| Case ID |
2590d940-7baf-45df-a82c-092f1003db6d |
| Body |
View case body. Login to View |
| Case Number |
D-2741 of 2016 |
| Decision Date |
Dec 01, 2016 |
| Hearing Date |
Oct 23, 2016 |
| Decision |
The appeal was remanded for further investigation into allegations of insider trading involving Kamran Wahab Khan, who was found to have disclosed inside information regarding the financial results of Pakistan Petroleum Limited (PPL) to the Fund, while being a member of the Investment Committee. The case raised questions about the transparency and legitimacy of actions taken by insiders in the context of the investment decisions made by the Fund. A penalty of Rs. 500,000 was imposed on the appellant, which was found to be justified based on the evidence presented. The case highlighted the critical importance of adherence to insider trading regulations and the need for clear accountability among insiders in financial transactions. |
| Summary |
In the case involving the Securities and Exchange Commission of Pakistan, the appeal centered around allegations of insider trading by Kamran Wahab Khan, who disclosed critical financial information of Pakistan Petroleum Limited (PPL) before its public announcement. The case underscores the importance of compliance with the Securities and Exchange Ordinance, 1969, particularly sections related to insider trading prohibitions and responsibilities of insiders. The ruling emphasizes the need for transparency within financial institutions and the accountability of those in positions of trust. As the appeal was remanded for further investigation, it raised significant concerns regarding the integrity of investment decisions made by the Fund during a closed period, highlighting the complexities of financial regulations and the ethical obligations of corporate officers. This case serves as a crucial reference point for understanding insider trading laws and their implications on market fairness. |
| Court |
Securities and Exchange Commission of Pakistan
|
| Entities Involved |
Pakistan Petroleum Limited,
Pakistan Petroleum Provident Fund Trust Company (Private) Limited
|
| Judges |
Tahir Mahmood
|
| Lawyers |
Kamran Wahab Khan,
Abdul Manan,
Ms. Umaira Iqbal Raza,
Awais Ali,
Amir Saleem
|
| Petitioners |
Kamran Wahab Khan
|
| Respondents |
Abdul Manan,
Ms. Umaira Iqbal Raza,
Awais Ali,
Amir Saleem
|
| Citations |
2016 SLD 3433 = 2016 CLD 2045
|
| Other Citations |
Not available
|
| Laws Involved |
Securities and Exchange Ordinance, 1969
|
| Sections |
15-A,
15-B,
15-C,
15-D,
15-E
|