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

Section: 2(1)(cc),2(1)(da),3(1),22

(a) Securities and Exchange Ordinance (XVII of 1969) [Since repealed]---

----Ss. 2(1)(cc), 2(1)(da), 3(1) & 22---Commodity Futures Contracts, trading in---Proof---Evidence, deficiency of---Appellant (former partner of the firm dealing in Oil Seed Cake) was penalized by Securities and Exchange Commission of Pakistan ('the Commission') on allegation of operating as an 'Exchange' for trading of future contracts---Held, that the evidence relied upon by the respondent/Commission was inadequate for arriving at the conclusion that the appellant was involved in the alleged acts of operating as an Exchange for trading of futures contracts---Respondent / Commission interpreted the contents of a constitutional petition having been filed by the appellant before the High Court in a certain manner and the respondent / Commission treated it as an admission by the appellant that he was running such an "Exchange"---Moreover, respondent /Commission was unable to interrogate the appellant or find sufficient evidence in terms of any witnesses, bank statements or any other document to support his conclusion as per the impugned order---The standardized document provided by the respondent / Commission , purported to be the form/receipt used by the appellant as record for futures contract, was not reliable evidence; the appellant denied any association with the said form/receipt; and the said document did not mention any particulars of a trade or parties involved or any entity acting as an "Exchange"---Appellate Bench set-aside the impugned order passed by the Commission---Appeal was allowed, in circumstances.

(b) Securities and Exchange Ordinance (XVII of 1969) [Since repealed]---