SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss — 2022 CLD 1460 ISLAMABAD

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SAIF UR REHMAN KHAN VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss. 41-B, 2(1)(pa), 2(1)(pb), 2(1)(aa) & Sched. I--- National Accountability Ordinance (XVIII of 1999), S. 9--- Corruption and corrupt practices---Inquiry, investigation and other proceedings in respect of regulated persons---Regulated activity---Regulated person---Administered legislation---Scope---Combined reading of the Companies Act, 2017 ?and the Securities and Exchange ??Commission of ?Pakistan Act, 1997, shows that the provisions deal ?with all matters relating to the regulation of ?incorporated juridical persons and matters ?incidental and ancillary thereto---Two statutes provide for a comprehensive and self-contained regulatory framework governing the corporate ?sector and incorporated entities---Heading of ?S. 41-B of the Securities and Exchange Commission of Pakistan Act, 1997, explicitly restricts the scope of the inquiry, investigation or any other proceedings in respect of a 'regulated person'---Regulated person has been defined under clause (pb) of subsection (1) of S. 2 of the Securities and Exchange Commission of Pakistan Act, 1997---Statutes listed in Schedule I have been declared as 'administered legislation' under S. 2(1)(aa)---Expression 'regulated person', therefore, extends to only such persons or entities which are licensed or registered under the Securities and Exchange Commission of Pakistan Act, 1997 or one of the statutes listed in Schedule I---Section 2(1)(pa) defines the expression 'regulated activity' as any activity which is required to be registered with or licensed by the Commission under the Securities and Exchange Commission of Pakistan Act, 1997 or one of the 'administered legislations'---Scope of the restrictions or powers of the Commission under S. 41-B of the Securities and Exchange Commission of Pakistan Act, 1997 are confined to an inquiry, ?investigation or any proceedings relating to a ?regulated person and a regulated activity---Wordings and language used in the two sub-?sections of S. 41-B further affirms that its scope is confined to an inquiry, investigation or other ?proceedings relating to any regulatory activity of a ?regulated person---Plain reading of subsections (1) & (2) of S. 41-B clearly shows that the jurisdiction of the National Accountability Bureau ?relating to a regulatory activity of a ?regulated ?person is not ?absolutely barred but rather its ?exercise has been expressly made subject to sending a reference by ?the ?Commission---Clear distinction exists in subsection (2) between a ??'party' and the 'Commission'---Such distinction is crucial for ?discovering the legislative ?intent.

SAIF UR REHMAN KHAN vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss — 2022 CLD 1460 ISLAMABAD

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