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

Section: 33

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

Section: 3,4

Law: Securities and Exchange Ordinance, 1969

Section: 6,6(1)

Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Securities and Exchange Ordinance (XVII of 1969), S. 6---Stock Exchange Members (Inspection of Books and Records) Rules, 2001, Rr. 3 & 4---Inspection---Procedure---Scope---Penalty was imposed for non-providing of information/documents to the inspection team---Appellant Company contented that delay in providing information was inadvertent---Authorities contended that delay in provision of information had hampered the ability of inspection team to carry out inspection---Validity---Since the Appellant Company having accepted the default, penalty was reduced by the Appellate Bench. THIS ORDER PASSED BY: AAMIR KHAN, COMMISSIONER (CLD-CSD)---.--- 1. This Order is passed in the matter of Appeal No.02 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 03/10/16 passed by the Respondent. 2. The brief facts of the case are that vide Order dated 31/10/15, the Commission in exercise of its powers under section 6(1) of the Securities and Exchange Ordinance, 1969 (Ordinance) read with rule 3 and rule 4 of the Stock Exchange Member (Inspection of Books and Records) Rules, 2001 (Inspection Rules) ordered an onsite inspection of the books and records required to be maintained by Din Capital Limited (Appellant) during the period from 01/07/14 to 30/06/15. The inspection team informed on 01/04/16 that the Appellant did not provide the requisite information and documents. The non-provision of information and documents placed a significant limitation on the inspection team's ability to assess the compliance status of the Appellant with the applicable regulatory framework. The Commission vide letter dated 27/04/16 advised the Appellant to explain its position with regard to non-provision of information to the inspection team. The Appellant vide letter dated 02/05/16 explained its position and submitted certain additional information. Examination of the information submitted by the Appellant vide its letter dated 02/05/16 revealed that the following information was still outstanding:…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492