Law: Brokers and Agents Registration Rules, 2001

Section: R-8,12,Third Schedule

Brokers and Agents Registration Rules, 2001---Rr. 8, 12 & Third Schedule---Providing misleading and incorrect information regarding movement of the securities--Imposition of penalty---Securities and Exchange Commission, enquired from the company regarding movement of securities pertaining to CDC sub-account holders from main account to house account of company during period from February, 2010 to April, 2010; as said securities were not part of proprietary trading of the company---Required information regarding said movement of securities pertained to the period from February, 2010 to April, 2010, whereas the company provided misleading and incorrect information for an irrelevant period that was September 1, 2010 to September 24, 2010---Company was informed about submission of said misleading and incorrect information---Company was also required to submit the appropriate details regarding the matter, but in complete disregard to the Commission's letter, no information or reply was received from the company---Representative of the company prayed that the Commission could take a lenient view in the matter because the delay in providing information was not wilful or to cause any offence---In view of the contraventions of Code of Conduct and Brokers Rules, while giving due consideration to the prayer of the company to take a lenient view, the Commission had not exercised the power to suspend the registration of the company---However, in exercise of powers under R.8(b) of Brokers and Agents Registration Rules, 2001, imposed on the company a penalty of Rs.25,000--Company was strongly advised to ensure compliance with law and directives of the Commission in future for avoiding any punitive action under the law. ORDER IMRAN INAYAT BUTT, DIRECTOR.--- This order shall dispose of the proceedings initiated through Show-Cause Notice bearing No.1(13) SMS/MSW/SMD12010/01 dated October 6, 2010 ("SCN") under Rule 8(a) and (b), and Code of Conduct prescribed in Third Schedule ("Code of Conduct") of the Brokers and Agents Registration Rules, 2001 (the "Brokers Rules") read with Rule 12 of the Brokers Rules, issued by the Securities and Exchange Commission of Pakistan (the…

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