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KASHF FOUNDATION vs EXECUTIVE DIRECTOR, ADJUDICATION-I — 2026 CLD 49 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2026 CLD 49 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2026
Reporter
CLD
Parties
KASHF FOUNDATION vs EXECUTIVE DIRECTOR, ADJUDICATION-I
Provisions referred to
S. 6

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

KASHF FOUNDATION VS EXECUTIVE DIRECTOR, ADJUDICATION-I. S. 6(a)(2)(h)---anti-Money Laundering and Countering Financing of Terrorism Sanctions Rules, 2020, R. 4(1)---Securities and Exchange Commission of Pakistan (anti Money Laundering and Countering Financing of Terrorism) Regulations, 2018, Reglns. 25(1)(a) & 31---anti-money laundering regulatory framework, non-compliance of---appellant (a non-bank microfinance company) was penalized by Securities and Exchange Commission of Pakistan ('the Commission') for violations of Securities and Exchange Commission of Pakistan (anti-Money Laundering and Countering Financing of Terrorism) Regulations, 2018 ('the Regulations, 2018')---Validity---appellant had subsequently made significant efforts to comply with Regulations, 2018 and had implemented a robust screening system, utilizing multiple authoritative sources, and had also promptly addressed any minor technical glitches, such as data omissions and CNIC discrepancies, which deficiencies were minimal and did not result in financial harm or the provision of services to proscribed individuals---appellant had demonstrated good faith by taking corrective actions in a timely manner which highlighted a genuine commitment to compliance so the violation was not intentional or wilful and did not pose a significant risk---Thus, the penalty of Rs. 480,000 imposed on the appellant was disproportionate to the nature and extent of the violation and appellant's actions indicated an ongoing commitment to compliance with regulatory requirements and in the absence of malicious intent the penalty should appropriately reflect the minor nature of the deficiencies and the appellant's proactive steps to rectify the situation--- appellate Bench reduced the penalty to Rs. 190,000/= considering the appellant's efforts to comply with the regulations and to promptly address any shortcomings---appeal was disposed of accordingly.

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