Law: Securities Act, 2015

Section: 150,177,178

Securities Act (III of 2015)--- ----Ss. 150, 177 178---Disciplinary action in respect of licensed person---Transitional provisions---Repeal and savings---Scope  was imposed upon a penalty for not filing the quarterly financial data, Bank account details, half yearly and annual accounts---Contention of appellant was that it was not required to file quarterly financial data and submit accounts, since its registration as securities broker had expired on 26-08-2016---Commission contended that the appellant was always deemed to be licensed under Ss. 177(3) 178(2)(e) of the Securities Act, 2015---Validity  was not a deemed licence holder at the time of issuance of show cause notice on 20-03-2017 as its licence had expired on 26-08-2016 nor had it applied for renewal of licence  had to meet the regulatory requirements of filing the quarterly financial return for the quarter ended 30-06-2016 and hard copy of annual returns for the period it held a valid licence, however, after the expiry of licence it was not under any obligation to file details of its bank accounts and returns for the period 30-09-2016 and half yearly accounts for the period 31.12.2016  had filed returns for the period 30-06-2016 on 05.12.2019 through electronic filing but still hard copy was not filed---Bench reduced the penalty imposed on the appellant and directed the appellant to file the hard copy---Appeal was disposed of accordingly. ORDER 1. This Order is passed in the matter of Appeal No. 60 of 2017 filed under section 33 of the SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Commission Act, 1997 (SECP Act) against the Order dated 30/05/17 (the Impugned Order) passed by the Commissioner, Securities Market Division (the Respondent). 2. The brief facts of the case are as follows: a) Review of the Financial Reporting System (the FRS) data revealed that AKD Analytics (Private) Limited (the 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 SECURITIES AND EXCHANGE COMMISSION OF PAKISTANs Circular No.4 of 2012 dated 16/04/13 (the Circular). This was so despite the fact that the SECURITIES…

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