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The Securities and Exchange Ordinance, 1969

( Ordinance NO. XVII OF 1969 )

Chapter IV


Credit, hypothecation and lending of customers’ securities
16. No member or associate shall, in contravention of any rules made under this Ordinance, directly or indirectly,-
(a) extend or maintain credit, or arrange for the extension or maintenance of credit, to or for any person for the purpose of purchasing or carrying any security; or
(b) borrow on any security or land or arrange for the lending of any security carried for the account of a customer; or
(c) hypothecate or arrange for the hypothecation of any security carried for the account of any customer.

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