Law: Brokers and Agents Registration Rules, 2001

Section: 8

Brokers and Agents Registration Rules, 2001---R. 8---Renewal of certificate of registration---Company, which was a member of Stock Exchange and was registered with Securities and Exchange Commission of Pakistan, applied for renewal of its certificate of registration with the Commission---Scrutiny of said application revealed that financial health of the company had seriously deteriorated as per its statements for the year 2011 and company was operating with negative equity---Commission advised the company to inject additional equity to support its financial position---Company, despite Commission's continuous instructions, had failed to take necessary steps for the revival of its financial position---Taking notice of such failure, show-cause notice was served to the company for initiating action under R.8 of Brokers and Agents Registration Rules, 2001---Authorized representative of the company appeared and provided written statement and gave certain justifications and stated certain steps had been taken to improve the financial position of the Company---Keeping in view the steps taken by the company so far, for revival of its financial position, it was observed that there was no complaint against the company---In the larger interest of the investors and stakeholders, a lenient view was taken; and the certificate of registration of the company was renewed---Company was directed to submit quarterly reports to the Commission regarding the efforts and their outcome for improving its financial position, till the time of next renewal. ORDER HASNAT AHMAD, DIRECTOR/(BR&ICW).---This Order shall dispose of the proceedings initiated through Show Cause Notice ("SCN") No.4(BRL-91)/SMD/SE/2002 dated February 7, 2012 issued to Messrs First Pakistan Securities Limited ("the Respondent") under Rule 8 of the Brokers and Agents Registration Rules 2001 ("the Rules"). 2. Brief facts of the case are that the Respondent is a member of Lahore Stock Exchange (G) Ltd. ("the LSE") and registered with the Securities and Exchange Commission of Pakistan ("the Commission") as a broker under the Rules. 3. Pursuant to the requirements of the Rules, the Respondent applied for renewal of its…

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