Section 489: Application of fines or penalties

489. Application of fines or penalties.—(1) The Court, officer, Commission or registrar imposing any fine or penalty under this Act may direct that the whole or any part thereof shall be applied in or towards− (a) payment of costs of the proceedings; (b) rewarding the person on whose information the fine or penalty is recovered; and (c) payment to an aggrieved party of compensation for any loss caused by the offence. (2) Any amount recovered as fine or penalty which is not applied as aforesaid shall be accounted for in accordance with section 40AA of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).

Effective date: 2017-05-30

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