ISLAMABAD, Jan 26: The ministry of finance has forwarded a summary to Prime Minister's Secretariat for reappointment of Tariq Ausaf Hussain as legal commissioner in the Securities and Exchange Commission of Pakistan, despite a legal hitch involving his age, according to sources. An official in the ministry confirmed to on Wednesday that a summary having Mr Hussain's name had been sent to the PM's Secretariat for approval. (The summary also has the names of Etrat Rizvi and Imtiaz Hayder).

Etrat Rizvi served in 2003-04 as commissioner, Specialised Companies Division and the Professional Services and Policy Division and recently as chief executive of National Asset Management Company Ltd.

Imtiaz Hayder is a former managing director/CEO of the Islamabad Stock Exchange.

While the government seems to be all set to reappoint Mr Hussain for another term of three years, legal experts in the SECP see it as a violation of Section 7(3) of the SECP Act, which does not allow extension or appointment of a person who has crossed the age of 62 years.

When contacted, the finance secretary declined to comment on the issue, while Mr Hussain chose not to respond to a query forwarded to him.

The finance ministry official said the objection regarding Mr Hussain's age had been mentioned in the summary. “But there are several legal measures to meet the age requirement,” he said, adding that Mr Hussain might be appointed as a legal consultant with all perks and privileges he was enjoying as commissioner.

Meanwhile, the All Pakistan SECP Officers Welfare Association has opposed the reappointment of Mr Hussain.

An office-bearer of the association said: “Mr Hussain will celebrate his 63rd birthday in March.”

According to a mail circulated in the office of the association, Mr Hussain had retired on Nov 25 last year, but he continued to hold office till Dec 3.

Mr Hussain had rejected the association's mail and said his term was to expire on Dec 3.

The HR department of the commission has also issued an internal office memo informing Mr Hussain that his term of office expired on Nov 25.

It said: “Mr S. Tariq A. Hussain was appointed Commissioner (Legal) by the Government of Pakistan vide notification number 1/106/200-I-E-6 dated November 26, 2007.”

It further said: “Mr S. Tariq A. Hussain, presently Senior Legal Adviser, Kuwait Oil Company is appointed as Commissioner (Legal), Securities and Exchange Commission of Pakistan (SECP), under Finance Division, in terms of Section 7 (1) of Securities and Exchange Commission of Pakistan Act, 1997, for a period of three years, with immediate effect and until further orders. Section 7(2) states that each term of three years reckoned from the date of appointment.”

At present, the SECP has only two commissioners after the appointment of Mohammad Ali Ghulam Mohammad as its chairman on Dec 25. The other commissioner is Tahir Mahmood, who heads the Company Law Division and Information Technology Department.

According to the law, there should be seven commissioners in the SECP, including its chairman, and a majority of them have to be from the private sector.

However, there has to be a minimum of five commissioners in the SECP to execute the litigation matters, but the figure has never crossed three for the past five years.