Law: Securities and Exchange Ordinance, 1969

Section: 20

Securities and Exchange Ordinance (XVII of 1969)--Ss. 5-A & 20---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---Unauthorized brokerage business---Prohibiting transfer of shares---Complaint was that appellant was carrying on brokerage business without authorization---Inquiry conducted against the appellant having confirmed the allegation, a show-cause notice was issued to him and Commissioner vide his order prohibited transfer of shares from account of the appellant---Validity---Appellant though had admitted that he was carrying on unauthorized brokerage business, but not all claims filed against him were genuine---Prayer of appellant that impugned order prohibiting transfer of shares, though could not be accepted in given circumstances, but appellant having more than once expressed his sincere intention of settling claims against him, interest of all parties could only be served by early settlement of the claims against appellant in a fair and transparent manner---Appellant; in circumstances, was directed to settle claims of the claimants. ORDER This order will dispose of the instant Appeal No. 8 of 2004 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by M/s. Friend Stock Linker and Muhammad Tahir Ismail against the order dated 19-3-2004 passed by Commissioner (Securities Market). 1. Brief facts of the case are that Mr. Niaz Muhammad Bhatti, respondent No.1 filed a complaint against Muhammad Tahir. Ismail of M/s. Friend Stock Linker alleging that he was carrying on brokerage business without due authorization and registration under section 5A of the Securities and Exchange Ordinance, 1969. Initial inquiry conducted by the Securities Market Division of the Commission confirmed the allegation against the appellants. Consequently, a show-cause notice dated 17-2-2004 was issued by Commissioner (Securities Market) and an order under section 20 of the Securities and Exchange Ordinance, 1969 was passed which prohibited transfer of shares from the appellant's account with CDC and sub-accounts maintained with Aziz Fidahussein & Company (Pvt.) Ltd. and Capital One Equities Ltd. Later on, the…

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