Default/late filing of cost auditor’s reports: SECP’s wing empowered to impose penalties on cos

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has empowered the Adjudication Division, SECP to impose penalties on companies for default/late filing of cost auditor’s reports.

In this connection, the SECP issued SRO 1437(I)/2021, here on Saturday. As per the notification, the Commission, hereby, delegates the specified powers and functions of the SECP to the Director and Adjudication Officers of Adjudication Department-II of the Adjudication Division in relation to companies other than the listed companies.

The Adjudication Officers of Adjudication Department-II posted at Islamabad, Lahore, and Karachi have been authorised to impose penalty on contravention of regulation 6(3) of the Regulations i.e. default with respect to filing of cost auditor’s report of companies.

The powers in respect of companies having registered office in the province of Khyber-Pakhtunkhwa, Gilgit-Baltistan, and Islamabad Capital Territory including Civil Division Rawalpindi, shall be exercised by the Adjudication Officer, Adjudication Department–II, Islamabad. The powers in respect of companies having registered office in the province of Sindh and Balochistan, shall be exercised by the Adjudication Officer, Adjudication Department–II, Karachi. iii.

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The powers in respect of companies having registered office in the province of Punjab except Rawalpindi Division shall be exercised by the Adjudication Officer, Adjudication Department–II, Lahore. In case the post of Director of Adjudication Department–II is vacant or the incumbent is unable to perform his duties, the powers and functions delegated to him through this notification, shall be exercised by the Wing Head, Adjudication Department–II.

In case the post of any of the Adjudication Officers of Adjudication Department–II is vacant or incumbent is unable to perform his duties, the powers and functions delegated to him through this notification, shall be exercised by the Wing Head, Adjudication Department–II.

Copyright Business Recorder, 2022