SECP case: SC summons finance secretary

Petitioner requests bench to direct govt to introduce amendments in the SECP Act.

ISLAMABAD:

The Supreme Court (SC) has reissued summons for secretary finance and five others including chairman Security and Exchange Commission of Pakistan (SECP), whose appointment has been challenged, and asked them to appear on September 28.

Muhammad Ashraf Tiwana had challenged SECP Chairman Muhammad Ali Ghulam Muhammad’s appointment for being in violation of the law and the constitution in a petition filed last month.

He stated that the appointment of members of stock and commodity exchanges, brokers, directors and/or shareholders of brokerage companies as commissioner or as SECP chairman is against the law.

The petitioner had requested the bench to direct the government to introduce necessary amendments in the SECP Act and the new SECP bill pending in parliament to prohibit the appointment of individuals with conflict of interest as commissioners and chairman SECP.

Published in The Express Tribune, September 14^th,  2011.