Table of Contents
- Introduction
- Background
- Appellant’s Defense
- Respondent’s Defense
- Court’s Decision
- Conclusion
- About Muhammad Amin
- Final Ruling
Introduction
In 2024, SECP imposed a Rs. 60,000 penalty on Xpert Securities Limited for breaching anti-money laundering regulations. The company appealed, and the case was decided on 13th February 2024.
Background
Xpert Securities, a TREC holder at PSX, was inspected by SECP for non-compliance with anti-money laundering rules. SECP issued a penalty after finding violations during the inspection.
Appellant’s Defense
Xpert Securities argued it was non-operational and had no clients. The company submitted a compliance report before the hearing and stated it had fixed the issues.
Respondent’s Defense
SECP argued that the company was still required to comply with regulations, regardless of its operational status, and that violations were found during the inspection.
Court’s Decision
The Court agreed that the company was obligated to comply with regulations but took into account its efforts to rectify the issues. The penalty was set aside.
Conclusion
The Court ruled in favor of Xpert Securities, recognizing its efforts to resolve the violations. The penalty was canceled.
About Muhammad Amin
Muhammad Amin is a lawyer with expertise in corporate and financial law, offering services related to regulatory compliance and dispute resolution. For legal advice, contact him at 0313 9708019 or visit Office No. 14, Zeb Plaza, University Road, Tahkal Payan.
Final Ruling:
Appeal Allowed