SECP delegates powers to SMD Commissioner and officers

The Securities and Exchange Commission of Pakistan (SECP) has delegated its powers to the Commissioner (Securities Market Division) and Executive Directors/Head of Departments and other SECP officers under Securities Act 2015, Futures Act 2016, CDC Act and other laws/acts of the commission.
According to SRO 123 issued by the SECP here on Monday, in exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (the Act), and in partial supersession of its previous notifications SRO 626(1), dated June 25, 2015, notification No SRO 934(1)/2015 dated September 14, 2015, notification No SRO 162(1)/2016 dated February 29, 2016 and notification SRO 45(1)/2017 dated January 27, 2017, Securities and Exchange Commission of Pakistan (the Commission), subject to such conditions and limitations as it may from time to time impose, hereby delegates specified powers and functions of the Commission to its Commissioner and officers of Securities Market Division.
The powers and functions of the Commission delegated to Commissioner (Securities Market Division) included approval of appointment or removal of chief executive officer and chief regulatory officers of securities exchange; waive the condition of eliciting public opinion for proposed regulations of the securities exchange; review of disciplinary actions taken by securities exchange; issue direction to a securities exchange, by notice in writing, either of a general or specific nature; require operational and regulatory audit of securities exchange to be conducted by an independent auditor and appoint auditor for special audit.
The powers and functions of the Commission delegated to Commissioner (Securities Market Division) also included require the company to correct the deficiency or comply with the prescribed condition or requirement within the time specified in the order or revoke the listing.
In case, the posts of executive director/director/head of department in the division/department 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 (SMD).
The 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 above referred notifications partially superseded by this notification shall be valid and under lawful authority.
Any pending adjudication proceedings wherein show cause notices have been issued under the partially superseded notifications prior to the commencement of this notification, shall be concluded by the respective authority to whom the powers were delegated under the partially superseded notifications, the SECP added.