Securities and Exchange Commission of Pakistan — Judgments of 2014
46 reported judgments of the Securities and Exchange Commission of Pakistan from 2014.
- PEARL SECURITIES LIMITED, TREC HOLDER/ BROKER OF KARACHI STOCK EXCHANGE LIMITED 2014 CLD 40
Section 22 Brokers and Agents Registration Rules, 2001, R 12 and Code of Conduct unfair trading practices such as the Wash Trading Client of Company bought and sold shares through a brokerage company,…
- HIGHLINK CAPITAL (PVT.) LIMITED, BROKER LAHORE STOCK EXCHANGE 2014 CLD 78
After examining Section 22 Brokers and Agents Registration Regulations, 2001, Rr 8, 12 and Third Schedule wash trading data, it was noted that the brokerage company bought and sold shares in such a wa…
- TAKAFUL PAKISTAN LIMITED 2014 CLD 96
Section 2 (lxiv) and 156 Takaful Rules, 2012, R 26 The Takaful Scheme was a scheme of mutual assistance for participants in the event of the Company's failure to comply with the principles of Islamic …
- DEWAN FAROOQUE MOTORS LIMITED 2014 CLD 122
Sections 222 and 224 (4) late filing of beneficial property return Since the publicly listed company is the beneficial owner of more than ten percent of its ordinary shares, the beneficial return of t…
- AXIS GLOBAL LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2014 CLD 166
Section 22 Brokers and Agents Registration Rules, 2001, Rr 8, 12 and Third Schedule Trading Company with its other client in violation of the Company Code of Conduct Client, said shares were purchased…
- DJM SECURITIES (PVT.) LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2014 CLD 183
Section 22 Brokers and Agents Registration Rules 2001, Business Conduct 8, 12, and Third Schedule In violation of the Code of Conduct, it is found on record that the brokerage company developed a fals…
- DAWOOD CAPITAL MANAGEMENT LIMITED 2014 CLD 203
Sections 282D, 282J (1) (2) and 282M Non-Banking Finance Companies and Notified Institutions Regulations, 2008, Regulation 38 (a) (n) authorizing and authorizing the use of privileged information, and…
- MUBARAK TEXTILE MILLS LIMITED v. DIRECTOR (ENFORCEMENT) 2014 CLD 263
Sections 231 and 232 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 govern the Company's Annual Account Retention Examination for the relevant period to the audito…
- ARIF HUSSAIN, CHIEF EXECUTIVE, ALI RAZA TEXTILE MILLS LTD. v. DIRECTOR (ENFORCEMENT), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2014 CLD 299
Sections 244, 473 and 476 Securities and Exchange Commission of Pakistan Act (XLII of 1997), section 33 Companies failing to merge notes into accounts and directors' reports along with the Commission'…
- ASRAL-UL-MAJEED KHAN v. HEAD OF DEPARTMENT (ENFORCEMENT) 2014 CLD 330
Sections 255 and 260 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33 Company audits of non-compliance with relevant statutory powers by auditors and duties auditors…
- SAQIB BASHIR & CO. CHARTERED ACCOUNTS v. HEAD OF DEPARTMENT (ENFORCEMENT) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2014 CLD 406
Sections 255, 260 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), Section 33, while examining annual audited accounts of the relevant year and audit report by the Comm…
- MD SADEQUL ISLAM, EX-CEO v. DIRECTOR (ENFORCEMENT)/ADDITIONAL REGISTRAR OF COMPANIES, SECURITIES AND EXCHANGE COMMISSION OF PAKI 2014 CLD 430
Sections 226, 229 and 473 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), the use of money received as Section 33 security and the enforcement of the Appeal Commission on fine…
- KHALID MUMTAZ MALIK v. DIRECTOR (ENFORCEMENT) 2014 CLD 449
Sections 208 and 476 of the Securities and Exchange Commission of Pakistan Act (XLI of 1997), section 33 invested in related companies and the appellant company specially invested up to Rs 120 million…
- MUHAMMAD ISHTIAQ KHAN, CEO/DIRECTOR ELIXIR LABORATORIES (PVT.) LTD. v. COMMISSIONER, COMPANY LAW DIVISION (CLD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2014 CLD 467
Sections 263, 269 and 484 Securities and Exchange Commission of Pakistan Act (XLI of 1997), Sections 10, 17 and 33 Securities and Exchange Commission of Pakistan (Conduct of Business) Regulations, 200…
- UNIVERSAL INSURANCE COMPANY LIMITED 2014 CLD 510
Sections 11 (1) (c), 36, 63 (1) and 156 Securities and Exchange Commission (Insurance) Rules, 2002, R13 (1) (b) exceed the obligations to meet the minimum solvency requirements Acceptable Assets Compa…
- SAUDI PAK INSURANCE COMPANY LIMITED 2014 CLD 549
To the insolvency company at least under the provisions of Sections 11, 32, 36, 63 (1) and 156 Securities and Exchange Commission (Insurance) Rules, 2002, RR 10 and 13 Insurance Ordinance 2000, Securi…
- ASIAN STOCK FUND LIMITED 2014 CLD 570
Sections 282D, 282M (1) and 282J (1) Non-Banking Finance Companies and Notified Institutions Regulations, 2008, Regulation 55 (5) Additional Exhibits of the Consolidated Investment Scheme in Violation…
- PAKISTAN REINSURANCE COMPANY LIMITED 2014 CLD 588
Sections 234, 472 and 495 Balance Unverification / Disposition, and Company's Failure to Remove External Auditors of Company Accounts The Company Ordinance 1984 requires the Company's financial statem…
- TAKAFUL PAKISTAN LIMITED 2014 CLD 615
Sections 34, 46 (1) (b), 51 and 156 Securities and Exchange Commission (Insurance) Rules, 2002, Part B of Appendix II Accounting Regulations, Regulations No. 3 (1) and 16 (1) (a) Failure to prepare An…
- TAKAFUL PAKISTAN LIMITED 2014 CLD 651
Failure to submit a certified copy of the minutes of the proceedings of the General Meeting of the Directors of the Company scope under the provisions of section 54 (vi), (xiv), 54 and section 54 of t…
- CONTINENTAL INSURANCE COMPANY LIMITED 2014 CLD 686
Sections 11, 28, 39, 63, 156 and 158 Submission of Capital Shares Paid by Fraudulent Transactions The Ministry of Commerce has fixed the minimum amount of capital required for the insurers registered …
- ERNST AND YOUNG FORD RHODES SIDAT HYDER, CHARTERED ACCOUNTANTS 2014 CLD 708
Failure of Section 282B, 282J (1) and 282M Non-Banking Finance Companies and Regulations of Notified Companies, 2008, Schedule 5, Clause 7F External Auditor of, to inform Unit Holders of any material …
- CONTINENTAL INSURANCE COMPANY LIMITED 2014 CLD 755
Articles & 76 & 6 15 Insurance Insurance Company's Inclusion in Misleading or Deceptive Practices The insurance company's website gives the general public the impression that by displaying some mislea…
- ASIAN MUTUAL INSURANCE COMPANY (GUARANTEE) LIMITED 2014 CLD 791
Sections 46 and 156 of the Securities and Exchange Commission (Insurance) Rules, 2002, R16, Annex II, Reglin 16 (1) (b) violate the requirements of the Regulation on the recording and reporting of inv…
- ASKARI GENERAL INSURANCE COMPANY LIMITED 2014 CLD 862
Failure to comply with section 227 of section 227 and 229 Companies Ordinance, 1984 Company, Section 227 of the Company Ordinance, 1984 required the transfer of all funds or securities deposited by it…
- PAKISTAN PACKAGES (PVT.) LTD. v. ADAMJEE INSURANCE COMPANY LIMITED 2014 CLD 913
About 130 months after the insurer had an insurance policy regarding the determination of damages to the insured's stock due to monsoon rains, monsoon rains caused severe damage to the city, This resu…
- CYAN LIMITED THROUGH CHIEF EXECUTIVE OFFICER 2014 CLD 1026
Section 22 Seller of trading data in the Reddy Market of another company on the Stock Exchange for the relevant period disclosed that the Company had sold shares of the Chief Operating Officer of the …
- SUI NORTHERN GAS PIPELINES LIMITED 2014 CLD 1057
Failure to disclose sensitive material information related to Section 22 related pricing, a meeting of the Company's Board of Directors was held to consider the financial results of the relevant perio…
- NATIONAL REFINERY LIMITED (NRL) AND OTHERS 2014 CLD 1113
Failure to disclose the contents of the Listings Regulations, Regulation 16 (1), Clause 35 (XX) of the Karachi Stock Exchange, the Company delivered its financial results to the Karachi Stock Exchange…
- ACE SECURITIES (PRIVATE) LIMITED, BROKER/TREC HOLDER OF KARACHI STOCK EXCHANGE LIMITED 2014 CLD 1127
Section 6 and 22 Brokers and Agents Registration Rules, 2001, R8 Stock Exchange Members (Inspection of Books and Records) Rules, 2001, R4 Inspection of Company Accounts and Other Company Documents in …
- AAMIR 2014 CLD 1210
Section 15E Insider Trading Respondent traded extensively on the shares of several companies, and its trade was conducted through a brokerage company, holding a broker / trading rights intelligence ce…
- ECOPACK LIMITED 2014 CLD 1223
Delay in reaching the financial results of the Karachi Stock Exchange's Section 22 Listing Regulations, Registration 17 Company The Board of Directors meeting was held to consider the financial result…
- FAIRTRADE CAPITAL SECURITIES (PVT.) LIMITED THROUGH CHIEF EXECUTIVE OFFICER 2014 CLD 1273
Section 22 Securities and Exchange Commission of Pakistan Act (XLII of 1997), Section 33 Brokers and Agents Registration Rules, 2001, Third Schedule, Code of Conduct Failure to Deposit D (2) Penalties…
- PEOPLES FINANCIAL SERVICES (PVT.) LTD. 2014 CLD 1402
Applicants applying for certification of registration as brokers of 11 and 12 (4) false experience certificates submitted the application to the Securities and Exchange Commission and it was observed …
- INTERMARKET SECURITIES LIMITED, BROKER KARACHI STOCK EXCHANGE LIMITED 2014 CLD 1431
Section 18 and 22 Brokers and Agents Registration Rules, 2001, R 8 Broker Registration Fake Experience Certificate Applicant, applied for registration as a broker and provided an experience certificat…
- FIRST NATIONAL EQUITIES LIMITED (FNEL) 2014 CLD 1441
Section 18 and 22 Registration of Brokers and Agents Regulations, 2001, Rr 5 (4), 7 (2) and 8 Securities and Exchange Rules, 1971, R3 (b) and renewal of certificate of registration as broker, overstat…
- MUHAMMAD HASHIM, MEMBER OF PAKISTAN MERCANTILE EXCHANGE LIMITED 2014 CLD 1468
R 12 (4) The application for the grant of a Certificate of Registration as a Broker Securities and Exchange Commission issued a show cause notice to the applicant because the applicant had misrepresen…
- ACE SECURITIES (PVT.) LIMITED THROUGH CHIEF EXECUTIVE OFFICER 2014 CLD 1489
Failure to submit penalty amount in accordance with Section 22 Brokers and Agents Registration Rules, 2001, 8, 12 and Third Schedule without any justification, Securities and Exchange Commission direc…
- CLIMAX ENGINEERING COMPANY LIMITED v. HEAD OF DEPARTMENT (ENFORCEMENT) SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN 2014 CLD 1509
Section 33 Companies Ordinance (XLVII of 1984), Appeals against Sections 231 and 263 Interim Order, Eligibility for inspection of company accounts and books, under the order of Securities and Exchange…
- AVAIS HYDER LIAQUAT NAUMAN, CHARTERED ACCOUNTANTS 2014 CLD 1533
Sections 6, 18 and 22 are members of the Stock Exchange (Inspection of Books and Records) Rules, 2001, Rr 3 and 4 Securities and Exchange Rules, 1971, R2 (D) and the Third Schedule Reg Net Capital Bal…
- METROPOLITAN STEEL CORPORATION LIMITED 2014 CLD 1562
Karachi Stock Exchange's Section 22 Listing Regulations, Registry 17 Failure to send the Company's own financial results to the Company's Board of Directors exchange meeting, held to consider the Comp…
- ASLAM MALIK AND COMPANY, CHARTERED ACCOUNTANTS 2014 CLD 1576
Sections 6, 18 and 22 Securities and Exchange Rules, 1971, R2 (d), Third Schedule Stock Exchange Member (Inspection of Books and Records) Rules, 2001, RR 3 and 4 Overstating \ Net Capital Balance, aga…
- ZAFAR MOTI CAPITAL SECURITIES (PVT.) LIMITED 2014 CLD 1621
Section 6 and 22 Securities and Exchange Rules, 1971, Third Schedule Stock Exchange Member (Inspection of Books and Records) Rules, 2001, R-Net Capital Balance (CNCB) \, etc., related to securities an…
- FIRST EQUITY MODARABA, BROKER KARACHI STOCK EXCHANGE LIMITED 2014 CLD 1664
Section 6 and 22 Stock Exchange Members (Inspections of Boxes and Records) Rules, 2001, 3 and 4 Irregularities in the calculation of Net Capital Balance (NCB) \ The inspection team maintains books mai…
- FAIRTRADE CAPITAL SECURITIES (PVT.) LIMITED 2014 CLD 1688
Section 6 and 22 Brokers and Agents Registration Rules, 2001, R8 Stock Exchange Members (Inspection of Books and Records) Rules, 2001, Rr 3, 4 and 7, Capital Balance (NCB) Inspection Team Calculation …
- ATLAS INSURANCE LIMITED 2014 CLD 1715
Regulation 16 (1) (a) of the Insurance Ordinance (2000x3000 of 2000), Sections 46 and 156 of the record and reporting available for sale investment, in the shares of another company without compliance…
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