Law: Securities Act, 2015

Section: 150

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

Section: 33

(a) Securities Act (III of 2015)--- ----S. 150---Disciplinary action in respect of licensed person---Imposition of penalty---Scope was imposed upon a penalty for its failure to file quarterly financial return, to send details of all of its Bank accounts and to provide hard copy of its half yearly accounts---Validity had persistently violated the requirements of Financial Reporting System (FRS)---Contention of appellant that there was an error in the FRS was not acceptable because appellant had not provided any written evidence regarding agitation of matter before relevant department had neither provided Bank details nor submitted half-yearly accounts to the Commissions argument about imposition of penalty not greater than the gain earned or loss avoided, did not hold merit because under S. 150(2)(a) of the Securities Act, 2015, Commissioner (SMD) was empowered to impose penalty up to fifty million rupees---Appeal was dismissed. (b) Securities Act (III of 2015)--- ----S. 150---Disciplinary action in respect of licensed person---Wilful default---Scope---Section 150 of Securities Act, 2015 does not require establishment of willful default prior to imposition of penalty. (c) Securities and Exchange Commission of Pakistan Act (XLII of 1997)--- ----S. 33---Appeal---Condonation of delay---Application before wrong forum---Scope is required to explain each and every movement to justify delay in filing appeal---Delay caused due to filing of application before wrong forum cannot be considered as a valid reason to condone the delay. United Bank Limited v. Muhammad Afzal Solangi 2018 PLC 287; Muhammad Amir v. Muhammad Sarfraz 2019 CLD 523 and Furqan Habib v. Government of Pakistan 2006 SCMR 460 rel. ORDER 1. This Order shall dispose of Appeal No. 82 of 2017 filed by the Messrs MSD Capital Equities (Pvt.) Limited (the Appellant) against the Order dated May 30, 2017 (the Impugned Order) passed by the Commissioner (SMD) under section 150 of the Securities Act, 2015 (the Act). 2. The Brief facts of the case are that the Appellant in contravention of Securities and Exchange Commission of Pakistan (the Commission) Circular No. 4 of 2013, dated April 16, 2013 (the Circular) failed…

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