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.