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AKD ANALYTICS (PRIVATE) LIMITED vs COMMISSIONER (SECURITIES MARKET DIVISION), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2021 CLD 336 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2021 CLD 336 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2021
Reporter
CLD
Parties
AKD ANALYTICS (PRIVATE) LIMITED vs COMMISSIONER (SECURITIES MARKET DIVISION), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Provisions referred to
Securities Act

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

AKD ANALYTICS (PRIVATE) LIMITED VS COMMISSIONER (SECURITIES MARKET DIVISION), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss. 150, 177 & 178---Disciplinary action in respect of licensed person---Transitional provisions---Repeal and savings---Scope---Appellant was imposed upon a penalty for not filing the quarterly financial data, Bank account details, half yearly and annual accounts---Contention of appellant was that it was not required to file quarterly financial data and submit accounts, since its registration as securities broker had expired on 26-08-2016---Commission contended that the appellant was always deemed to be licensed under Ss. 177(3) & 178(2)(e) of the Securities Act, 2015---Validity---Appellant was not a deemed licence holder at the time of issuance of show cause notice on 20-03-2017 as its licence had expired on 26-08-2016 nor had it applied for renewal of licence---Appellant had to meet the regulatory requirements of filing the quarterly financial return for the quarter ended 30-06-2016 and hard copy of annual returns for the period it held a valid licence, however, after the expiry of licence it was not under any obligation to file details of its bank accounts and returns for the period 30-09-2016 and half yearly accounts for the period 31.12.2016---Appellant had filed returns for the period 30-06-2016 on 05.12.2019 through electronic filing but still hard copy was not filed---Bench reduced the penalty imposed on the appellant and directed the appellant to file the hard copy---Appeal was disposed of accordingly.

Other judgments reported in 2021 CLD

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