Law:

Section:

THIS ORDER PASSED BY: ZAFAR ABDULLAH, COMMISSIONER (SCD):---.--- 1. This order shall dispose of Appeal No. 42 of 2015 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by the Credit Insurance Limited (Appellant) against the order dated 08/10/15 (the Impugned Order) passed by the Respondent. 2. Brief facts of the case are that the Appellant has not submitted its Audited Annual Accounts and Regulatory Returns (the Accounts and Returns) for the year ended 31/12/14 by 30/04/15. The Appellant, videl, its letter dated 09/04/15 requested for an extension in submission of the said Accounts and Returns, which was acceded to and an extension of up till 31/05/15 was granted in terms of section 51(1) of the Insurance Ordinance 2000 (the Ordinance). However, the Appellant failed to submit the Accounts and Returns even after the lapse of extended period as required under section 46(1)(b) read with section 51(1) of the Ordinance. Therefore, a Show Cause Notice (the SCN) dated 13/08/15 was issued to the Appellant under section 46(1)(b) read with section 51(1) and section 156 of the Ordinance. The Appellant submitted SCN reply vide letter dated 02/09/15. The hearing in the matter were firstly scheduled for 16/09/15 however no one appeared on behalf of the Appellant, thereafter in the interest of justice another hearing opportunity was provided on 29/09/15, however, no one appeared on behalf of the Appellant. The Respondent, after carefully reviewing the facts and circumstances of the case held that the default of section 46(1)(b) and section 51 of the Ordinance is established. Therefore, a fine of Rs. 100,000 was imposed on the Appellant under section 156 of the Ordinance. 3. The Appellant has preferred the appeal against the Impugned Order on the following grounds: a) The default for non-filing the financial statement was not deliberate. b) The change of management has caused a delay in submission of the financial statements. c) The Appellant has never defaulted in the past in the submission of the financial statements. d) The notice of hearing dated 17/09/15 and 29/09/15 was not received by any authorized person and could not be delivered…

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