Law: Securities and Exchange Ordinance, 1969

Section: 22

Securities and Exchange Ordinance (XVII of 1969)---S. 22---Brokers and Agents Registration Rules, 2001, R.8 & Sched.---Illegal sale transaction of shares---Violation of Code of Conduct---Imposition of penalty---Computer Operator of the company had placed the sale orders, in the client's account without having pre-existing interest---Company was obliged to control all trading activities being carried out through its brokerage house in order to track any transaction being made with a view to create any misleading impression or fraudulent intention---Company should have immediately informed the concerned. Stock-Exchange about the error made by the Computer Operator---Company by executing sales in the client's account had violated the Regulations which in turn was violation of Code of Conduct set forth under the Third Schedule of Brokers Rules that had made it mandatory on the company to execute its business with due care and skill---Company was responsible for each and every order placed or trade executed through its terminal-Company was also responsible to keep its Computer Operators updated with the application of Rules and Regulations to avoid any violation of the same---Company, in circumstances, had violated Code of Conduct of the Brokers Rules-Violation of Rules and Regulations was a serious matter which entitled the Commission. to even suspend the membership of the company---Commission, however, in exercise of powers under R.8(b) of Brokers Rules had imposed on the company a penalty of Rs.50,000 with direction to the company to ensure that full compliance be made of all rules, regulations and directives of the Commission in the future for avoiding any punitive action under the law. ORDER IMRAN INAYAT BUTT, DIRECTOR…

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