| Case ID |
d3b91e0b-b50d-4f42-b507-08efaf5e794e |
| Body |
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| Case Number |
Appeal No. 10 of 2018 |
| Decision Date |
Oct 10, 2019 |
| Hearing Date |
Mar 22, 2019 |
| Decision |
The Appellate Bench found that the appellant, Din Capital Limited, had committed serious violations of the Securities Act, including operating with an unapproved agent and failing to provide required information during an inspection. However, the appellant showed willingness to comply with regulations and expressed intent to surrender its license. The penalty was reduced from Rs. 5 million to Rs. 1 million as a lenient measure considering the appellant's circumstances. The appeal was thus disposed of accordingly. |
| Summary |
This case revolves around the regulatory compliance of Din Capital Limited, a securities broker, as scrutinized by the Securities and Exchange Commission of Pakistan (SECP). Following an inspection, it was revealed that Din Capital had engaged in numerous regulatory violations, including operating with an unregistered agent and misusing client funds. The SECP imposed severe penalties, including the suspension of the brokerage license and a monetary fine. However, during the appeal, the company expressed its desire to rectify its issues and surrender its license, leading to a significant reduction in the penalty. This case highlights the importance of compliance in the securities market and the regulatory bodies' role in maintaining market integrity. Keywords such as 'Securities Act', 'regulatory compliance', 'brokerage license', and 'SECP penalties' are essential for understanding the implications of this case in the financial regulatory landscape. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Securities and Exchange Commission of Pakistan,
Din Capital Limited
|
| Judges |
SHAUKAT HUSSAIN, COMMISSIONER (INSURANCE),
FARRUKH H. SABZWARI, COMMISSIONER (AML)
|
| Lawyers |
Barrister Rehan Kayani,
Ahmed Masood
|
| Petitioners |
MESSRS DIN CAPITAL LIMITED
|
| Respondents |
COMMISSIONER (SECURITIES MARKET DIVISION) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
|
| Citations |
2020 SLD 2607,
2020 CLC 967
|
| Other Citations |
Not available
|
| Laws Involved |
Securities Act, 2015
|
| Sections |
150,
138(5)
|