4449/2021 Const. P. Pakistan Stock Brokers Association (Petitioner) V/S Pakistan Stock Exchange Ltd and Others (Respondent)
Sindh High Court
Bench: Hon'ble Chief Justice Mr. Justice Muhammad Shafi Siddiqui, Hon'ble Mr. Justice Jawad Akbar Sarwana(Author)
Order Date: 21-OCT-24
When SECP introduced an amendment to the Futures Eligibility Criteria (FEC) of the PSX Regulations proposed by PSX, it could not have directed PSX to proceed straightaway to publish the amended Regulations in the Official Gazette without subjecting SECP's amendments to the process mandated by the Legislature, i.e. to have such amended Regulations placed before the public. Hence, the amended Regulations pertaining to the Futures Market (both DFC & CSF) are declared illegal. Even otherwise, SECP's proposed Criteria 4(i) of the FEC providing that even if a company obtains a stay order against an inquiry/investigation of the Commission, such stay order will not make the securities of such company on the Futures Market eligible to trade inspite of the Court's stay order is held to be unconstitutional. Petition allowed.Full judgment text for this case is not yet available on Pakistan Law Reports. Check the official Sindh High Court case law portal for the complete order.
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