MRA SECURITIES (PVT.) LIMITED versus DIRECTOR (SMD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Sections 33 and 43 (b) Securities and Exchange Ordinance (XVII of 1969), Sections 5A & 22 Brokers and Agents Registration Rules, 2001, RR 8, 12 and Third Schedule Short Sale for Ready Market Regulations, 2002, Reglns 2 (i) Sale and purchase of shares with no existing interest in & 2 (J) Shares Implementation of the penal appellant company in its proprietary account and the purchased shares stated that the trade of the company's shares without any prior interest. Was done Short Sale According to Regular 2 (J) of the Short Market for Regazar Market Regulations 2002, short sale was a sale by a member or client who was not already interested in securities short at the time of sale. The sale was valid as long as the member or a client had a contractual borrowing agreement to meet the supply requirements on the due dates; in the present case the company had not entered into a lending arrangement. In order to ensure that the delivery arrangements were issued under section 22 of the Securities and Exchange Ordinance, 1969, the company was fined Rs 5 lakh as a company and thereafter several warnings of the law. Failed to comply with the terms. The Securities and Exchange Ordinance, 1969, could not be summarized because the provisions of the Regulation for Registration of Brokers and Agents of 2001 were self-contained and had already been provided for, the misconception was that Securities Section 43 (b). Were secondary or subordinate legislation created under s. The Exchange Commission of Pakistan Act, 1997, read with Section 5A of the Securities and Exchange Ordinance, the Ordinance of 1966
Related judgments — Securities and Exchange Commission of Pakistan, 2011
