Securities and Exchange Commission of Pakistan (SECP) has empowered the Executive Director of the Specialised Companies Division to grant exemption from Directors' Training to directors of NBFCs or Modarabas in view of relevancy of their qualification and experience.
According to an SRO 548 (I)/2019 issued by the SECP here on Friday, in exercise of powers conferred under section 10 of the Securities and Exchange Commission of Pakistan Act, 1997, 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 its Executive Director of the Specialised Companies Division, namely: Executive Director of the Specialised Companies Division can exercise certain powers and functions in respect of Listed Companies (Code of Corporate Governance) Regulations, 2017.
They can grant of exemption from Directors' Training to directors of NBFCs or Modarabas in view of relevancy of their qualification & experience. They have been empowered to determine the suitability of a candidate for appointment as chief financial officer of a NBFC or Modaraba.
Any pending proceedings under the said superseded or modified notifications of delegation of power shall stand transferred to the delegated authority provided in this notification forthwith, who shall proceed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.
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