Accordingly, Securities Market Division of the SECP took enforcement actions and penalized the market participants for non-compliance with the regulatory framework during the month of March.
Subsequent to the onsite inspections, enforcement actions were taken against three brokerage houses of the Karachi Stock Exchange Limited.
A penalty of Rs500,000 was imposed on KASB Securities Limited primarily for failure to maintain segregation of clients' assets by the brokerage house.
Moreover, a penalty of Rs100,000 was imposed on DJM Securities (Private) Limited because of irregularities identified in the calculation of net capital balance, a statement of the commission issued here said.
Furthermore, a warning letter was issued to Time Securities (Private) Limited in the same context.
In addition, 12 orders were passed for late filing of returns of beneficial ownership, while directors/beneficial owners of 9 listed companies were penalized under Section 224 (4) of the Companies Ordinance 1984.
During the month, 3 complaints pertaining to listed companies were also resolved.