SEC/Enforcement/183/2003-212 By
Special Messenger
October
26, 2003
Managing Director
Mercantile Securities Ltd
9E Motijheel
C/A (1st Floor)
Dhaka-1000
Dear Sir:
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
Commission’s letter wbeÜb- 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·‡PÄ Kwgkb (gv‡P©›U e¨vsKvi I †cvU©‡dvwjI g¨v‡bRvi) 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 Commission’s dissatisfaction on the default made and with a warning to
comply with all securities related laws in future.
Deputy Director