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Do’s
- Always enter/maintain true and correct registration details of customers on the Exchange Trading System, and do not change any detail without prior approval of the customer.
- Issue confirmations for trades executed on behalf of customers within 24 hours and obtain acknowledgment thereof.
- Ensure that all requisite signed documents have been received from customers including the Account Opening Form and Risk Disclosure Document.
- Ensure that Know Your Customer and Customer Due Diligence is being conducted properly in compliance with anti-money laundering laws and the regulations/guidelines.
- Ensure that the information contained in the Account Opening Form is updated, complete and correct at all times.
- Ensure that all telephonic orders and orders received from customers in person are adequately recorded and preserved.
- Maintain proper records of registered offices, authorized persons, branch offices and customers.
- Ensure that investor grievance redressal mechanism is in place at all dealing locations such as head office and branch offices.
- Ensure that all branch offices are registered with the Exchange.
- Ensure that a list of commodity futures contracts that are permitted & traded at the Exchange has been prominently displayed at the head/branch offices
- Ensure that the branch offices are following and complying with all the relevant provisions of the rules, regulations, circulars or directives issued by the Exchange and Securities & Exchange Commission of Pakistan (SECP).
- Ensure that name of broker, registration number and certificate of registration of branch office along with terms and conditions of branch dealing have been displayed at the registered branches.
- Always include the disclaimer specified by the Exchange while making any advertisement.
- Ensure that advertisement made by the branch office should have the approval of the broker.
- Notify change of the branch head to the Exchange in writing within 24 hours.
- Conduct periodic inspections of the branch offices.
- Upon noticing any irregularities in the branch office operations, immediately correct or deregister the branch office and report to the Exchange.
- Be vigilant about any fraudulent activity of employees and authorized persons.
- Approach PMEX in case of any clarification required on compliance-related issues.
Dont’s
- Do not maintain anonymous accounts or accounts that are opened or maintained in the name of fictitious persons.
- Do not alter or change the terms and conditions of the Standardized Account Opening Form (SAOF). Any additional terms and conditions shall not contradict with the terms and conditions of SAOF.
- Do not obtain any blank documents from the customer.
- Do not enter any wrong, contradictory or incomplete information on Exchange Trading System.
- Do not attract customers by alluring advertisements, rumors, hot tips or the promise of assured returns/fixed profit.
- Do not execute discretionary trades on behalf of customers in any manner.
- Do not obtain or use the customer’s personal id and password.
- Do not advice/direct any customer for the execution of a trade.
- Do not raise deposits from public/investors against fixed or guaranteed return on deposits as these activities are illegal and tantamount to defrauding the public.
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