In view of the record, the SECP bench has no doubt that violations of the framework regarding failure to collect FPR, margins, recover MtM losses, making payments on debit balance and nondisclosure of requisite information in quarterly accounts were established against the broker. The bench observed that the SECP commissioner has adequately mentioned the instances of violations. The bench was of the view that instead of issuance of warning against six violations, the SECP commissioner should have imposed monetary penalty on the appellant.