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Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003-----R. 5(5)---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S.33---S.R.O.161(1)/2004, dated' 17-3-2004---Rejection of application for renewal of Investment Advisory Licence---Scope---Appellant corporation had alleged that it was not granted art opportunity of being heard before rejection of application--Power to renew or refuse renewal of Investment Advisory Licence under R.5(5) of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 had been delegated by the Commission to Executive Director (Specialized Companies Division) under S.R.O. 161(1)/2004 dated 17-3-2004---No decision or order of competent Authority was available on record which was conveyed to the appellant---Assistant Director did not have the power or authority to refuse renewal of licence---Decision conveyed by Assistant Director being not a lawful order, Specialized Companies Division was advised to place the matter before Executive Director concerned who was competent and had been duly allowed by the Commission to decide such matters---Application pending before the Commission since long, should have been disposed of within specified period after providing proper opportunity of hearing to the appellant. ORDER 1. This Appeal No. 22 of 2004 has been filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by Pakistan Industrial Credit and Investment Corporation Limited (PICIC). Brief facts of the case are that PICIC was granted an Investment Advisory licence on 23-6-2003 under the Companies Ordinance, 1984 and Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (NBFC A Rules). In early June, 2004 PICIC formed a subsidiary known as PICIC Asset Management Company Ltd. which was also granted Investment Advisory licence by the Commission on 24-6-2004. On…

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