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Wednesday, June 29, 2011

SECP says no violation of SC ruling

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http://www.transparency.org.pk/news/newsdetail.php?nid=3038

Courtesy by: The News

June 25,2011

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) has neither flouted nor ignored any ruling of the honorable Supreme Court on the appointment of contract employees. The facts of the case are as under: The SECP is an autonomous ‘body corporate’ established under the 1997 Securities and Exchange Commission of Pakistan Act (SECP Act) and it is not an attached department of any Ministry. Mr Abdul Rehman Qureshi, an employee/member of the erstwhile Corporate Law Authority (CLA) was appointed as SECP Commissioner with effect from January 1, 1999 upon the establishment of the SECP under the SECP Act. He completed his two terms as Commissioner on December 31, 2004. He was also assigned acting charge of Chairman, SECP for a period of nine months. Mr Qureshi being a regular employee of the SECP, he continued his service as Advisor till the date of his superannuation i.e., July 6, 2009. He was appointed Advisor by the SECP on contract starting July 7, 2009 for a period of two years as per provisions of the SECP Act and the SECP service manual. Meanwhile, he was also assigned the additional charge of Secretary to the Commission and also its Policy Board as no substitute was available. Mr Qureshi possesses a vast experience and expertise in the administration of corporate laws and is providing valuable services to the SECP in his capacity as Advisor. The SECP is empowered to appoint any Advisor in terms of the provisions of Section 9 of the SECP Act and as per the policy guidelines prepared by it in consultation with the Securities and Exchange Policy Board and there has been no violation of the laid down procedure.

Jawwad Rizvi adds: In the story carried by The News it was clearly mentioned that the SECP spokesperson said that the Commission was not reappointing Abdul Rahman Qureshi as an Advisor but the SECP had moved summary to extend his employment for one year under Section 8 and 9 of the Security and Exchange Commission of Pakistan Act, 1997. “The move was in accordance the regulation and decision of the SECP Board”, stated by the SECP spokesman person which was already mentioned in story carried by The News. Infact the SECP validated the question raise by The News in its story regarding the reappointment of Advisor. The SECP also validated the point raised by The News in which his multiple time hiring was made.

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