Rules violations: SECP bench issues order against errant co

In an order against an insurance company, the Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has declared that the company has clearly committed violations of regulations as it delayed the obtaining of approvals from the commission. The company also failed to classify shares deposit money and advance for purchases of shares, the order of the Appellate Bench added. In this regard, a two-member bench of the SECP has issued the order against the insurance company engaged in the business of non-life insurance. The SECP’s Appellate Bench has issued the order in favour of the SECP’s Adjudication Department. The SECP order stated that the company failed to give any explanation regarding the non-compliance with the SECP laws/regulations.