Recovery of penalties: SECP empowers SMD official to take disciplinary action

The Securities and Exchange Commission of Pakistan (SECP) has empowered executive director (public offering and regulated persons department) of Securities Market Division to take disciplinary action against licensed persons for recovery of penalties under Securities Act, 2015. According to the SRO 45 (1)/2017 issued by the SECP here on Wednesday, the Commission has authorised the said department of the SECP to exercise relevant sections (150 and 162(1) of the Securities Act, 2015.
In case, the post of executive director (public offering and regulated persons department) is vacant or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through the notification shall stand to be delegated to the Commissioner (SMD), the SECP added.
Following is the text of the SRO 45 (1)/2017 issued on Wednesday:
In exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 and in partial modification of its previous notification No SRO 626(1), dated June 25, 2015, 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 following powers and functions of the Commission to the executive director (public offering and regulated persons department) of Securities Market Division:
Powers and functions of the Commission delegated to executive director (public offering and regulated persons department-Securities Market Division).

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Sr.     Relevant section of           Heading of               Nature of Power/

No.     the Securities Act 2015         Section                        function

        (Act No. III of 2015)

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1              150                Disciplinary action      To take disciplinary

                                    in respect of          action in respect of

                                  licensed person         licensed person under

                                                                   this section

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2.          162(1)                   Recovery of         To recover the penalty

                                      penalties         as a decree for payment

                                                         of money through court

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