The Islamabad High Court (IHC) Tuesday termed legal the appointment of Zafar Hijazi as chairman of the Securities and Exchange Commission of Pakistan (SECP).
A single-judge bench comprising Justice Athir Minallah dismissed the petition challenging the appointment of Hijazi.
Asma Jahangir, counsel for the petitioner, alleged that earlier Zafar Hijazi was the Commissioner SECP but later on he was elevated as Chairman of the commission by illegal means.
Counsel for the Hijazi apprised the court that Zafar Hijazi took over charge as the Chairman of the Securities and Exchange Commission of Pakistan on December 19, 2014.
Hijazi was a chartered accountant by profession, he carries rich and broad- based regulatory experience in the corporate sector and capital markets, spanning over 34 years, counsel added.
From January 1, 1999 to December 31, 2003, Hijazi served as a Commissioner at the SECP. During this period he had a distinguished track record, and headed various Divisions. He contributed to the development of significant legal and regulatory reforms to improve the quality of corporate disclosure and formulation of regulatory policies.
He has always led from the front and operated by the book, traits that have won him the trust of the employees, regulatees and general public at large
After hearing the arguments the court dismissed petition while terming the appointment legal.