Law: Securities Act, 2015

Section: 127,128,129,130,143

Law: Securities and Exchange Commission of Pakistan Act, (XLII of 1997)

Section: 33

(a) Securities Act (III of 2015)--- ----S. 143---Securities and Exchange Commission of Pakistan Act (XLII of 1997), S. 33---Power of the Securities and Exchange Commission ("SECP") to place restriction on business/prohibit a licensed person(s) from certain transactions under S. 143 of the Securities Act, 2015---Remedy of appeal against an order passed under S. 143 of the Securities Act, 2015---Scope---Section 143 of the Securities Act, 2015 was a provision which empowered SECP to act immediately before any final order could be passed, so as to restrain any further damage or loss caused by insider trading or front running, by prohibiting alleged perpetrators from making transactions---Remedy of appeal against such order, being not final in nature, was not available till a final order under other relevant sections of the Securities Act, 2015 had been passed---Only then, a person prohibited from doing business under S. 143 Securities Act, 2015 would have recourse to remedy provided for, but not limited to, appeal under S. 33 of the Securities and Exchange Commission of Pakistan Act, 1997. (b) Securities Act (III of 2015)--- ----Ss. 127, 128, 129 & 130---Insider trading---Suspicious transactions---"Front-running" and "tailgating" practices---Meaning, scope and nature of such transactions, explained. http://www.cmic.sec.gov.lk/wp-content/uploads/2012/09/Front-running.doc-an-Unethical-Behavior.pdf) rel. THIS ORDER PASSED BY: MUHAMMAD JUNAID GHAFFAR, J.--- This is a Suit for Declaration and Injunction, whereas, through listed application the Plaintiff seeks suspension of Letters/Notices dated 10.7.2018 and 11.7.2018 issued by the Defendant/Securities and Exchange Commission of Pakistan ("SECP"), whereby, he has been restrained from carrying on any business in financial services market. 2. Learned counsel for the Plaintiff contended that through impugned Letters SECP has prohibited and restricted the Plaintiff from carrying on any business in financial markets/trading on stock exchange and such act is without lawful authority and jurisdiction. He further contended that no Show Cause Notice was ever issued, whereas, the allegations pertain to the year 2014 to 2016…

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