The Appellate Bench (the Bench) of the Securities and Exchange Commission (the Commission) is mandated to hear and decide the appeals filed under section 33 of Securities and Exchange Commission of Pakistan Act, 1997 (the Act) against the orders passed either by a Commissioner or any other officer authorized by the Commission. The Appellant is required to file appeal before the Bench within thirty days from the date of impugned order, however no appeal shall lie before the Bench against;
- An administrative direction given by a Commissioner or an officer of the Commission.
- An order passed in exercise of the powers of revision or review.
- A sanction provided or decision made by a Commissioner or an officer of the Commission to commence legal proceedings.
- An interim order which does not dispose of the entire matter.
In order to dispose of appeals in a timely manner different benches have been constituted and each bench consists of two Commissioners. Every appeal received under section 33 of the Act is required to be examined and scrutinized as per Securities and Exchange Commission of Pakistan (Appellate Bench Procedure) Rules, 2003 (the Rules). The appeals which are in accordance with the Rules are registered by the Registrar whereas the deficient appeals are notified to the appellant with the direction to remove specific deficiencies within stipulated time. After registration of appeal, the Registrar requires the Respondent to submit written comments within time specified. The hearings of the appeals are fixed after completion of the requirements contained in the Rules and final orders are passed within forty five days, if possible.