended 30/06/16, 30/09/16 and 31/12/16 in contravention of Commission Circular No.4 of 2013 dated 16/04/13. This is despite the fact that the Commission arranged the awareness and training sessions for the Trading Right Entitlement Certificate (TREC) holders on FRS in Islamabad,…

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