Law:

Section:

Securities Act (III of 2015)--- ----S. 150---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Financial Reporting System (FRS) data, had revealed that appellant company had not filed financial return through said system for relevant quarters and company had also failed to send details of all its Bank accounts with the Head of Department---Appellant company was established to be non-compliant at the time of issuance of show-cause notice and company had accepted that it had not filed quarterly FRs for relevant quarters---Violation of Regulatory Frame Work, being a serious matter, in exercise of powers under S.150 of the Securities Act, 2015, a penalty of Rs.100,000 was imposed on appellant company, with direction to file all overdue financial returns through FRs within 30 days from the date of order---Appellant Company was further directed to ensure strict compliance with the Regulatory Framework in letter and spirit in future---Appellant Company having not discharged its regulatory obligations at the time of passing of impugned order, Commissioner (SMD) had rightly imposed penalty---In absence of any reason to interfere with impugned order, same was upheld, in circumstances. THIS ORDER PASSED BY: TAHIR MAHMOOD, COMMISSIONER (CCD-CLD) This Order is passed in the matter of Appeal No.66 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 30/05/17 passed by the Respondent. 2. The brief facts of the case are as follows: (a) Review of the Financial Reporting System (FRS) data revealed that M/s. Omni Capital Management (Private) Limited (Appellant) had not filed quarterly financial return through the online FRS for quarter ended 30/06/16, 30/09/16 and 31/12/16 in contravention of Commission Circular No. 4 of 2013 dated 16/04/13. This is despite the fact that the Commission arranged the awareness and training sessions for the TREC holders on FRS in Islamabad, Lahore and Karachi. (b) The Appellant had not sent details of all its bank accounts with the Head of Department, Surveillance, Supervision and Enforcement Department of the…

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