SECP directed to satisfy IHC on data leak

ISLAMABAD: The Islamabad High Court (IHC) Thursday directed the Securities and Exchange Commission of Pakistan (SECP) to satisfy it in a case filed by its official Arslan Zafar challenging departmental inquiry against him in the data leak scandal.

Chief Justice Athar Minallah, who heard the case, also sought explanation as to why the information posted on the public portal was different from that on internal portal of the SECP.

The petitioner's lawyer, Sardar Taimoor Aslam, adopted the stance that the SECP had not submitted the report despite the court orders.

The SECP's lawyer, Shahid Anwar Bajwa, submitted to the court an inquiry report against Arslan Zafar and two other reports pertaining to the secret data leak.

The chief justice observed that there was nothing confidential in the reports.

He noted that the report had stated that how the SECP was defamed, which, he said, was in fact the Commission’s weakness.

“It seems that the even the SECP itself didn't know about the nature of data and how it was leaked. How the information on the public portal could be different from that on the internal portal?” he asked.

The SECP's lawyer said the public portal had only basic information on which the court asked why it did not carry information about the shareholders.

The SECP's lawyer said the data of private limited companies was kept secret all over the world.

Justice Athar asked under which law the information was not made public.

“The court wants the SECP to satisfy it on the point under Article 19 of the Constitution,” he said and adjourned the case till January 28.