SECP notifies rules for filing appeal

ISLAMABAD, Aug 12: The Securities and Exchange Commission of Pakistan notified here on Tuesday the rules for filing an appeal with the Appellate Bench of the SECP against any order of the commission or its executive director.

The SECP has been invested by the Securities and Exchange Commission of Pakistan Act, 1997, with quasi judicial powers to issue orders and make decisions under the relevant corporate laws. These powers of the SECP are exercised by individual commissioners/executive directors. The appeal against any order of a commissioner/executive director lies with the Appellate Bench of the commission constituted under the SECP Act.

In this regard, the commission has, with the approval of federal government, notified rules vide SRO734(I)/2003 dated July 25, 2003, to be called, “The Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003. The rules mainly prescribe the following procedure:

1) Every appeal shall be filed within a period of thirty days from the date on which the relevant order has been received by the appellant.

2) Memorandum of appeal shall be presented to the Registrar of Appellate Benches in the form prescribed in schedules to the rules.

3) The Appellate Bench may hold its sittings in the head office of the commission at Islamabad or at any of the regional offices of the commission.

4) The proceedings of the Appellate Bench shall be conducted in English or Urdu.

5) The Registrar may communicate the defects in the appeal, if any, to the appellant and allow him a suitable time to rectify the defect.

6) Every memorandum of appeal shall be accompanied by challan/bank draft, evidencing the payment of fee amounting to Rs500.

7) If, on the day fixed for hearing, the appellant does not appear, the Appellate Bench may make an order that the appeal be dismissed.

8) The Registrar shall notify the date, time and venue of hearing of the appeal to all the parties.

9) The appellant shall be heard by the Bench personally or through his/her authorised representative, in support of the appeal. Similarly, the Bench shall hear the respondent or his/her authorized representative against the appeal.

10) Every order of the Appellate Bench shall be signed and dated by the commissioners comprising the Bench.

11) A copy of the duly signed order passed by the Appellate Bench shall be communicated to all the parties.

12) A fee of Rs200 shall be charged for inspecting the records relating to pleading of the parties available with the Registrar.

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