Companies have filed 151 appeals against the orders/actions of the Securities and Exchange Commission of Pakistan (SECP) with the SECP Appellate Bench during 2018-19. According to the SECP data, the appellate bench is a quasi-judicial appellate body of the SECP.
The bench executes its functions as per mandate allowed under Section 33 of the Securities and Exchange Commission of Pakistan Act, 1997 and Section 481 of the Companies Act, 2017.
The appeal filing and adjudication process are governed by the SECP (Appellate Bench Procedure) Rules, 2003. Any person aggrieved by an order of the commission passed by a commissioner or an officer authorized in this behalf by the commission, may within 30 days of the order, prefer an appeal before the bench.
The bench comprises two commissioners.
The Appellate Bench Registry of the Commission is headed by the Registrar Appellate Bench. During the financial year 2018-19, the bench scheduled 146 appeals, 53 appeals were heard and 42 appeals were disposed of.
Furthermore, 56 new appeals were registered under Section 33 of the SECP Act and Section 481 of the Act. Therefore, appeals including heard/disposed of and newly-registered totaled at 151.
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