Appointment of REIT trustee: SECP delegates certain powers, functions to SCD ED

The Securities and Exchange Commission of Pakistan (SECP) has delegated certain powers and functions of the Commission to executive director, Specialized Companies Division, to approve appointment of trustee of the Real Estate Investment Trust.

According to the SECP SRO 1212 (I)/2019, the Commission, in partial modification of earlier notification No. SRO 247(I)/2017 dated April 7, 2017, 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 executive director, Specialized Companies Division: Under the Real Estate Investment Trust Regulations, 2015, the nature of power/function is to approve appointment of trustee and to accord consent on the Trust Deed.

In case the post of the executive director (Specialized Companies Division) is vacant or he/she is unable to perform his/her functions or he/she is unavailable to exercise the powers and functions delegated to him/her through this notification shall stand delegated to the commissioner who shall have the authority to exercise all powers so delegated. Any pending proceedings under the said modified notifications of delegation of power shall stand transferred to the delegated authority provided in this notification forthwith who shall proceed with the matter as it stands prior to the coming into the effect of this Notification, the SECP added.

Copyright Business Recorder, 2019