Banking courts: SECP told to issue letters to NAB, FIA for withdrawal of cases

The Securities and Exchange Commission of Pakistan (SECP) Policy Board has strictly directed the SECP to immediately issue letters to National Accountability Bureau (NAB) and Federal Investigation Agency (FIA) to withdraw referred complaints/cases from these agencies for investigation of the cases by itself.
The SECP Policy Board met at the SECP Headquarters under the chairmanship of Prof Khalid Mirza here on Tuesday and also discussed the matter of cases referred to the banking courts. The SECP Policy Board expressed serious reservations over the non-compliance with the last meeting's directive of the Board.
According to sources, when the matter is related to the securities law or Companies Act, it falls within the domain of the Commission and law enforcement agencies have nothing to do with it. The SECP should immediately write detailed letters to the FIA and NAB and withdraw all cases referred to them. The SECP Policy Board has further directed the SECP to provide complete list of cases referred to the NAB/FIA and withdrawn the same from these agencies.
Chairman SECP Policy Board Khalid Mirza noted that the SECP should itself investigate cases covered within the domain of the Commission. Under no circumstances, the Commission should send cases to the law enforcement agencies unless there is a court order or very strong reason that investigation is beyond the capacity of the SECP, he added.
The SECP policy Board also noted that the SECP has referred cases to the banking courts. The Board has also directed the Commission to compile a list of cases referred to the banking courts, nature of cases and reasons for referring them to the banking courts.
The SECP Policy Board also expressed concern why the SECP has not called back all SECP officials presently deputed at different agencies like NAB/FIA, despite precise directions of the Policy Board. During the last meeting of the SECP Policy Board, Khalid Mirza said, "Policy Board has further directed the SECP for not sending any official to the law enforcement agencies on deputation except there is a court order or very good reason for this.
The clearance of the Commission and Policy Board is also needed for this in future, head of the SECP Policy Board added. Presently, 12-15 SECP officials are working in different law enforcement agencies on deputation.