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FAIR EDGE SECURITIES (PVT.) LIMITED vs COMMISSIONER (SMD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss — 2021 CLD 740 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2021 CLD 740 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2021
Reporter
CLD
Parties
FAIR EDGE SECURITIES (PVT.) LIMITED vs COMMISSIONER (SMD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss
Subject matter
Criminal

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

FAIR EDGE SECURITIES (PVT.) LIMITED VS COMMISSIONER (SMD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ISLAMABAD Ss. 150 & 79---Securities and Exchange Rules, 1971, Rr. 4 & 8---Securities Brokers (Licensing and Operations) Regulations, 2016, Regln. 21---Disciplinary action in respect of licensed person---Accounts and records to be kept---Contract notes---Manner of transaction of member's business---Reduction in penalty---Scope---Appellant was imposed upon a penalty for issuing trade confirmation without mentioning the date on which the order was executed; name and number of the securities; nature of transaction; price; commission, if the member is acting as a broker, and whether the order was executed for the member's own account or from the market and for its failure to maintain proper books of accounts---Validity---Securities and Exchange Commission of Pakistan Bench reviewed the clients' trade confirmation reports provided by the appellant and the respondent, which revealed that all applicable requirements, except "nature of transaction" were mentioned in all reports---Bench also reviewed the current clients' trade confirmation reports and observed that all the required conditions were met---Appellant had failed to comply with applicable regulatory requirements, therefore, the Bench did not exonerate it from the allegations established through the impugned order, however, Appellate Bench reduced the penalty and directed the appellant to comply with the regulatory and statutory requirements in letter and spirit to avoid strict penal action in future---Appeal was disposed of accordingly.

Other judgments reported in 2021 CLD

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