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, Third Sched.---Blank sale---Imposition of penalty---Trading data of Stock Exchange for relevant period had shown that the different clients of the company, first sold and then squared up their positions in different scrips---Company admitted that few transactions were mistakenly executed by Automotive Trading System Operators of the company which were intimated to the Stock Exchange---Company made assurances that appropriate measures had been taken to avoid such blank selling in future and expressed its commitment to root out the minor non-compliances---Company had executed said trades without having pre-existing interest, which interfered in the fair and smooth functioning of the market and created misleading impression for the other investors-Company by executing such blank sales in its clients accounts had violated the Regulations which in turn was a violation of Code of Conduct set-forth under Brokers and Agents Registration Rules, 2001, which 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 responsible to monitor all trading activities being carried out through its terminal, in order to track any transaction which might violate applicable Rules and Regulations---Company, had violated clauses A.2 and A.5 of Code of Conduct of Brokers Rules, 2001 which in turn was a violation of said Rules---Unfair practice of the company was detrimental for the growth and development of the market and undermined market integrity and transparency---Commission, in exercise of the powers under S.22 of the Securities and Exchange Ordinance, 1969 imposed on the company a penalty of Rs.1,000,000. ORDER IMRAN INAYAT BUTT, DIRECTOR (SM).---This order shall dispose of the proceedings initiated' through Show-Cause-Notice bearing No.1(07)BS/KSE/MSW/SMD/2009 dated 9th December, 2009 ("the SCN") issued to Azee Securities (Pvt.) Limited ("the respondent"), Member of the Karachi Stock Exchange (Guarantee) Limited ("KSE") by the Securities…

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