The Competition Commission of Pakistan (CCP) has concluded the hearing against Karachi Stock Exchange (KSE) for not allowing common trading platform to the investors of Lahore and Islamabad stock exchanges, it is learnt.
Sources said that an order would be issued soon as hearing on merit of the case was concluded here on Monday, with lawyers of both the parties sought one week time to respond to a couple of points popped up during the arguments.
The CCP has agreed to give them one week but no further hearing on the issue would be held, they added. The first hearing was held about the legal matter since the Supreme Court of Pakistan had vacated the stay of Karachi High Court. The second hearing concluded here today (Monday) was on merit of the case, wherein the lawyers of both the parties submitted their point of view at great length.
Sources said that Islamabad Stock Exchange lawyer submitted a judgement of the US Supreme Court to support his argument which was very relevant and the KSE lawyer sought one week time to study the judgement and for submission of his response. The KSE lawyers also contended on the issue of common trading platform that the investors of ISE can directly access to the KSE. He submitted a list that how they could access to the KSE.
The lawyer of the ISE said that he has to take up the list submitted by the lawyer of the KSE with his client in Islamabad and only then would be able to submit his response. Thus, the CCP has given one week time to both the lawyers to submit their response.
When contacted, CCP Chairman Khalid A Mirza said both the parties were given full opportunity to submit their views and "we heard them fully". He said that he doesn't think further hearing will be required as their point of view was recorded in detail. Giving details about the hearing, he said the CCP held two hearings since the stay was vacated.
The one hearing was held about legal matters, including jurisdiction of CCP and other, the one concluded today, was about the merit of the case. The ISE and LSE had moved the CCP against the dominant position of the KSE and non-availability of the common trading platform, saying that because of this their investors could not avail best trading opportunities.
The CCP had served a show-cause notice to the KSE under Section 30 of the Competition Ordinance, 2007 for abuse of its dominant position in terms of Section 3 of the Ordinance. A statement issued by the CCP said that legal counsels of both ISE and KSE presented their arguments before the three-member bench of the Commission, comprising Khalid A Mirza, Chairman, Ms Maleeha Mimi Bangash and Dr Joseph Wilson, members of the Commission.
Both the lawyers presented their arguments on the merits of the case. The representative of some investors of ISE, who was present as interveners, also made submissions before the Commission.