Law: Central Depository Company of Pakistan Regulations, 2002

Section: 4

(a) Central Depository Company of Pakistan Regulations, 2002---Regln. 4---Brokers and Agents Registration Rules, 2001, R.8--Making blank sales---Regulation 4 of Central Depository Company of Pakistan Regulations, 2002, provided that blank sates were not permissible, whereas findings of the Enquiry Officer had revealed 11 instances of blank sales during the review period---Company admitted that 2 out of 11 instances were the result of error and in respect of the remaining 9 instances, the company had submitted evidence to demonstrate that same were not blank sales and that the clients. had pre-existing interest at the time of sale---On 2 occasions blank sales had been proved to have been made at 2 occasions in violation of regulation 4 of Central Depository Company of Pakistan of Regulations, 2002---Considering the low number and frequency of the blank sales, lenient view- was taken in the matter, instead of taking any punitive action under R.8 of the Brokers and Agents Registration Rules, 2002, caution would suffice and the company was directed to ensure that full compliance would be made of all the laws and regulations in future for avoiding any punitive action under the law. (b) Securities and Exchange Rules, 1971--- ----R.4(1)---Brokers and Agents Registration Rules, 2001, R.8 & Schedule---Failure to maintain order register---Rule 4(1) of the Securities and Exchange Rules, 1971 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 showing 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 transaction and the limitation---Findings of the Enquiry Officer had revealed that said register was not maintained by the company accordingly---Daily Activity Log as mentioned by the company, was not a substitute for the Order Register, as Daily Activity Log only recorded those orders . that were placed by the brokerage house and not the orders received from the clients---Securities and Exchange Commission, however was cognizant of the practical difficulties associated with the…

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