Companies Violating Modaraba Regulations to Face Heavy Penalties

Companies Violating Modaraba Regulations to Face Heavy Penalties in 2022

The Securities and Exchange Commission of Pakistan (SECP) has decided to severely punish Modarba companies that will willfully violate any of the Modaraba Regulations, 2021.

Through a notification issued here on Friday, the SECP issued draught amendments to the Modaraba Regulations, 2021. A penalty of Rs. One hundred thousand would be imposed under the new regulations on each Modarba company found to violate the Modaraba Regulations, 2021.

According to the revised regulations, if any person refuses or fails to furnish/file any document, return, or information required by or under these regulations; or refuses or fails to comply with any condition(s) imposed under these regulations; or contravenes or otherwise fails to comply with any provision of these regulations, the SECP Registrar may impose such penalty, which may extend to R

Any person who is dissatisfied with an order may file an appeal with the Commission within thirty days of the order’s issuance, according to the SECP.

See also  Saudi Ambassador Calls on Prime Minister Shehbaz Sharif

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button