Securities and Exchange Commission of Pakistan (SECP) has delegated adjudication powers to the Commissioner (Securities Market Division, Supervision and Enforcement Department of Specialised Companies Division and International Relations Department).
According to the SRO 236 (I)/2019 issued by the SECP here on Wednesday, in exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 read with section 20(4)(o) thereof, and in continuation of its earlier notification SRO 1347(I)/2018 dated November 5, 2018,the Securities and Exchange Commission of Pakistan (the Commission), subject to such conditions and limitations as it may from time to time impose, hereby delegates the powers and functions of the Commission listed below to its Commissioner (Securities Market Division, Supervision and Enforcement Department of Specialised Companies Division and International Relations Department):
To exercise all the powers and functions of the Commission as are conferred upon it or required to be exercised by it under Part VIIIA of the Companies Ordinance, 1984, as saved in terms of section 509 of Companies Act, 2017, in respect of Adjudication Recommendation Note SCD/S&ED-OS&MW-I/KHI/2018/288, dated January 30, 2019pertaining to Non-Banking Finance Company specified therein, the SECP said..
The Commission shall have the authority to exercise all the above powers delegated to the Commissioner (Securities Market Division, Supervision and Enforcement Department of Specialised Companies Division and International Relations Department), concurrently under sub-section (2) of section 10 of the Securities and Exchange Commission of Pakistan Act, 1997.
This notification has been specifically issued for the purposes of performance of functions and powers of the Commission in respect of Adjudication Recommendation Note SCD/S&ED (OS&MW-I/KHI/2018/ 288dated January 30, 2019 pertaining to non-banking finance company specified therein and shall be construed as in addition to earlier notifications and shall not in any manner be construed as conflicting with earlier notification of the Commission mentioned above and notifications issued earlier and still in force, the SECP added.
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