WASI SECURITIES (SMC-PRIVATE) LTD. versus CHAIRMAN, SECP
Illegal withdrawal of shares of Sections 33 Securities and Exchange Ordinance (XVII of 1969), Sections 21 and 22 General Regulations, Reglns 2 (a) (1) (d), 2 (a) (1) (i) and 36 (c) Appellant's failure to fully cooperate with the Inquiry Officers Commission by submitting such shares to the Appellant Company from its clients' sub-accounts, and without the permission of the account holders, against the Company's shares of its sub-accounts We have received numerous complaints regarding illegal returns. The company also failed to award the award to a complainant's panel of stock exchanges, instead of paying the award money to the complainant without the account holders' permission, the stock exchange closed the company's terminals. Assisted the inquiry officers in conducting and completing the inquiry company and directed the inquiry officers to cooperate with the Regulation Commission to inquire into the matter related to pending investor claims against the companies. Information and documentation was also directed to provide, but the company which should cooperate fully with the inquiry officer failed to provide the relevant records. Despite repeated instructions by the inquiry officers, the inquiry officers, through notice, directed the company to inspect the records of the company to ensure the presence of a authorized representative of the company in the company's office at the stock exchange building. No one presented on his behalf. According to the company that directed it, the company should have settled the claims of the investor before the collapse, and the stock exchange
Related judgments — Securities and Exchange Commission of Pakistan, 2015
