The Counsel for acting Chairman of Securities and Exchange Commission of Pakistan (SECP) on Thursday sent a letter to Secretary Finance as well as Deputy Secretary (Banking) Ministry of Finance to fulfill their statutory obligation in appointing the new Chairman of the SECP.
In response to an appeal filed by Advocate Mohammad Azhar Siddique, the Supreme Court had nullified the Sindh High Court directive of May 31 against his client Tahir Mahmood, acting Chairman of SECP, and directed him to continue performing his duties. Siddique contended in the letter that according to the Supreme Court judgement, a chairman can only be appointed later and only from amongst the commissioners of the SECP.
Referring to a recent advertisement in the national press regarding appointment of SECP Chairman/Commissioners, Siddique said in his letter that it would be completely illegal and in violation of the SECP Act, 1997 to induct Chairman SECP form the open market directly.
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