ISLAMABAD The Supreme Court on Tuesday issued notices to Secretary Finance Division and five others including Chairman Security Exchange Commission of Pakistan regarding appointment of SECP chief and commissioner. A two-member bench head by Chief Justice Iftikhar Muhammad Chaudhry issued the notices while hearing a constitutional petition, filed by Muhammad Ashraf Tiwana through Afnan Karim Kundi under Article 184 (3) of the 1973 Constitution. The Federation through Secretary Finance Division, Chairman Security and Exchange Policy Board, Chairman Muhammad Ali Ghulam Muhammad SECP, Tahir Mehmood Commissioner (Company Law Division) SECP and Bushra Aslam SECPs Director Human Resource Department were made respondents in the petition. The petitioner contended that the SECP Chairman was appointed in a sheer violation of law, equality, justice, fairness, public policy, Constitution and principles of natural justice. He pleaded that appointment of those individuals as Commissioner or as SECP Chairman who were or have been members of stock and commodity exchanges, brokers, directors and /or shareholders of brokerage companies is against the law. The petitioner also requested to strike down some clauses of the SECP Act including sub-section (5) of Section 5 of the SECP ACT as it was being ultra vires of Articles 73 and 75 of the Constitution of Pakistan. Tiwana contended that the federal government be directed to introduce necessary amendments in the existing SECP Act as well as the new SECP Bill pending in the Parliament to prohibit the appointment of individuals with conflict of interest as Commissioners and Chairman of SECP in future whereas also ensure the avoidance of Regulatory Capture of SECP in line with best international practices. The petitioner further requested to strike down those sub-clauses from the SECP Services Rules which, he claimed, were ultra vires of Articles 4, 9, 10A, 14,18 and 25 of the Constitution as well as in contravention of Section 23 of the Contract Act 1872 and Section 24-A of the General Clauses Act. It was also revealed in the petition that SECP and Secretary Finance Division, who is the Chairman SEPB, be directed to ensure that the SECP Service Rules are appropriately amended to afford its employee security of tenure and the benefit of procedural due process as required by the Constitution and principles of natural justice. The petitioner prayed that Chairman SECP Ali and Chairman SEPB decision to abolish the Law Division of SECP be declared illegal for being mala fide against public interest and for violating Section 21 of the SECP Act. The court adjourned the hearing till August 26.