PAKISTAN STOCK BROKERS ASSOCIATION vs PAKISTAN STOCK EXCHANGE LIMITED Ss

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PAKISTAN STOCK BROKERS ASSOCIATION VS PAKISTAN STOCK EXCHANGE LIMITED Ss. 7, 8& 169 (4)---Constitution of Pakistan, Arts. 18 & 25---Pakistan Stock Exchange (PSX) Regulations---Futures Eligibility Criteria (FEC)---Approval of regulations or amendments to regulations of Securities and Exchange Commission of Pakistan (SECP)---Scope---Petitioner / Stock Exchange Brokers' Association assailed eligibility criteria for selection of securities eligible for trading in Deliverable Futures Contract and Cash Settled Futures Contract Markets referred to as Futures Eligibility Criteria (FEC), amending Pakistan Stock Exchange (PSX) Regulations for enhancement of Future Market---Held, that there was no publication of PSX Regulations, after SECP had introduced Criteria 4 (i) of FEC to PSX Regulations---Once SECP introduced a new provision, i.e. Criteria 4 (i) to FEC, SECP triggered precondition of public notice under S. 169(4) of Securities Act, 2015---Securities and Exchange Commission of Pakistan's contribution to PSX's proposed regulations of introducing criteria 4 (i) to FEC constituted making or amending a regulation under Securities Act, 2015 which mandated publication of such amendment by SECP---Securities and Exchange Commission of Pakistan failed to meet statutory condition set out in S.169(4) of Securities Act, 2015, i.e. eliciting public opinion on its draft version of PSX Regulations, which included Criteria 4 (i) of FEC---Criteria 4 (i) of FEC did not meet the test of introducing amendments to PSX Regulations under Securities Act, 2015---Criteria 4 (i) was illegal and unlawful made in contravention of Securities Act, 2015, thus, was of no legal effect---Eligibility notice dated 17-06-2021 issued by PSX at the material time suspended by High Court's interim order removing entities from approved list of eligibility securities on account of Criteria 4 (i) of FEC was not in accordance with law and the same was set aside---High Court declared that contents of Criteria 4 (i) of FEC to the extent of ousting securities of companies which obtained stay order from a Court against any inquiry / investigation initiated by Commission to be ineligible for trading in future market, was ultra vires of Arts. 9 & 25 of the Constitution---High Court stuck down Criteria 4 (i) of FEC to PSX Regulations as the same was un-Constitutional---Constitutional petition was allowed accordingly.

PAKISTAN STOCK BROKERS ASSOCIATION vs PAKISTAN STOCK EXCHANGE LIMITED Ss — 2025 CLD 446 KARACHI-HIGH-COURT-SINDH

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