The Securities and Exchange Commission of Pakistan (SECP) has empowered the head of department (Adjudication Department-I) of the Adjudication Division to impose penalty on public sector companies for any contravention of provisions of the Companies Act. The SECP has issued SRO 276 (I)/2020 here on Tuesday in this regard.
According to the SRO 276 (I)/2020, the commission subject to such conditions and limitations as it may impose from time to time, hereby delegates the following powers and functions of the commission to the head of department (Adjudication Department-I) of the Adjudication Division in relation to licensed entities except the companies licensed under Section 42 of the Companies Act, 2017 and listed companies: Adjudication Department-I would be authorised to impose penalty as provided in sub-section (2) of Section 508 of the act on contravention of any provision of the rules and a further penalty in case of continuing default.
Where the post of head of department (Adjudication Department-I) is vacant in the Adjudication Division or incumbent is unable to perform his duties, the powers and functions delegated to him through this notification, shall stand delegated to the commissioner concerned. This notification shall not affect anything done, order made, notifications 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.