Law:

Section:

(a) Securities and Exchange Commission of Pakistan Act (XLII of 1997)----Ss. 6(1) & 5(1)---Constitution of Pakistan, Art. 184(3)---Constitutional petition under Art.184(3) of the Constitution challenging the appointment of Chairman, Securities and Exchange Commission of Pakistan--- Maintainability--- Question of "public importance with reference to the enforcement of fundamental rights"---Scope---Securities and Exchange Commission of Pakistan ("the Commission") as such was amongst the most important regulatory authorities directly impacting the economic life of the citizens of Pakistan---Millions of citizens of Pakistan and institutions and quite a few foreign investors and their investments were directly affected by the quality of regulation of companies, securities markets and the statutes/rules etc. administered by the Commission---Persons making investments in and through the capital markets of the country would either be attracted to the capital markets or shy away from such markets depending upon the trust and confidence which they had in such markets and this in turn depended upon the rigour and quality of the regulator---Commission was the apex regulator in the economic sector in Pakistan and its activities including aspects of its governance and functioning were clearly questions of "public importance"---Said questions related directly to the effective enforcement of fundamental rights guaranteed by the Constitution---Importance of the Commission in the economic well-being of the country and of the people of Pakistan and the direct relevance of the Commission in relation to fundamental rights guaranteed by the Constitution ought to be obvious from the very nature and extent of the statutes and activities regulated by the Commission---Bearing in mind the facts and circumstances, the nature, scope and extent of the activities regulated by the Commission and also taking into account its mandate to protect a large body of investors who had invested trillions of rupees in the economy of the country, made the present case a clear case in which there could be no doubt whatsoever that the governance structure of the Commission and more specifically the…

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