| Case ID |
26845ff1-60ab-4146-b13d-4f40aa923c55 |
| Body |
View case body. Login to View |
| Case Number |
Show-Cause Notice No.SMD-SOUTH/SCN/112/07 |
| Decision Date |
Feb 08, 2008 |
| Hearing Date |
Aug 17, 2007 |
| Decision |
The decision was made by Zafar Abdullah, the Executive Director of the Securities Market Division. The inquiry into Muhammad Ayub Younus Securities (Pvt.) Limited revealed that the company had prima facie contravened Rule 12 of the Brokers and Agents Registration Rules, 2001, as well as Clause AS of the Code of Conduct. However, it was established that the Enquiry Officer's report related to a different brokerage house, confirming the company's contention that they were a separate legal entity. Consequently, no punitive action was deemed necessary, and the show-cause notice was withdrawn. |
| Summary |
This case revolves around an inquiry initiated by the Securities and Exchange Commission of Pakistan regarding Muhammad Ayub Younus Securities (Pvt.) Limited. The inquiry investigated potential violations of the Brokers and Agents Registration Rules, 2001, particularly Rule 12 and Clause AS of the Code of Conduct. The Enquiry Officer found several instances of non-compliance, leading to a show-cause notice issued to the company. However, upon review, it was determined that the report in question pertained to a different brokerage entity, thus absolving Muhammad Ayub Younus Securities of any wrongdoing. The case highlights the importance of accurate identification of entities in regulatory inquiries, ensuring that legal actions are directed appropriately. The decision to withdraw the notice emphasizes the Commission's commitment to fairness and due process within the legal framework governing securities and brokerage operations. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Muhammad Ayub Younus Securities (Pvt.) Limited
|
| Judges |
Zafar Abdullah
|
| Lawyers |
Not available
|
| Petitioners |
Not available
|
| Respondents |
Muhammad Ayub Younus Securities (Pvt.) Limited
|
| Citations |
2008 SLD 399,
2008 CLD 651
|
| Other Citations |
Not available
|
| Laws Involved |
Brokers and Agents Registration Rules, 2001
|
| Sections |
8,
12
|