IHC stays action against SECP official

The Islamabad High Court on Saturday restrained the Securities Exchange Commission of Pakistan (SECP) from taking action against one of its officials accused of leaking official data.

On a petition filed by SECP Additional Director Arsalan Zafar, the court issued a notice to the commission, seeking the record of similar inquires it had conducted and made public in the last five years.

During the hearing, IHC Chief Justice Athar Minallah inquired as to why the data of such inquiries were not available on the SECP website.

The hearing was later adjourned till October 12.

In the plea filed through his lawyer Sardar Taimoor Aslam, Zafar has maintained that an officer junior than him was appointed a member of the committee. Furthermore, he added, the committee did not give him time to respond to the allegations against him in accordance with the law.

The petitioner contended that the report presented by the committee on September 19 was based on baseless accusations.

He asked the court to declare the formation of the committee illegal and its report null and void.

He also pleaded that the show-cause notices issued to SECP officials on the basis of the report should be put off until the court decided the matter.

On September 23, the SECP had issued show-cause notices to senior officials in connection with the data leak.