Reg­u­la­tory bod­ies' trained of­fi­cers can re­duce burden on courts

The Pak Banker - - Front Page - Staff Re­porter


Well trained of­fi­cers of fi­nan­cial reg­u­la­tory bod­ies will be help­ful in timely dis­sem­i­na­tion of jus­tice and re­duce the un­nec­es­sary burden from courts.

Chief Jus­tice Mr. Jus­tice Umar Atta Ban­dial, Lahore High Court stated this while ad­dress­ing the par­tic­i­pants at sym­po­sium on "Role and Ju­ris­dic­tion of Courts un­der laws Gov­ern­ing Cor­po­rate Sec­tor" held by Se­cu­ri­ties and Ex­change Com­mis­sion of Pak­istan (SECP) in col­lab­o­ra­tion with Pun­jab Ju­di­cial Academy (PJA) the other day.

The event was aimed at ca­pac­ity build­ing of SECP of­fi­cials and shar­ing of re­search on cor­po­rate laws with Ju­di­ciary and le­gal fra­ter­nity. The event was also at­tended by Jus­tice Ijazul Eh­san, Jus­tice (R) Tanveer Ah­mad Khan, Di­rec­tor Gen­eral PJA- Jus­tice (R) Khalil Ur Rehman Khan, Muham­mad Ali, Chair­man SECP and judges of lower courts.

In his ad­dress, the Chief Jus­tice, LHC, Jus­tice Umar Atta Ban­dial said that the ju­di­ciary is do­ing its best for quick dis­sem­i­na­tion of jus­tice. He added that the ju­di­ciary in Pun­jab is hear­ing about 600 cases ev­ery day to clear the heavy back­log in spite of rou­tine cases.

Jus­tice Ijaz Ul Eh­san in his pre­sen­ta­tion high­lighted the scope of ju­di­cial re­view and ju­ris­dic­tion of courts un­der Com­pa­nies Or­di­nance1984. Jus­tice (r) Khalil Ur Rehman Khan em­pha­sized on the role of reg­u­la­tory au­thor­i­ties, the Honor­able Judge also ap­pre­ci­ated PJA and SECP on this ini­tia­tive and com­mended that such events should take place in other parts of the coun­try.

Such ini­tia­tives will not only cre­ate bet­ter un­der­stand­ing of the laws gov­ern­ing cor­po­rate sec­tor and cap­i­tal mar­ket but will also help in early dis­posal of cases. Jus­tice (R) Tanveer Ah­mad Khan DG-PJA brought to light ob­jec­tives of the sym­po­sium and ap­pre­ci­ated SECP for shar­ing its re­search on cor­po­rate laws with mem­bers of the ju­di­ciary.

Speak­ing at the oc­ca­sion, the Chair­man SECP, Muham­mad Ali thanked the Chief Jus­tice LHC for grac­ing the oc­ca­sion and for giv­ing his valu­able time to the au­di­ence.

He in­formed the au­di­ence that in or­der to im­prove its statu­tory func­tions, the SECP is con­tin­u­ously striv­ing to so­licit con­struc­tive sug­ges­tions from all seg­ments of so­ci­ety. He ap­praised the au­di­ence on Role, Achieve­ments & Chal­lenges of the SECP and said that the SECP is mind­ful of the her­culean task of re­vamp­ing the fi­nan­cial sec­tor that lays ahead given the pe­cu­liar so­cio - po­lit­i­cal and se­cu­rity chal­lenges which ex­ists in the coun­try.

He said that the SECP has un­der­taken mo­men­tous ini­tia­tives for the de­vel­op­ment of fi­nan­cial sec­tor, sup­port in­no­va­tive prod­uct de­vel­op­ment and in­sure mar­ket in­tegrity in Pak­istan. Re­cently, the par­lia­ment of Pak­istan has passed Stock Ex­change (Cor­po­ra­ti­za­tion, De­mu­tu­al­iza­tion and In­tegrity) Act 2012 which will pro­vide room for in­te­gra­tion of stock ex­changes, he added.

The other re­cently pro pro­mul­gated laws are the Mo­daraba Com­pa­nies and Mo­daraba (Floata­tion & Con­trol) Or­di­nance, (Amend­ment) Act, 2012 and the Cap­i­tal Gains Tax Or­di­nance, 2012.

He also men­tioned var­i­ous draft laws ini­ti­ated pend­ing for ap­proval and pro­mul­ga­tion from the par­lia­ment that in­clude SECP (Reg­u­la­tion and En­force­ment) Bill, Se­cu­ri­ties Bill and Fu­tures Trad­ing Bill that aim to pro­vide nec­es­sary frame­work for a vi­brant fu­tures mar­ket, par­tic­u­larly in re­spect of com­modi­ties.

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