| Case ID |
02cfcdde-d09f-4283-b903-3a346c748fa6 |
| Body |
View case body. Login to View |
| Case Number |
|
| Decision Date |
Oct 26, 2007 |
| Hearing Date |
Aug 17, 2007 |
| Decision |
The Securities and Exchange Commission of Pakistan found Standard Capital Securities (Pvt.) Ltd. in violation of several regulations, particularly concerning blank sales and the failure to send required balance statements. A penalty of Rs. 10,000 was imposed for the violation of Regulation 4 of the Central Depository Company of Pakistan Regulations, 2002 due to 16 instances of blank sales. However, for other issues, such as the failure to comply with sending CDC balance statements, a lenient view was taken, and only a caution was issued to ensure future compliance. The commission emphasized the importance of adhering to regulatory requirements and maintaining integrity in transactions. |
| Summary |
This case involves Standard Capital Securities (Pvt.) Ltd., which was subjected to scrutiny by the Securities and Exchange Commission of Pakistan due to multiple regulatory violations. The commission initiated an enquiry based on findings that highlighted 86 instances of blank sales, of which 70 were deemed compliant with existing regulations. The remaining 16 instances resulted in a penalty. The case also addressed issues related to improper handling of client transactions and failure to send required balance statements. The commission took a balanced approach, imposing penalties where necessary while providing cautions to encourage compliance with regulations in the future. This case underscores the significance of adherence to financial regulations and the consequences of non-compliance in the financial industry. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Standard Capital Securities (Pvt.) Ltd.,
A.F. Ferguson & Co.
|
| Judges |
Zafar Abdullah
|
| Lawyers |
Naveed Thaplawala
|
| Petitioners |
Not available
|
| Respondents |
Standard Capital Securities (Pvt.) Ltd.
|
| Citations |
2008 SLD 356,
2008 CLD 221
|
| Other Citations |
Not available
|
| Laws Involved |
Central Depository Company of Pakistan Regulations, 2002,
Brokers and Agents Registration Rules, 2001,
Central Depositories Act (XIX of 1997)
|
| Sections |
4,
8,
12,
Third Schedule,
2(27)
|