SECP head: Petition challenging appointment dismissed

ISLAMABAD: The Islamabad High Court (IHC) dismissed on Tuesday a petition challenging appointment of the chairperson of the Securities and Exchange Commission of Pakistan (SECP).

Justice Athar Minallah of the IHC dismissed the petition challenging the appointment of Zafarul Haq Hijazi as chairperson of the SECP observing that the petition was devoid of merits.

Petitioner Naseem Iqbal through his counsel Asma Jahangir had filed the petition alleging therein that Hijazi was a friend of Finance Minister Ishaq Dar who manoeuvred his appointment as the SECP chairperson.

Hijazi had earlier served as commissioner of the SECP from 1999 to 2003.

He was re-appointed on the post in December 2014, after which he was made chairperson of the commission.

The petitioner cited Dar, the secretaries of law and justice, and finance, as respondents.

In the petition, Iqbal alleged that, while recommending and making appointment of Hijazi, the finance minister and secretary finance “acted in bad faith against the interests of public at large”.

Jahangir argued that since Hijazi had used his connections to get the job, he could not be termed a person of integrity, which was a requirement for the appointment.

Subsequently, the court was requested to declare the appointment illegal.

The counsel of the SECP had argued that the appointment was made as per procedure laid down in the rules.

Justice Minallah, following the arguments, had reserved verdict on the petition last month and announced it on Tuesday.

Published in The Express Tribune, June 8^th, 2016.