Law: Brokers and Agents Registration Rules, 2001

Section: 8

(a) Brokers and Agents Registration Rules, 2001---Rr. 8, 12 & Sched.---Short Selling Regulations, 2002, Regln. 4---Making blank sales---Under Regln.4 of the Short Selling Regulations, 2002, blank sales were not permissible, whereas findings of the Enquiry Officer had revealed three instances of blank sales during the review period-Claim of the company was that said three blank sales were result of an error and were not deliberate attempts to execute same-Two of said blank sales had been made in violation of Regln.4 of the Short Selling Regulations---Security Exchange Commission was of the opinion that broker had failed to comply with requirement of Security and Exchange Commission of Pakistan Act, 1997 or Security and Exchange Ordinance, 1969 or of any rule or direction made or given thereunder---Company had failed to comply with. Commission's directive thereby attracting sub-rule (v) of R.8 of the Brokers and Agents Registration Rules, 2001, however keeping in view small number of sales and shares involved and statement of the company that it had already taken corrective actions and assured that such violations would not occur in future, a lenient view was taken of the matter instead of taking punitive action against the company under R.8 of the Brokers and Agents Registration Rules, 2001---Caution to company would suffice with direction to the company to ensure compliance of all Rules and regulations in. future to avoid any punitive action under the law. (b) Brokers and Agents Registration Rules, 2001--- ----R.8---Failure to maintain account opening forms---Effect---In terms of Security and Exchange Commissions' directive, Brokers were required to maintain 'Account Opening Forms' in conformity with the Standardized Account Opening Forms prescribed by the Commission---Findings of the Enquiry Officer had revealed non-compliance of said directive of the Commission by the company attracting provisions of R.8 of Brokers and Agents Registration Rules, 2001, however as the company had already taken corrective actions and assured that such violations would not occur in future a lenient view was taken of the matter and instead of taking punitive action against the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492