Law: Securities Act, 2015

Section: 150

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

Securities Act (III of 2015)--- ----S. 150---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---SECP Circular No. 4 dated 16.4.2013---Failure to file quarterly return---Appellant, in contravention of SECP Circular No.4 dated 16-4-2013, had not filed the quarterly financial return through online Financial Reporting System (F.R.S) for relevant quarter---Appellant had also failed to submit details of Bank accounts, a hard copy of half yearly accounts and a hard copy of annual accounts for the relevant year---Securities and Exchange Commission (Commission) issued show-cause notice to the appellant for contravention of S.150(1) 150(2) of Securities Act, 2015---Appellant failed to reply to the notice---No one appeared on behalf of the appellant on fixed date of hearing, Commission imposed penalty of Rs.1,000,000 on the appellant---Appellant had challenged the impugned order on the ground that show-cause notice was not served in appropriate manner---Representatives of the appellant stated that appellant’s office having been closed for the last three years, no service was possible on the said address---Validity---Appellant had not informed the Commission about closure of its office---Plea of the appellant with regard to closure of its office was not tenable---Appellant did not submit the reply to the show-cause notice, nor attended the proceedings---Appellate Bench of the Commission, in view of giving of opportunity of hering to the appellant set aside the order of the Commission with direction to serve the show-cause notice on the appellant at its Chief Executive Officer’s (CEO) address as provided by the appellant. ORDER 1. This Order is in the matter of Appeal No. 51 of 2017 filed by A.H.K.D Securities (Pvt.) Limited (the Appellant) against the Order dated 30/05/17 (the Impugned Order) passed by the Commissioner-SMD (the Respondent) under Section 150 of the Securities Act, 2015 (the Act). 2. Brief facts of the case are that the Appellant, in contravention of Securities and Exchange Commission of Pakistan (the Commission) Circular No.4 dated 16/04/13 had not filed the quarterly financial return through the online Financial Reporting System…

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