Court extends stay in SECP data leak inquiry

Action against aggrieved SECP official to not be taken till October 27

ISLAMABAD:

The Islamabad High Court (IHC) on Monday extended till October 27 the stay order granted in the data leak inquiry against Securities and Exchange Commission of Pakistan (SECP) Additional Director Arsalan Zafar.

The hearing was conducted by a single-judge bench of the IHC, comprising Chief Justice Athar Minallah.

The additional director has challenged both the formation of the inquiry committee as well as its report. On September 27, the IHC had restrained the SECP from taking action against Zafar, accused of leaking official data.

Requesting for some time, SECP's legal representative told the court that answers to all the committee’s inquiries were ready and will be submitted soon.

Justice Minallah had questioned the SECP advocate about informing the court whether the information could be made public.

Zafar's lawyer Sardar Taimoor Aslam appeared in the court on his behalf.

Accused of leaking official data, Zafar had in late September moved the IHC challenging the formation of an inquiry committee by SECP to probe the matter.

In the plea filed through his lawyer, he 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 founded 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 the 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.