Law: Securities Act, 2015

Section: 150,138(5)

Securities Act (III of 2015)--- ----Ss. 150 138(5)---Securities Brokers (Licensing and Operations) Regulations, 2016, Reglns. 16, 19 13---Pakistan Stock Exchange Limited Regulations, Reglns. 22, 4.12, 4.18, 4.24, 7.5 4.17---Central Depository Company of Pakistan Limited Regulations, Regln. 6.2.2---Disciplinary action in respect of licensed person---Scopes licence was suspended and a penalty was imposed upon it for operating with an un-registered Agent and branch office; its failure to provide information to inspection team; using Bank account of its client; receiving/making payments in cash from/to clients; executing transactions without permission of the clients; not separating account for proprietary trading; non-registration of director in the Unique Identification Number database; non-implementation of KYC (Know Your Customer) and CDD (Customer Due Diligence) policies; non-maintenance of SAOFs (Standard Account Opening Forms) and discrepancies in CDC-Sub Account Opening Forms---Validity had committed violations of serious nature and none of them were redressed could not rebut the evidence presented by authorities---Appellate Bench of the Commission observed that since the appellant had shown its willingness to be fully compliant with the law and wanted to surrender its licence, therefore, penalty imposed upon the appellant was significantly reduced---Appeal was disposed of accordingly. ORDER 1. This order is passed in the matter of Appeal No.10 of 2018 filed under section 33 of the Securities and Exchange Commission of Pakistan (Commission) Act, 1997 (SECP Act) against the order (Impugned Order) dated 05/10/17 passed by the Respondent. 2. The brief facts of the case are that the Commission conducted an inspection under section 138 of the Securities Act, 2015 (Securities Act) to ascertain the compliance of Din Capital Limited (Appellant) with the regulatory framework from 01/01/15 to 31/12/16 (Review Period). The inspection report, prima facie, revealed that the Appellant was non-compliant with the following: I. Operating with an un-approved/un-registered agent and branch office---Regulation 16(2)(g) of the Securities Brokers (Licensing and Operations…

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