ISLAMABAD, Nov 30: The Securities and Exchange Commission of Pakistan (SECP) has imposed a total fine of Rs1.05 million on the chief executives and directors of Providence Modaraba Ltd and BRR Investment (Pvt) Ltd, the managers of Guardian Modaraba and BRR International Modaraba (now BRR Guardian Modaraba), respectively.

The registrar (modaraba) of the SECP appointed inspectors and conducted inquiries into the affairs of Guardian Modaraba and BRR International Modaraba (now BRR Guardian Modaraba) who found out violations of the prospectuses of Modarabas and the Prudential Regulations for Modaraba.

The registrar took cognizance of the non-compliance of the Modaraba law, rules and regulations and issued show-cause notices to the chief executives and all the directors of the management companies.

After completing the due process of the law and providing opportunities of personal hearing to the chief executives and directors, the registrar found that the contraventions of the law were willful and imposed fine.

The chief executives and directors of the Modaraba companies have deposited the amount of the fine.