Sardar SHAHBAZ ALI KHAN KHOSA vs COMMISSIONER SUPERVISION DIVISION, SECP Chapt — 2024 CLD 660 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation: 2024 CLD 660 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year: 2024
Reporter: CLD
Parties: Sardar SHAHBAZ ALI KHAN KHOSA vs COMMISSIONER SUPERVISION DIVISION, SECP Chapt
Provisions referred to: S. 7---S; S. 7; Securities Act (III of 2015); Pakistan Act (XLII of 1997); Securities 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

Sardar SHAHBAZ ALI KHAN KHOSA VS COMMISSIONER SUPERVISION DIVISION, SECP Chapt.18---Securities Act (III of 2015), S.7---Securities and Exchange Commission of Pakistan Act (XLII of 1997), Ss. 20 & 33---Dispute between a securities broker and its client, resolution of---Arbitration proceedings---Scope---Client alleged that illegal/unlawful trades/transactions were made in his Trading Account maintained with the security broker---Commissioner Supervision Division, Securities and Exchange Commission of Pakistan, directed the parties to approach Pakistan Stock Exchange (PSX) to resolve their dispute through arbitration---Appellant/client impugned said order passed by the Securities and Exchange Commission of Pakistan---Validity---Record revealed the matter between the parties remained pending before the High Court and the Securities and Exchange Commission of Pakistan was directed by the High Court to decide the matter in accordance with law---Relevant law was very clear and unambiguous , therefore, any dispute between a securities broker and its client was subject to determination through the arbitration mechanism provided under Pakistan Stock Exchange Limited Regulations ('PSX Regulations), which is compendium of PSX Regulations made in exercise of powers conferred under S. 7 of the Securities Act, 2015, with the prior approval of the Securities and Exchange Commission, and in terms of the Account Opening Form, being the underlying agreement between the parties---Impugned order was passed in compliance with the Court's order as well as relevant law---No reason had been noticed for interference with the merits of the impugned order passed by the Commissioner Supervision Division, Securities and Exchange Commission of Pakistan---Appeal filed by the client was dismissed, in circumstances.

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