ISLAMABAD: (DNA) –  The government has decided to remove chairman Securities and Exchange Commission of Pakistan (SECP), Shaukat Hussain Abbasi, over his illegal appointment.

Prime Minister Imran Khan ordered immediate removal  of Abbasi as SECP chief and approved the notification in this regard.

Abbasi was given promotion thrice in four months while investigation also proved that his appointment was made in violation of the rules by the Pakistan Muslim League-Nawaz government.

It is also reported that the SECP chairman had provided false information to protect Sharifs in the Panama Papers case.

The government has also decided in principle to hold inquiry against close aides of Shaukat Hussain Abbasi.

In May this year, the appointment of Shaukat Hussain as chairman SECP was also challenged in the Lahore High Court. The petitioner pleaded the court to reverse the allegedly unconstitutional and illegal selection by the PML-N government, saying that the decision is based on favouritism and violated transparency.