ISLAMABAD, July 10: The Securities Market Division (SMD) of the SECP took enforcement actions for non-compliance of prevalent regulatory framework by the market participants during June 2012.

A penalty of Rs100,000 was imposed on Pearl Capital Management (Pvt) Ltd, a member of Karachi Stock Exchange (KSE), for execution of wash trades in its proprietary account.

Sakarwala Capital Securities Ltd, also a KSE member, was issued a warning against inappropriate business conduct.

In an effort to protect the investors’ interest the SMD imposed a fine of Rs300,000 on Equity Master Securities (Pvt) Ltd, a member of Lahore Stock Exchange, for provision of financing from private sources to its clients and inability to deliver proper trade confirmation reports.

Owing to the regulatory non-compliance, a warning letter was issued to the CEO of Quice Foods Ltd for violation of the KSE Listing Regulations.

In addition, 34 orders were issued under Section 224 of the 1984 Companies Ordinance to the directors/beneficial owners of listed companies for late filing of returns of beneficial ownership and penalties were imposed.

Notably among them being Ansari Sugar Mills, Colony Sarhad Textile Mills, Dewan Farooq Motors Ltd, IBL Health Care Ltd, Ismail Industries Ltd, J.K Spinning Mills, Kohinoor Mills Ltd, Nishat (Chunian) Ltd, Pakgen Power Ltd, Pakistan Synthetics Ltd, Premium Textile Mills, Ruby Textile Mills Ltd, Samin Textile Ltd, Shadman Cotton Mills Ltd and Sitara Chemical Industries Ltd.

Furthermore, an order was issued against CEO of Quality Textile Mills Ltd under 246 of the 1984 Companies Ordinance for late filing of From A. Meanwhile to develop the regulatory framework in line with international practices, an amendment to the First Schedule to the 1984 Companies Ordinance was approved.

Through this amendment, the Transfer Deed has been revised and option of dividend mandate has been inserted for those shareholders who wish for direct credit of their dividend into their bank accounts.

More From This Section

Dar eyes forex reserves at $15bn by end-Sept

ISLAMABAD: The first nine months (July-March) of this fiscal year (FY14) showed that the government has shored up ...

Sindh revenue collection jumps by 23pc

KARACHI: Revenue collection in Sindh between July 2013 and March 2014 stood at Rs23.7 billion compared to Rs19.3bn...

Treasury bills losing attraction

KARACHI: The government failed to mobilise banks for borrowing through market treasury bills as it received bids...

Punjab textile units start downsizing

LAHORE: Reports of labour unrest started trickling on Wednesday from parts of Punjab as several spinners and ...


Comments are closed.
Explore: Indian elections 2014
Explore: Indian elections 2014
How much do you know about Indian Elections?
How much do you know about Indian Elections?
Cartoons
E-PAPER
Front Page