ADAM SECURITIES (PVT.) LIMITED versus DIRECTOR (SMD), SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Section 33 Securities and Exchange Ordinance (XVII of 1969), Section 5A & 22 Brokers and Agents Registration Rules, 2001, R12 and Third Schedule Wash Trades Karachi Auto Exchange Trading System (KATS) Crimes of Karachi Stock Exchange (KATS) Implementation of the data and the Unified Trading System (UTS) of the Lahore Stock Exchange showed that the appellant / company repeatedly buys and sells shares in such a way that the orders for purchase and sale are inconsistent. As a result, there has been no change in the beneficial ownership of the shares, it is stated that matters have come to the meaning and qualification of the term wash trades. had gone. Responding to the Code of Conduct set forth in the Third Schedule of Brokers and Agents Registration Rules 2001, the Appellant Company was fined Rs. 50,000 in response to the Appellant Company's submission of the showcases notice. Despite the wash trade enforcement arbitration business was unacceptable because it violated the disciplinary framework because the appellant company had no justification to trade wash business under the pretext of arbitration business, unfair trade practices such as the wash trade. Was declared harmful to development. That the appellant had failed to exercise proper care, skill and diligence in the securities business, and the Exchange Commission was obliged to protect the interests of investors and in doing so was empowered to deal with these elements. Causing the stock exchange appellant company to sell shares to other investors because of a false transaction.
Related judgments — Securities and Exchange Commission of Pakistan, 2011
