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

Section: 33

Security and Exchange Commission of Pakistan Act (XLII of 1997)--S. 33--Appeal to Appellate Bench of the Commission---Appellant in his complaint, filed with Securities and Exchange Commission, had alleged that account statement received by him from Stock Exchange had been forged, as many shares belonging to him were missing from his C.D.C. account--Appellant had alleged during hearing before the. Director (LC.W.), that certain shares were sold by Stock Exchange without his consent for which he did not get any sale proceeds or benefit at all---Director (LC.W.) came to the conclusion that all transactions were duly executed by Stock Exchange and movement of the disputed shares, was duly reflected in the statements provided by the broker---Complaint of appellant, having been rejected, he had preferred appeal against impugned order passed by the Director (LC.W.)---Stock Exchange as well as appellant during hearing of appeal, stated that they were willing to have the dispute properly re-investigated---Commission held that matter could be re-investigated to remove any doubt and directed that investigator should complete investigation and submit report to the Securities Market Division of the Commission within specified period and the Security Market Division would take appropriate and necessary action on the report within 30 days from submission of the report.ORDER This order will dispose of Appeal No.41 of 2006 filed under section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 by Muhammad Zubair against the order dated 7-4-2006 ("Impugned Order") passed by Mr. Imtiaz Haider Director (Securities Market Division). 2. The brief facts of the case are that Muhammad Zubair (the "appellant") filed a complaint on 9-12-2003 with the Securities and Exchange Commission of Pakistan against Munir Ahmed Khanani, member and broker of Karachi Stock Exchange ("KSE"). In his complaint, the Appellant stated that he was maintaining a trading Account No. TO1 and CDC sub-Account No.12149 with Munir Khanani for about one year. The Exchange(g) Limited appellant stated in his complaint that on 8-12-2003 he received the CDC account statement from Munir Khanani…