Section 42B: Recovery of penalties
The Securities and Exchange Commission of Pakistan Act, 1997 · Companies Laws · Legal status not independently verified
Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.
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1[42B. Recovery of penalties.—(1) Any penalty imposed by the Commission in the exercise of its powers under this Act or any administered legislation or subordinate legislation, shall be payable to the Commission and may be recovered by the Commission as a decree for the payment of money in case where the person aggrieved by such order has, (a) preferred an appeal under section 34 and the Court has upheld the order of the Commission or the Appellate Bench, it will automatically be converted into execution proceeding and no fresh notices need to be issued to appellant; or (b) not preferred an appeal to the Appellate Bench of the Commission under section 33 or to the Court under section 34 and the Court on application of the Commission has confirmed and allowed conversion or initiation of execution proceedings after notices to the parties as deem appropriate by the Court. (2) The Court shall exercise all the powers of an executing court as provided in the Code of Civil Procedure, 1908 (Act V of 1908), for the purposes of recovery of penalties: Provided that the Court may, for reasons to be recorded, dispense with any procedure in the Code of Civil Procedure, 1908 (Act V of 1908) and follow such procedure as it may deem fit in the circumstances of the case for expeditious disposal. (3) The executing Court may attach any immovable property or sale of any movable property, including bank accounts of the person or company on whom a penalty has been imposed under this Act or any administered legislation by the Commission and any transaction or attempt to alienate, transfer, encumber or mortgage such property shall be void, illegal and without any lawfuI authority. (4) All government departments, authorities, bodies, private entities, housing societies or schemes, by whatever name called, banks and any other concerned entity shall, on the orders of the Court, be bound to assist the Commission in providing details of moveable or immovable property of judgment debtor. (5) In addition to subsections (1), (2) and (3) any penalty imposed or amount ordered or required to be surrendered or deposited with the Commission under this Act or an administered legislation may also be recovered by the Commission as arrears of land revenue. 1Subs. and Ins. by Act No. XXXVI of 2016, ss. 2728.
Effective date: 1997-01-01
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Version securities-and-exchange-commission-of-pakistan-act-1997~PK-FED~base · Source-traceable official reference. LawHub does not modify the official record.