SHC issues notices in SECP commissioner’s reappointment case

KARACHI: The Sindh High Court (SHC) Friday issued notices to parties in a case pertaining to the possible reappointment of Sadia Khan as the Securities and Exchange Commission of Pakistan (SECP) commissioner.

The court issued notices to the federal secretary for finance, the chairman of the National Accountability Bureau, the Ministry of Foreign Affairs, and others, on a miscellaneous plea filed by legal activist Javed Iqbal Burqi.

The court has sought replies from the concerned parties by March 13 on the plea that the legal activist filed against Khan through his counsel Mohammad Vawda.

In the petition, Burqi urged the court to ensure that Khan isn’t reappointed as the SECP’s commissioner during the hearing of the case as “she stands disqualified, and is not eligible for reappointment, under Section 18 of the Securities and Exchange Commission of Pakistan Act, 1997”.

His plea mentioned that Khan was appointed on March 5, 2020, for three years — which expires soon. Burqi said that the commissioner had admitted that she was holding the position of Honorary Consulate General of Finland and was only de-notified from the post on September 21, 2020, — after a period of over six months from her date of appointment as commissioner.

“Hence, it is an admitted position that from 5th March, 2020 till 21st September, 2020 [Khan] was holding the position of both, Commissioner, SECP, and the Honorary Consulate General of Finland concurrently.” Burqi claimed that as Khan held both positions, there was a conflict of interest as several Finnish companies operating in Pakistan were being regulated by the SECP.

“Furthermore, there are also various companies which sell products manufactured by Finland, companies that trade with Finnish companies, and companies that import to and export from Finland. Nokia, SSM, Wärtsilä, Stora-Enso, and Vaisala are just a few examples of Finnish companies operating in Pakistan.”

“Therefore, [Khan] has had a clear conflict of interest as per Section 16 of the Securities and Exchange Commission of Pakistan Act, 1997 and stands disqualified and is ineligible for reappointment under Section 18 of the SECP Act.”