NATIONAL ASSET MANAGEMENT COMPANY LIMITED versus SHAHID NASEEM, EXECUTIVE DIRECTOR, SPECIALIZED COMPANIES DIVISION, SECURITIES AND EXCHANGE COMMISSIO
Section 33 Ordinance of Companies (XLVII of 1984), Section 282J (1), 282J (2), 282D, 282M (1) Non Banking Finance Companies (Establishment and Regulation) Rules, 2003, RR 5 and 7 (3) NE Regulations, 2008, Regln 4 Cancellation of license to perform asset management services for breach of rules and regulations, despite numerous commitments and assurances to ensure compliance. Conditions were not banned The company made several promises to increase its equity and size. Many opportunities were provided to meet this shortfall, but each time it failed to comply with the determination that the company's license to perform asset management services was suspended, but to perform investment consulting services. The second license was upheld, as the company's directors did not follow the rules. And continued to operate without complying with the minimum required equity. And the minimum required funds. Each of its directors, as well as a representative of its former directors of the company, was fined Rs 50,000, claiming to replace the closed end fund in its open-ended fund, which included securities. The approval of the End Exchange Commission of Pakistan is pending. ; If approved, the equity will be raised to the minimum required level of equity and that requirement will be fulfilled by that date. Department Accepts Company Request, Implementation Order Suspended By Deadline \ r \ n \ r \ n
Related judgments — Securities and Exchange Commission of Pakistan, 2015
