KSE STOCKBROKERS ASSOCIATION vs CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss — 2023 CLD 181 KARACHI-HIGH-COURT-SINDH

Case information

Citation: 2023 CLD 181 KARACHI-HIGH-COURT-SINDH
Court: Sindh High Court
Year: 2023
Reporter: CLD
Parties: KSE STOCKBROKERS ASSOCIATION vs CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss
Subject matter: Constitutional
Provisions referred to: S. 21; Pakistan Act

Fields are extracted from the reported citation and judgment text. Where a detail is not stated in the record, it is not shown.

Judgment text as reported

KSE STOCKBROKERS ASSOCIATION VS CHAIRMAN, SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Ss. 21(2) & 40-B--- Constitution of Pakistan, Art. 199---Constitutional petition---Training of employees---Policy decision---Scope---Petitioner/Association of Stock Exchange Brokers was aggrieved of Circulars issued by Securities and Exchange Commission of Pakistan (Commission) for imposing conditions to impart training to their employees/personnel of brokerage houses acting as intermediaries---Plea raised by petitioner was that such order was a policy decision to be taken by Securities and Exchange Policy Board---Validity---Circulars in question reflected that the same essentially sought to implement a regime for enhancing quality and competence of personal operating in financial markets by educating them and furthering their understanding of applicable rules and regulations laying down statutory regulatory framework governing relevant sectors so as to thereby augment their performance as well as advance the cause of protecting interest of investors---Subject of circulars was not identified by the Commission as matter of policy for consideration by the Board---Commission was not denuded of its competency in view of the wording of S. 21(2) of Securities and Exchange Commission of Pakistan Act, 1997---High Court declined to interfere in the matter--- Constitutional petition was dismissed circumstances.

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