| Case ID |
17a56883-7553-4e65-bd91-964c26afc3b2 |
| Body |
View case body. Login to View |
| Case Number |
|
| Decision Date |
Mar 05, 2012 |
| Hearing Date |
Oct 20, 2011 |
| Decision |
The Securities and Exchange Commission of Pakistan found that H.S.Z. Securities (Pvt.) Ltd. and its directors failed to comply with the directives of the Enquiry Committee as stipulated under the Securities and Exchange Ordinance, 1969. The company was penalized for not providing required information and documentation despite numerous requests. A fine of Rs. 2 million was imposed on the company, and Rs. 1 million on each director. The decision emphasized the importance of compliance with regulatory requirements and highlighted the deliberate non-cooperation from the directors, which undermined the integrity of the financial system. |
| Summary |
This case involves H.S.Z. Securities (Pvt.) Ltd., which faced penalties from the Securities and Exchange Commission of Pakistan due to its failure to provide necessary documentation during a regulatory inquiry. The inquiry was initiated following complaints from investors and irregularities noted in the company's operations. The directors of the company were repeatedly asked to cooperate but failed to comply, leading to a formal Show Cause Notice and subsequent penalties. The case underscores the regulatory authority's commitment to uphold compliance standards in the securities market, ensuring investor protection and maintaining market integrity. Keywords such as 'securities regulation', 'penalty for non-compliance', and 'investor protection' are essential for understanding the implications of this case in the context of financial law and corporate governance. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Lahore Stock Exchange,
Central Depositary Company of Pakistan Limited
|
| Judges |
Hasnat Ahmad
|
| Lawyers |
Not available
|
| Petitioners |
Not available
|
| Respondents |
H.S.Z. Securities (Pvt.) Ltd.,
Mr. Hameed Ghani,
Dr. Naghmana Hameed
|
| Citations |
2012 SLD 985,
2012 CLD 911
|
| Other Citations |
Not available
|
| Laws Involved |
Securities and Exchange Ordinance, 1969
|
| Sections |
21,
22
|