SEC/Enforcement/183/2003-212††††††††††††††††††††††††††††††††††††††††††††††††† By Special Messenger
October 26, 2003
Mercantile Securities Ltd
9E Motijheel C/A (1st Floor)
Subject: Non-compliance of securities laws - WARNING
Reference is made to the notice for hearing SEC/Enforcement/183/2003-183 dated September 14, 2003 and hearing conducted on September 21, 2003.††
The Commission issued show-cause notice SEC/Enforcement/183/2003-161 dated August 23, 2003 in terms of certain activities of the merchant banker as mentioned in the show-cause notice under reference, among others, failure to deposit annual fees in due time as well as failure to comply with the conditions 2, 4, and 13 of the Commissionís letter wbe‹b- 1.088/99-529 ZvwiL 31/8/1999 Bs that attracts the provisions of wewa 10(3) and wewa 33(1) (O) of the wmwKDwiwUR I G∑áPń Kwgkb (gváP©õU e®vsKvi I ÜcvU©ádvwjI g®vábRvi) wewagvjv, 1996; the provisions of the Securities and Exchange Ordinance, 1969 as well as the provisions of section 10 (3) of the Securities and Exchange Commission Act, 1993.
The Commission, after considering the submissions of beg to be condoned for the lapses made by Mercantile Securities Ltd. through letter dated September 20, 2003 and assurance given for compliance of securities related laws in future by the persons present at the time of hearing, has decided to dispose of the proceedings against Mercantile Securities Ltd. by placing on record the Commissionís dissatisfaction on the default made and with a warning to comply with all securities related laws in future.