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MEEZAN BANK LIMITED vs EXECUTIVE DIRECTOR (ADJUDICATION DEPARTMENT-I) SECP, ISLAMABAD Reglns — 2025 CLD 1524 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 1524 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
MEEZAN BANK LIMITED vs EXECUTIVE DIRECTOR (ADJUDICATION DEPARTMENT-I) SECP, ISLAMABAD Reglns

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

MEEZAN BANK LIMITED VS EXECUTIVE DIRECTOR (ADJUDICATION DEPARTMENT-I) SECP, ISLAMABAD Reglns. 10(3), 10(4) & 10(5)---Securities act (III of 2015), Ss. 64 & 159(5)---Requirements for a debt securities trustee, compliance of---Renewal application, submission of---appellant (Bank registered as a debt securities trustee) was penalized by the Securities and Exchange Commission of Pakistan ('the Commission) for contravention of Debt Securities Trustee Regulations, 2017 ('the DST Regulations')---argument of the appellant was that default was not willful and it was in the process of preparation of documents for submission of a renewal application before receiving the reminder letter from the Commission---Validity---Though the appellant had an obligation to adhere to the relevant requirements of the DST Regulations which should have been timely followed by the appellant in true letter and spirit, however admittedly, a renewal application was subsequently filed---Under the licensing regime a license holder is under strict legal obligation to comply with the relevant applicable requirements, therefore, question of willfulness and its absence is irrelevant---In the present case, the appellant had successfully proved that it was in process to file renewal application when a reminder letter of the Commission was received, which (application ) was filed though with delay of one month---Thus, exorbitant amount of penalty had been imposed without any quantification of penalty---appellate Bench converted the penalty into a stern warning and directed the appellant to be vigilant and compliant in future with respect to its legal, regulatory and licensing obligations---appeal was disposed of accordingly.

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