Legal Question in Credit and Debt Law in Pakistan

I did margin trading with my broker from 2005 till 2009. During that time, Karachi stock market went down a few times and my brokers asked me to put in margin which i did. Eventually when market kept going down and i could not deposit margin amount, i told my broker to sell my holdings but he refused saying market will bounce back. Market bounced back but my share price never came back to higher levels. I stopped trading with my broker in 2009 and refused to deposit margin as i had no money left. I went broke with heavy losses. Now his business has been closed by SECP and he is sending me legal notice after more than 5 years to recover the debit balance. I dont have money and why should i pay if he did not sell the stocks. Pls provide me your legal opinion.

Asked on 8/25/15, 11:42 am

Adnan Bashir A B Choudry Law Firm

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He was bound to accept and comply with your instruction at that time.

0334-5492377

Answered on 8/25/15, 3:15 pm

Owais Ahmad Qadri United Law Associates

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Dear you r not legally bound . Even u got right to file damages against broker.

0333 5823132

Answered on 8/25/15, 10:11 pm

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