Islamabad - The Securities and Exchange Commission of Pakistan yesterday submitted its written reply in a petition whereby executive director of the SECP had challenged his suspension.

A single bench of IHC comprising Justice Aamer Farooq conducted the hearing of the petition moved by Securities and Exchange Commission of Pakistan’s ED Iqbal Panjwani who was suspended by the SECP for providing inquiry reports to National Accountability Bureau (NAB).

The court provided the copies of written reply of SECP to the petitioner and deferred the hearing till November 23 for further proceedings in this matter.

ED SECP Imran Iqbal Panjwani moved the petition before IHC against his suspension and adopted before the court that he was suspended for providing two inquiry reports about embezzlement of billions of rupees implicating high profile business personalities to NAB while the commission had been sitting on the said reports for the past few years.

The ED in his petition contended that he was illegally roped in an alleged fact-finding into the matter regarding alleged involvement of the officers of the SECP in extending concessions/aid to the sponsors of KASB Bank Limited, which took place pursuant to the e-mail dated August 14, 2015.

“That the allegation was that the petitioner (Panjwani) acted in unprofessional and negligent manner in handling a matter related to KASB Bank Limited, which on the face of it is misconceived and absurd. Needless to mention that the commissioner who carried out initial fact finding into the matter was part of the team that drafted final reply/response in lieu of the application dated May 30, 2015 of the sponsors of the KASB Bank Limited.”

He further informed the court that ‘to be convinced of the absurdity/preposterous of the allegation of unprofessional/negligent handling of the matter relating to KASB Bank Limited, it is imperative to unearth real cause behind this biased, vindictive and inequitable conduct of the chairman SECP and the commissioners. The episode also extends insight into the working, functioning and third degree of independence of the SECP, which in essence is required to possess all attributes of unbiased, impartial and independent regulatory body.’

“That the initial fact-finding into the matter, commenced pursuant to the email dated 14.08.2105, was concluded with unprecedented haste or strenuous efforts (14th, 15th & 16th August were holidays) and a fact-finding report was prepared and presented to the chairman on 17th August 2015, which was per se accepted by the chairman and the same hurriedly passed orders regarding transfer of the petitioner (nothing short of suspension orders and placed embargo on the working of the petitioner),” the petitioner said.