Grant approval for offer of ESOS: SECP empowers Commissioner, C&C department

The Securities and Exchange Commission of Pakistan (SECP) has empowered the Commissioner, Corporatisation and Compliance (C&C) Department (Company Law Division) to grant approval for offer of Employee Stock Option Scheme and for issuance of such shares.

The SECP has issued S.R.O. 107 (I)/2020 here on Saturday to delegate certain powers and functions of the Commission to its Commissioner, Corporatisation and Compliance Department.

The said commissioner can exercise powers and functions of the commission in respect of companies other than listed companies. The said commissioner cannot exercise powers in case of companies involved in the business of Insurance under Insurance Ordinance, 2000 and Non-Banking Finance Companies or notified entities as referred to in Section 282A of the repealed Companies Ordinance, 1984.

The Commissioner, Corporatisation and Compliance Department would be authorised to pass a disqualification order against a person to hold office of director of a company and grant leave to any person to act on the instruction given by a person who is subject of disqualification order.

The Commissioner, Corporatisation and Compliance Department would be empowered to authorise anyone or more of its officers or appoint such number of professionals as an inspector or investigation officer to investigate such serious nature of offences relating to a company as provided in Sixth Schedule of the Companies Act.