Enforcement of the record of fines imposed on Section 22 Brokers and Agents Registration Rules, 2001, RR 4 and 8 on empty sales in violation of the Code, showed that the client of the company, who was a member of the stock exchange and the Securities and Exchange Was registered with the Exchange Commission of Pakistan. On the sale of the said shares, the client has no interest in these shares. The company acknowledged its mistake, saying that all trades were done by one of its traders by mistake. Neither own the shares nor sell the sale with the existing interest or sell by a party who did not contract the contract to meet the requirements of the loan, the company's client The sale was made on behalf of SAD with no existing interest. Empty sale, which was prohibited under the Regulation 4 of the Companies Regulation, 2001 Company Regulation of Brokers and Agents, when selling vacancies at their client's premises. t violated the rule which, in turn, violated Regln (III) Regulations 2001 of brokers and agents. Such a violation of the rules and regulations was a serious matter that would entitle the commission to suspend the company's membership. In exercising the powers under R8 (b) of the Brokers and Agents Registration Rules, 2001, the Company was fined Rs 50,000 to ensure that it complied with all the rules, regulations and their Compliance. Commission instructions to refrain from taking any kind of punitive action under the law in the future
Related judgments — Securities and Exchange Commission of Pakistan, 2009
