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, Rr.8, 12 & Sched.---Making blank sales in violation of Regulations--Imposition of penalty---Regulation 4 of Central Depository Company of Pakistan Regulations, 2002, prohibited blank sales, whereas findings of the Enquiry Officer had revealed 41 instances of blank sales during the review period---Securities and Exchange Commission, was of the opinion that company had failed to comply with the requirements of the Act, Ordinance or of Rules and directions made or given thereunder---Company had contravened the Rules and Regulations of the Exchange in terms of R.8 of Brokers and Agents Registration Rules, 2001 and company had failed to follow any requirement of the Code of Conduct laid down in the Third Schedule of the Rules---Penalty of Rs.25,000 was imposed on the company under R.8(b) of the Brokers and Agents Registration Rules, 2001. (b) Brokers and Agents Registration Rules, 2001--- ----R.8---Failure to attach list of transaction fee etc. with AOF---Effect---Findings of the Enquiry Officer had revealed that list of transaction fee, commission to be charged by the company and other C.D.C. charges to be levied was not attached with AOF---Unattested copies of CNICs of the clients were attached with said AOFs---Company had acknowledged said violations, however, it had assured that it had taken corrective steps and was currently complying with the direction of the Security and Exchange Commission and requirements of SAOF --Company though had failed to comply with directions of the Commission thereby attracting R.8 of Brokers and Agents Registration Rules, 2001, but as company had taken corrective actions and had assured the Commission that such violations would not occur in future, a 'lenient view was taken of the matter---Instead of taking any punitive action against the company a 'caution' to company was considered to suffice-Company was directed to ensure that full compliance be made of all rules, regulations and directions of the Commission in the future for avoiding any punitive action under the law. (c) Securities and Exchange Rules, 1971--…

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