Corporate Registry Department, Licensing and Registration Div: SECP delegates specified powers and functions

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has authorized its officials of the Corporate Registry Department, Licensing and Registration Division to exercise certain powers of the commission including allowing companies to issue “further share capital”.

The SECP has issued SRO 1963(I)/2024 in supersession of its earlier notifications No SRO 603(I)/2021 dated May 25, 2021, and SRO 1726(I)/2022 dated September 06, 2022.

The SECP has delegated the specified powers and functions of the Commission to its commissioner and the officers of the Corporate Registry Department, Licensing and Registration Division.

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The said powers and functions would be carried out in respect of companies other than listed companies unless otherwise specified (except for the companies involved in business of Insurance under the Insurance Ordinance, 2000 and the Non-Banking Finance Companies or notified entities as referred to in Section 282A of the repealed Companies Ordinance, 1984.

The officials will allow sanctioning of issue of shares at discount; allow extension in time to issue shares at discount; order sanctioning the issue of share at discount on such condition as he thinks fit and allow a company to issue further share capital to any person for cash or for a consideration other than cash.

The officials can hear the appeal against the order passed under section 464(2) in case of order of refusal passed or upheld in appeal by the registrar of companies, the SECP added.

Divisional Head (LRD)/Executive Director would be authorized to allow extension in time for transfer of assets; hear appeal against refusal for registration of transfer or transmission of shares of a company; provide opportunity of hearing and issue orders and give such incidental or consequential directions as to the payment of cost as it deems fit, the SECP added.

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