FORTUNE SECURITIES LIMITED vs COMMISSIONER (SMD), SECP, ISLAMABAD S — 2021 CLD 127 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2021 CLD 127 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2021
Reporter: CLD
Parties: FORTUNE SECURITIES LIMITED vs COMMISSIONER (SMD), SECP, ISLAMABAD S
Provisions referred to: S. 40

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

FORTUNE SECURITIES LIMITED VS COMMISSIONER (SMD), SECP, ISLAMABAD S. 40a---Securities and Exchange Commission of Pakistan (anti Money Laundering and Counter Financing of Terrorism) Regulations, 2018, Reglns. 6 & 7---Penalty for violations of rules, regulations, directives and notifications---Customer due diligence---Beneficial ownership of legal persons and legal arrangements---Scope---appellant was imposed upon a penalty for not establishing beneficial ownership of its corporate clients and for its failure to perform Customer Due Diligence, (CDD) of some of its clients by not obtaining basic information including source of funds prior to opening of the account---Validity---Previous regulatory framework was not materially different in terms of its requirements with the Regulations---appellant was required to have customer identification, CDD and beneficial ownership under the previous regulatory legal framework but the appellant had failed to comply with the applicable requirements---appellant had never operated the trading account of the corporate client due to non-submission of certain documents and signature of only two clients were missing from KYC Know Your Customer/CDD forms---appellate Bench, while maintaining the verdict of the impugned order, reduced the penalty---appeal was disposed of accordingly.

Other judgments reported in 2021 CLD

2021 CLD 675 QUETTA-HIGH-COURT-BALOCHISTANKHAIR BUKSH RICE MILL VS NATIONAL BANK OF PAKISTAN Ss. 10, 9 & 7---Procedure of Banking Court---Suit for recovery---Application for leave to…
2021 CLD 920 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANMSD CAPITAL EQUITIES (PVT.) LIMITED VS The COMMISSIONER (SMD), SECP, ISLAMABAD S. 33---appeal---Condonation of delay---application before wr…
2021 CLD 920 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANMSD CAPITAL EQUITIES (PVT.) LIMITED VS The COMMISSIONER (SMD), SECP, ISLAMABAD S. 150---Disciplinary action in respect of licensed person---…
2021 CLD 920 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANMSD CAPITAL EQUITIES (PVT.) LIMITED VS The COMMISSIONER (SMD), SECP, ISLAMABAD S. 150---Disciplinary action in respect of licensed person---…
2021 CLD 879 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANSWITCH SECURITIES (PVT.) LTD. VS COMMISSIONER (SECURITIES MARKET DIVISION), SECP Ss. 64 & 65---Securities Brokers (Licensing and Operations)…
2021 CLD 855 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTANAMPLE SECURITIES (PVT.) LTD. VS COMMISSIONER (SECURITIES MARKET DIVISION), SECP S. 150---Securities (Leveraged Markets and Pledging) Rules,…

Back to the case-law library · Search Pakistani case law in Urdu or English