A recent emphasis on clearing outstanding
backlog of cases from 2011 to 2016. The next goal
is to address pending Appeals from 2017 to 2019
Business Reporter
Islamabad: The Securities and Exchange Commission’s (SECP) Appellate Bench, a key quasi-judicial forum, has resolved 314 cases in 2024. Of these, 122 Appeals/Reviews were concluded, while the rest were adjourned due to the absence of appellants.
The cases dealt with by the Appellate Bench primarily involved regulatory and statutory violations, including issues related to capital issuance, anti-money laundering, insurance, annual general meetings, illegal deposit-taking, disqualification of directors, independent director appointments, statutory account filings, and employees’ provident funds.
In 2023, the Appellate Bench Registry scheduled 125 Appeals from January 1 to December 31, with 89 Appeals/Reviews disposed of and the rest adjourned at appellants’ request.
A recent emphasis on clearing outstanding appeals has led to the removal of the backlog of cases from 2011 to 2016. The next goal is to address pending Appeals from 2017 to 2019.
Since January 2023, 192 new Appeals have been filed, adding to the current pending total of 426 Appeal/Review cases. To streamline proceedings, the Chairman SECP has instructed the Appellate Bench Registry to issue a hearing roster for January and February 2025. This initiative aims to reduce adjournments caused by the unavailability of counsels and authorized representatives, facilitating the disposal of around 150 appeals in two months.
Appeals under Section 34 of the SECP Act, 1997, filed against Appellate Bench orders have been heard by the Islamabad High Court, Lahore High Court, and Sindh High Court. From January 2023, the Lahore High Court dismissed all 11 appeals, the Islamabad High Court dismissed 9 of 10 appeals, and the Sindh High Court resolved three appeals.
