The sale and sale of shares in violation of Section 5A&22 Rules and regulations are repeatedly sold to the Company's Director-imposed fines in such a way that the purchase and sale orders are consistent with each other. And as a result the ownership of the shares has not changed. Such transaction was done in the meaning and scope of the wash trades term. The Advocate's initial objection by the Council of Directors regarding Section 22 of the Securities and Exchange Ordinance, 1969, was not correct because it was stated that the enforcement of the section ordinance was a clause under which a violation of any provision of the said ordinance The showcase notice had to be issued. The Rolls Director simultaneously placed buy and sell orders on the Exchange so that the purchase orders could be matched with each other, resulting in no change in beneficial ownership of the shares, leading to incorrect market conditions. And a misguided impression was created. Violation of the rules and regulations was a serious matter that could result in the suspension or cancellation or registration of the aforementioned D Company. The director as a broker was commissioned by the commission in view of the fact that the director of the company for the first time failed to comply, a fine of Rs 50,000 was levied on the matter. With direct advice to the Director, he should take immediate action and make appropriate checks in the management system to restrict such orders, which may be equivalent to a wash tradeoff and to ensure
Related judgments — Securities and Exchange Commission of Pakistan, 2011
