The ‘Special Tribunal’ was formed in 2014 to ensure speedy trial of manipulation and fraud in the capital market. The main objective of forming this tribunal was to protect the interests of ordinary investors and create an accountable environment by bringing market criminals to justice quickly.
However, even after a decade of its establishment, the tribunal has not gained the desired momentum. Currently, only three cases are pending in this specialized court.
It is learnt that although the tribunal has settled a few cases since its formation, most of the important cases are stuck in the High Court’s stay order and legal wrangling. Since only three cases are currently in judicial proceedings since its formation, those concerned feel that the results of this court, even though it was formed with a special purpose, are not being visible.
Since the formation of the special tribunal, 28 cases have been brought before this court so far, of which 11 have been disposed of, 10 have been suspended, two have been dismissed, two are out of jurisdiction, and three cases are ongoing.