Law: Central Depositories Act, 1997

Section: 2

Law: Brokers and Agents Registration Rules, 2001

Section: 8,12,ThirdSchedule

Central Depository Company of Pakistan Regulations, 2002)----Regln.4---Brokers and Agents Registration Rules, 2001, Rr.8, 12 & Third Schedule---Making blank sales in violation of Regulations---Imposition of penalty---Regln.4 of Central Depository Company of Pakistan Regulations 2002 prohibited blank sales, whereas findings of the Enquiry Officer had revealed 182 instances of blank sales by the company during the review period---Brokerage house was required to abide by all the provisions of Securities and Exchange Commission of Pakistan Act, 1997 or Securities and Exchange Ordinance, 1969 or relevant 'rules and directions---Said brokerage house having been established to have made 182 blank sales, in violation of Regln.4 of Central Depository Company of Pakistan Regulations, 2002 attracting sub-rule (iii) of R.8 of the Brokers and Agents Registration Rules, 2001, penalty of Rs.50,000 was imposed on the company. (b) Central Depositories Act (XIX of 1997)--- ----Ss.2(27), 3, 28---Holding Book entry securities of different customers in a single C.D.C. sub-account---Imposition of penalty---Findings of the Enquiry Officer had revealed that book entry securities beneficially owned by different customers were kept in a single C.D.C. sub-account opened in the name of a certain customer in violation of S.2(27) of Central Depositories Act, 1997---C.D.C. accounts were opened to establish the title and beneficial ownership of the shares and keeping the shares of clients in a C.D.C. sub-account opened in the name of another customer was a serious violation Of Central Depositories Act, 1997---Penalty of Rs.25,000 was imposed on the company, in circumstances. (c) Securities and Exchange Rules, 1971--- ----R.4(1)-Brokers and Agents Registration Rules, 2001, R.8---Failure to maintain order register---Rule 4(1) of Securities and Exchange Rules, 1971, had provided that all orders to buy or sell securities which a member could receive, would be entered in the chronological order, in a register to be maintained by him in a form which would show the name and address of the person who placed the order, name and number of the securities to be bought or sold, the nature of…

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