Law: Brokers and Agents Registration Rules, 2001

Section: R-8,12,ThirdSched

Brokers and Agents Registration Rules, 2001---Rr. 8, 12 & Third Sched.---Movement of securities pertaining to sub-account holders from main account to home account---Imposition of penalty---Securities pertaining to CDC Sub-account holders which were not part of proprietary trading of the company, were moved by the company from main account to home account---Securities and Exchange Commission directed the company to furnish reply vide a letter with regard to relevant movement of securities---Required information regarding movement of securities pertained to period from February, 2010 to April, 2010, but the company provided information for an irrelevant period from September 1 to September 24, 2010---Information given by the company also contradicted the statement made in its letter---Information provided by the company was misleading and incorrect---Company by so doing had violated clause 1X2) of Code of Conduct prescribed in the Brokers and Agents Registration Rules, 2001 with R.8(iv) thereof---Further, providing information to the Commission that was false, was contra to the prohibition imposed in R.8(viii) of Brokers and Agents Registration Rules, 2001---Violation of Code of Conduct and provisions of the Brokers and Agents Registration Rules, 2001, had attracted the penal provisions of R.8(a)&(b) of said Rules, which had empowered the Commission to suspend registration of the Broker or impose a fine---Company, however, having prayed to take lenient view, Commission did not exercise its powers to suspend the registration of the company and instead in exercise of its power under R.8(b) of Brokers and Agents Registration Rules, 2001, imposed on the company a penalty of Rs.25,000 and further advised the company to ensure compliance of law and directives of the Commission in future for avoiding any punitive action under the law. ORDER IMRAN INAYAT BUTT, DIRECTOR (SMD).--- This order shall dispose of the proceedings initiated through Show-Cause Notice bearing No.1(13)SMS/MSW/SMD/2010/01, 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,…

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