AKD INVESTMENT MANAGEMENT LIMITED vs COMMISSIONER (SCD) Reglns — 2024 CLD 768 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2024 CLD 768 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2024
Reporter: CLD
Parties: AKD INVESTMENT MANAGEMENT LIMITED vs COMMISSIONER (SCD) Reglns
Provisions referred to: Pakistan Act (XLII of 1997)

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 INVESTMENT MANAGEMENT LIMITED VS COMMISSIONER (SCD) Reglns. 6(2), 6(3), 6(4), 6(5), 9(3), 9(4) & 13(3)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 40-A & 33---Anti-money laundering regulatory framework, non-compliance of---Rectification of contraventions after visit of the inception team of Securities and Exchange Commission of Pakistan ('the Commission')---Investment Management Company was penalized by the Commission for contraventions of Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018---Contention of the appellant /company was that rectification of the alleged contravention had been done---Held, that subsequent rectification actions by the appellant to comply with the Securities and Exchange Commission of Pakistan (Anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018 ('the regulations') did not absolve it (appellant) from committed violations---Said regulations were effective immediately after their issuance and warranted the appellant to ensure compliance in its true letter and spirit---No interference by the Appellate Bench was made out in the impugned order passed by the Securities and Exchange Commission of Pakistan---Appeal filed by the Investment Management Company was dismissed, in circumstances.

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