Dealing with NBFCs, appeals: SECP empowers LLP, PLAD and SED officials

ISLAMABAD: To facilitate the corporate sector, the Securities and Exchange Commission of Pakistan (SECP) has empowered Registrar of Limited Liability Partnership (LLP); Executive Director Prosecution and Legal Affairs Division (PLAD) and Joint Director Supervision and Enforcement Department to exercise certain powers of the commission in relation to the LLP, appeals and Non-Banking Finance Companies (NBFCs).

In this regard, the SECP has issued an SRO 1176 (I)/2020, SRO1159 (I)/2020, and SRO 1170 (I)/2020, here on Saturday.

The SECP has empowered Registrar Limited Liability Partnership (LLP), Corporatization and Compliance Department, Company Law Division to hear an appeal against the order passed by the registrar concerned regarding refusal of name of the LLP.

According to the notification, in case post of Registrar LLP is vacant, or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through this notification shall stand delegated to the commissioner (CCD).

Through another SRO 1170 (I)/2020, the SECP hereby delegates certain powers and functions of the Commission under the Companies Act, 1997 to the Executive Director (PLAD) in relation to companies other than listed and licensed entities except the companies licensed under Section 42 of the Companies Act.

The Executive Director (PLAD) would be empowered to hear an appeal against the order passed or upheld by the Registrar designated.

Under SRO 1159 (I)/2020, the SECP has also authorised the Joint Director Supervision and Enforcement Department to exercise certain powers in relation to the NBFCs.

He would be empowered to modify or cancel the directions issued and impose conditions; require to furnish any information; cause inquiry or inspection and to exercise other related powers.

In case the post of Joint Director Supervision and Enforcement Department is vacant or incumbent is unable to perform his duties, the powers and functions delegated to him through this notification, shall stand delegated to the Commissioner (SCO).

This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of the above referred superseded notifications, shall be valid and under lawful authority.

Any pending proceedings under the aforesaid modified or superseded notifications of delegation of power shall stand transferred to the delegated authority provided in this notification forthwith, who shall proceed with the matter as it stands prior to the coming into the effect of this notification, the SECP added.

Copyright Business Recorder, 2020