Law: Securities and Exchange Ordinance, 1969

Section: 7

Securities and Exchange Ordinance (XVII of 1969)---Ss. 7(1)(d), 15-A, B & 22(1)(c)---Brokers and Agents Registration Rules, 2001, Rr. 8(ii), (iv) & 8(a)(b)---Securities and Exchange Commission of Pakistan, Act (XLII of 1997), S.33---Imposition of penalty---Scope---Commissioner (Securities Market Division), had imposed under S.15-B of Securities and Exchange Ordinance, 1969, a fine of Rs.72,150 on appellant, being equivalent to the gain accrued to its parent company---Impugned order had not specified whether fine had been imposed under subsection (3) or (4) of S.15-B of the Ordinance---Commission did not have the power to impose any sort of 'Fine' under S.15-B, be it subsection (3) or (4) of Securities and Exchange Ordinance, 1969---Commissioner, however had the power under subsection (3) of S.15-B of Securities and Exchange Ordinance, 1969 to direct payment of compensation to any person who had suffered loss as a result of dealing of insider information by accused---Where a person who had suffered loss had not determined the amount of compensation payable to the commission, it was possible that Commissioner could have mistakenly used the term 'Fine' for the term 'compensation'---Contention of appellant that it had been punished twice for the same offence, was untenable as appellant was punished for two different offences and not one offence; firstly for insider trading under S.15-A of Securities and Exchange Ordinance, 1969; and secondly for violation of R.8(iv) of Brokers and Agents Registration Rules, 2001 and the Code of Conduct for Using Terminology in the Morning Note, which was inconsistent with the requirements laid down therein---Appellant had not violated provisions of S.15-A of Securities and Exchange Ordinance. 1969---Fine of Rr.72, 150 imposed on appellant in the impugned order, o- was set aside, in circumstances---Appellant, however, had acted in violation of Code of Conduct contained in Brokers and Agents Registration Rules, 2001 by stating in their Morning Note that relevant information had been acquired from their sources---Penalty of Rs.100, 000 imposed under R.8(b) of Brokers and Agents Registration Rules, 2001, however, was upheld,…

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