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MSD CAPITAL EQUITIES (PVT.) LIMITED vs The COMMISSIONER (SMD), SECP, ISLAMABAD S — 2021 CLD 920 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2021 CLD 920 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2021
Reporter
CLD
Parties
MSD CAPITAL EQUITIES (PVT.) LIMITED vs The COMMISSIONER (SMD), SECP, ISLAMABAD S
Provisions referred to
S. 150---D; S. 150; 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

MSD CAPITAL EQUITIES (PVT.) LIMITED VS The COMMISSIONER (SMD), SECP, ISLAMABAD S. 150---Disciplinary action in respect of licensed person---Imposition of penalty---Scope---Appellant was imposed upon a penalty for its failure to file quarterly financial return, to send details of all of its Bank accounts and to provide hard copy of its half yearly accounts---Validity---Appellant had persistently violated the requirements of Financial Reporting System (FRS)---Contention of appellant that there was an error in the FRS was not acceptable because appellant had not provided any written evidence regarding agitation of matter before relevant department---Appellant had neither provided Bank details nor submitted half-yearly accounts to the Commission---Appellant's argument about imposition of penalty not greater than the gain earned or loss avoided, did not hold merit because under S. 150(2)(a) of the Securities Act, 2015, Commissioner (SMD) was empowered to impose penalty up to fifty million rupees---Appeal was dismissed.

Other judgments reported in 2021 CLD

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