FIRST NATIONAL EQUITIES LIMITED: In the matter of vs NOT — 2008 CLD 614

Citation: 2008 CLD 614

Court: Securities and Exchange Commission of Pakistan

Year: 1970

Decision Date: 1970-01-01

Parties: FIRST NATIONAL EQUITIES LIMITED: In the matter of vs NOT

Headnotes

Case cited as 2008 CLD 614

Judgment Text

Court Name: Securities and Exchange Commission of Pakistan Judge(s): Zafar Abdullah Title: FIRST NATIONAL EQUITIES LIMITED: In the matter of vs NOT Case No.:Show-Cause Notice No,SMD-SOUTH/SCN/ 115/07Show-Cause Notice No,SMD-SOUTH/SCN/ 115/07 Date of Judgment:1970-01-01 Reported As: 2008 CLD 614 Result: Order accordingly Judgment ORDER ' ZAFAR ABDULLAH, EXECUTIVE DIRECTOR (SECURITIES MARKET DIVISION).---This Order shall dispose of the proceedings initiated through Show-Cause Notice SMDSOUTH/SCN/115/07 dated August 16, 2007 ("Show-Cause Notice") issued to First National Equities Limited (the "Respondent") by the Securities and Exchange Commission of Pakistan (the "Commission") under Rule 8 of the Brokers Rules for violation of Rule 12 of the Brokers Rules and Clause A5 of the Code of Conduct contained in the Third Schedule to the Brokers Rules. 2. Brief facts of the case are that the respondent is a member of the Karachi Stock Exchange (Guarantee) Limited (the "Exchange/KSE") and is registered with the Commission under the Brokers Rules. An enquiry was initiated by the Commission in exercise of its powers under section 21 of the Securities and Exchange Ordinance, 1969 ("1969 Ordinance") and KPMG Taseer Hadi & Co. ("the Enquiry Officer") was appointed as the Enquiry Officer under the above mentioned section inter alia:-- (a) to enquire into the dealings, business or any transaction by the respondent during the period from April 1, 2006 to June 15, 2006 ("the Review Period");…

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