Law: Brokers and Agents Registration Rules, 2001

Section: R-8,8,12,Sched.Third

(a) Brokers and Agents Registration Rules, 2001--Rr. 8, 12 & Sched. Third---Central Depository Company of Pakistan Regulations, 2002, Regln. 4---Making blank sales---Imposition of penalty---Regulation 4 of Central Depository Company of Pakistan. Regulations provided that 2002, blank sales were not permissible and findings of the Enquiry Officer had revealed 2,387 instances of blank sales during the review period---Documents submitted by the., company had revealed that 1,027 out of 2,387 instances were not blank sales and the respective clients had pre-existing interest at the time of trade while in respect of remaining 1,360 instances the evidence submitted by the company was not found satisfactory and contention that said instances were not material, was repelled as such number of instances identified as blank sales could not be considered immaterial---1,360 occasions of blank sales had been established to have been made in violation of Regln.4 of Central Depository Company of Pakistan Regulations, 2002, thereby attracting sub-rule (iii) of R.8 of Brokers and Agents Registration Rules, 2001; and also failed to comply with Clause A5 of the Code of Conduct contained in Third Schedule to the said Rules---Penalty of Rs. 100,000 was imposed on the company under R.8(b) of Brokers and Agents Registration Rules, 2001. (b) General Rules and Regulations of Karachi Stock Exchange (Guarantee) Limited--- ----Regln. 74---Brokers and Agents Registration' Rules, 2001, R.8---Non-availability of missing account opening forms---Findings of the Inquiry Officer had revealed that Memorandum and Articles of Association of Corporate clients were not obtained by the company and the account opening Forms of 12 customers were not available with the company---Company had contended that the account opening forms were misplaced due to shifting of record to its new office and that remaining forms were being traced---Considering the low number of missing account opening forms and the fact that non-submission of completed account opening forms by institutional clients was an industry-wise problem which was faced by all the brokers and the steps taken by the company to compel its…

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