FIRST NATIONAL EQUITIES LIMITED vs DIRECTOR/HOD, ADJUDICATION-I — 2026 CLD 638 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2026 CLD 638 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2026
Reporter: CLD
Parties: FIRST NATIONAL EQUITIES LIMITED vs DIRECTOR/HOD, ADJUDICATION-I
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

FIRST NATIONAL EQUITIES LIMITED VS DIRECTOR/HOD, ADJUDICATION-I. Reglns. 11, 13, 31 & annex. 1---anti-Money Laundering act (VII of 2010), Ss.5(a)(2)(h) & 6(a)(2)(h)---anti-Money Laundering and Countering Financing of Terrorism Sanctions Rules, 2020, Rr. 4(1) & 6(1)---Requirements with respect to anti-Money Laundering provisions, non-compliance of---Effect---appellant (a trading rights entitlement certification holder of the Pakistan Stock Exchange Limited) was penalized for its failure to identify the ultimate beneficial owners for three of its corporate clients---Validity---appellant was obligated to fully comply with the relevant provisions under Securities and Exchange Commission of Pakistan (anti-Money Laundering and Countering Financing of Terrorism) Regulations, 2020 ('anti-Money Laundering Regulations')---While the appellant did provide certain documents, nonetheless it was revealed that the beneficial owners were not identified specifically in the Client Information Report (CIR)---Thus, the appellant failed to provide any document or evidence to establish the identity of the beneficial owner of its corporate clients, or to show that any reasonable measures were taken to do so, as required under annex. 1 of the anti-Money Laundering Regulations---Though there had been a confusion regarding the CDC account number mentioned in the impugned order, yet the respondent / Commission did provide names for the respective accounts---Violations were of grave nature, hence required a higher financial sanction, however, the respondent had resorted to imposing the least minimum penalty upon the appellants---Therefore, no ground to interfere with the impugned order was found---appellate Bench upheld the impugned order and maintained the penalty of Rs. 30,000/----appeal was dismissed.

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