ISLAMABAD, February 8, 2016: The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has disposed of 126 appeals during July 2015 to December 2015 and has achieved zero pendency.
The Appellate Bench was reconstituted after the appointment of new Commissioners and it was aimed by the Mr. Zafar Hijazi, the Chairman SECP to expedite the disposal of appeals filed before the Appellate Bench under section 33 of SECP Act.
There were 129 pending appeals before the Appellate Bench for the period July 1 to December 2015, which include a carryover of 113 appeals and 16 new appeals were registered during this period. A total 126 appeals were fixed for hearing and adjudication during July 2015 to December 2015. All appeals were disposed of after giving opportunity of hearing to the parties concerned; however 13 appeals were dismissed due to non-appearance and non-prosecution of the appellants, who failed to appeal before the Appellate Bench despite several notices. Whereas, only three appeals remain unfixed as there were restraining orders from courts.
The Chairman SECP Mr. Zafar Hijazi has appreciated the Appellate Bench’s accomplishment of disposing of all the pending appeals and said that the prompt disposal of investor’s complaints/appeals is important for investor confidence. He further stated that if a legal redress is available for a party that has suffered some injury, but is not forthcoming in a timely fashion, it is effectively the same as having no redress at all. The Chairman, wished that Appellate Bench shall keep its current performance for administration of justice to ensure the development of the capital market and corporate sector.
The SECP’s Appellate Bench is mandated to hear appeals against the orders passed either by a Commissioner or any other officer authorized in this behalf. Each bench comprises of two Commissioners.
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