SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION ORDINANCE, 1969 (XVII OF 1969)

Section—25A

Code of Criminal Procedure, 1898 (V of 1898)

Section—265B

Section 265B lays down that the prosecution ‘shall’ open his case by describing the charge and stating by what evidence it proposes to prove the charge. The word ‘shall’ in the section indicates that the directions stated in the section must be strictly followed, more so in view of section 25A of the Security and Exchange Ordinance, which lays down that upon the accused lies the burden of proving that he had not contravened any provision of the Ordinance.

The burden of proof is neither as heavy as that upon the prosecution nor so onerous and that it is not higher than the burden which rests upon a plaintiff or defendant in civil proceeding.

Aba Tayeb, Chairman Vs. The Security Exchange Commission and ano., 19BLD (HCD)603

Ref: (1936)2 All E.R.1 138—relied upon 

SECURITIES AND EXCHANGE COMMISSION ORDINANCE, 1993 (III OF 1993)

Section—17

Since a duly constituted enquiry committee in its report opined that the accused persons contravened the provisions of section 17 of the Ordinance and the learned Magistrate on being satisfied about the same has taken cognizance against the accused persons they would get chance to defend themselves in the case and as such there has occasioned no failure of justice in taking cognizance of the offence against them.

Shainpukur Holding Limited Vs. Security Exchange Commission, 18BLD(HCD)61

Ref:
27DLR1 11; 30DLR(SC)58; 29DLR 122; 32 DLR(AD)35; 1940A.C1014 (at P.1022).—Cited.

SECURITIES AND EXCHANGE COMMISSION ACT, 1993 (XV OF 1993)

Sections—3(2), 5(5), 11(ga)

Under the provisions of section 3(2) of the Act Security Exchange Commission (SEC) is a body corporate and shall sue and be sued in its name. Under the provision of section 5(5) of the Act the Chairman is the Chief Executive of the Security Exchange Commission. Clause (ga) of Section 11 of the Act provides that all the responsibilities and liabilities of the Government under the provisions of the Act shall be the responsibilities and liabilities of the Commission.

Shainpukur Holding Limited Vs. Security Exchange Commission, 18BLD(HCD)61.

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