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MUHAMMAD LATIF vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss — 2024 CLD 985 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2024 CLD 985 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2024
Reporter
CLD
Parties
MUHAMMAD LATIF vs SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss
Subject matter
Criminal
Provisions referred to
Exchange Ordinance

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

MUHAMMAD LATIF VS SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Ss.2(1)(cc), 2(1)(da), 3(1), 20 & 22---Commodity Futures Contracts, trading in---Proof---Evidence, deficiency of---Appellant (former partner of firm dealing in Oil Seed Cake) was penalized by Securities and Exchange Commission of Pakistan ('the Commission') on allegation of operating as an 'Exchange' for trading of future contracts---Held, that the Show Cause Notice (SCN), in so far as it related to the appellant and the consequent order, suffered from serious defects---The level of scrutiny, application of mind and due diligence expected from a public sector functionary were clearly lacking---Operating as an 'Exchange' without registration in terms of the Securities and Exchange Ordinance, 1969, is different from undertaking day to day activity in connection with the specific business which in the present case was trading of Oil Cakes by the firm---Moreover, the respondent/Commission , apart from a template receipt, failed to produce any document or evidence on the basis of which it could be established that the appellant, as a partner in the firm, was involved in the trading of futures contracts---Instead sole reliance for issuance of the SCN was a complaint and the complainant never appeared in any of the hearings or shared his personal testimony to pursue the present matter---Department must reflect on its order and ensure that cognizance of a matter must be backed by sound interpretation of law and should be corroborated with reasonable and reliable evidence and not on the basis of surmises and conjectures---Appellate Bench set-aside the impugned order passed by the Commission---Appeal was allowed, in circumstances.

Other judgments reported in 2024 CLD

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