Subscription for company's shares: SECP warns people against fictitious application

The Securities and Exchange Commission of Pakistan (SECP) has warned the general public for their own interest that making of fictitious application and submission of more than one application in the name of the same person for subscription of shares of company is strictly prohibited under section 18A of the Securities and Exchange Ordinance, 1969.
In a notice sent to the Karachi Stock Exchange (KSE), the SECP said that according to the Section 18A, "(1) No person or any other person on his behalf shall make a fictitious application or submit more than one application for shares of companies offered to the public, (2) In case of contravention of the provisions of sub-section (1), the application money shall be liable to confiscation".
The SECP said that if any one found non-compliant to the requirements of the said section 18A, the subscription money deposited by such applicant shall be confiscated as provided under Sub-Section (2) of the said section 18A.