Investor Grievances
One
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Pending investor complaints against HPB
One
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Contact details of person designated to handle investors complaints
Syed Muhammad Javed – 32436119, 32433108
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Details of penal action taken by Exchanges & SECP against HPB
a- In August 2014 the Securities & Exchange Commission of Pakistan (SECP) imposed a penalty of Rs 25,000/- on H P Byramji & Company (Pvt) Ltd (HPB) for not properly maintaining segregation of client’s assets from that of HPB. SECP had taken a lenient view as HPB had subsequently rectified the identified irregularities and were now maintaining segregation of client’s assets in letter and spirit.
b- In July 2015 the Central Depository Company of Pakistan Limited (CDC) imposed a fine of Rs 920,000/- on H P Byramji & Company (Pvt) Ltd (HPB) for contravening provisions of Regulations 6.2.2, 6.7.3 and 6.2A.1 of the CDC Regulations. These Regulations deal primarily with Sub-Account Opening Forms in the prescribed CDC format, and the sending of Quarterly statements to sub-account holders. During their inspection CDC determined that in 184 cases, client’s Sub-Account Opening Forms were either missing or incomplete; and as such a fine of Rs 5,000/- for each missing and/or incomplete Form was imposed.
c- In June 2017, pursuant to a Systems Audit carried out in accordance with the Regulations of the Pakistan Stock Exchange Limited (PSX), a penalty of Rs. 30,000/- was imposed by PSX on H P Byramji & Company (Pvt) Ltd. for non-compliance with two clauses of the Systems Audit – one dealing with Margin not being collected from some clients; and the other for non-execution of Agreements with clients pertaining to an option to clients to avail of profit earned on their segregated funds or not.
"In January 2018 the Central Depository Company of Pakistan Limited (CDC) imposed a fine of Rs 345,000/- on H P Byramji & Company (Pvt) Ltd (HPB) for contravening provisions of Regulations 6.2.2, 6.7.3 and 6.2A.1 of the CDC Regulations. These Regulations deal primarily with Sub-Account Opening Forms in the prescribed CDC format, and the sending of Quarterly statements to sub-account holders. During their inspection CDC determined that in several cases, client's Sub-Account Opening Forms were either missing or incomplete; and as such a fine was imposed."
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