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HAROON IQBAL vs COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss — 2025 CLD 1866 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN

Case information

Citation
2025 CLD 1866 SECURITIES-AND-EXCHANGE-COMMISSION-OF-PAKISTAN
Year
2025
Reporter
CLD
Parties
HAROON IQBAL vs COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss
Provisions referred to
S. 100; 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

HAROON IQBAL VS COMMISSIONER, SECURITIES MARKET DIVISION, SECP Ss. 100 & 160---Failure to join Central Depository System---Listing of Companies and Securities Regulations of security Exchange, default in---Directions to company by the Securities and Exchange Commission of Pakistan ('the Commission'), issuance of---Commission, jurisdiction of---Scope---Commissioner-Securities Market Division of Commission penalized the appellant / Company for not complying with the directions under S. 100 of the Securities Act, 2015 ('the Act, 2015')---Jurisdiction exercised by the Commission was objected to by the appellant / Company---Validity---Being an apex regulator, Securities and Exchange Commission of Pakistan ('the Commission') is competent to issue directives under S. 100 of the Act, 2015 to undo a default committed by a company under the Listing of Companies and Securities Regulations ('Listing Regulations')---In the present case, initial cognizance of the default under the Listed regulations was taken by the Exchange (KSE), however, due to continuous default, the Commission issued the direction to the Company to undo the default---Therefore, there was no reason to doubt the competence of the respondent to pass the impugned order---Appeal was disposed of.

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