Law: Securities and Exchange Ordinance, 1969

Section: 3,22

Law: Stock Exchange Members (Inspection of Books and Record) Rules, 2001

Section: 3,4

Securities and Exchange Ordinance (XVII of 1969)--- ----Ss. 6 & 22---Stock Exchange Members (Inspection of Books and Record) Rules, 2001, Rr.3 & 4---Brokers and Agents Registration Rules, 2001, R.8---Failure of company to co-operate with Inspection Team of the Commission---Inspection Team, submitted interim inspection report communicating that company had not co-operated with inspectors, in providing requisite information, document and clarification as required under law---Violation of Rules and Regulations, was a serious matter, which entitled Commission to suspend the registration of the company---Commission taking a lenient view, in exercise of the power under S.22 of the Securities and Exchange Ordinance, 1969 imposed a penalty of Rs.100,000 on the company--- Company, in spite of numerous opportunities, had failed to provide the information and documents required by the Inspection Team in timely manner; which had placed restriction on the ability of Inspection Team to perform the initiated inspection---Fact that, the company had subsequently provided the requisite information; and the inspection was completed, penalty imposed on the company, was set aside on the assurance that no such delay would be made in future---Company was strictly warned to be vigilant in future. THIS ORDER PASSED BY: TAHIR MAHMOOD, COMMISSIONER (CLD):---.--- 1. This order shall dispose of appeal No. 65 of 2013 filed under section 33 of the Securities and Exchange Commission of Pakistan (the "Commission") Act, 1997 ("SECP Act") against the order (the "Impugned Order") dated 20/11/13 passed by the Respondent. 2. The brief facts of the case are that the Commission in exercise of its powers under section 6(1) of the Securities and Exchange Ordinance, 1969 (the "Ordinance") read with Rule 3 and Rule 4 of the Stock Exchange Members (Inspection of Books and Record) Rules, 2001 ("Inspection Rules") ordered an inspection of the books and records required to be maintained by D.J.M Securities (Pvt.) Ltd (the "Appellant"). The following officers of the Commission were appointed as inspectors ("Inspection Team") for the purpose vide order dated 04/06/13: i) Kashif Ali Deputy Director ii)…

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