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ISLAMABAD: The Registrar Modaraba of the Securities and Exchange Commission of Pakistan (SECP) has delegated key powers to his subordinate officials authorising them to order an enquiry into the affairs of a Modaraba company on his own motion. The SECP has issued SRO 527(I)/2021, here on Monday, under the powers conferred by Section 39 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

According to the notification, the Registrar Modaraba has delegated certain powers and functions under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 to the officers subordinate to him subject to such limitations, restrictions or conditions as specified herein and as he may from time to time impose.

The said officials would be empowered to order an enquiry into the affairs of a Modaraba company or a Modaraba on his own motion, or on receipt of application from the certificate holders of Modaraba Certificates the value of which is not less than 10 per cent of the total subscribed amount of the Modaraba.

The subordinate officials working under the Registrar Modaraba would have the powers to lay-down, receive and examine all reports, accounts and other documents referred to in section 14 and to pass orders for and receive such additional documents or reports or information as may be considered necessary. The said officials would be empowered to examine documents (annual accounts and quarterly accounts) received by him and return the deficient document for compliance, revision or correction and allow a representative of the Modaraba company to rectify or complete annual accounts and quarterly accounts.

They would be empowered to issue acknowledgement of filing of document (annual accounts and quarterly accounts) in Form VI of the First Schedule of annual accounts and quarterly accounts; maintain the documents (annual and quarterly accounts) in the manner provided and make endorsement of the particulars on every document (annual accounts and quarterly accounts) as specified under this rule and sign, and affix his official seal, to every such endorsement.

The said officials would be empowered to maintain a register of Modaraba companies and a register of Modarabas and to enter therein the information relating to filing of annual and quarterly accounts in the manner as specified and permit members of the public to inspect such registers and record of documents (annual accounts and quarterly accounts) maintained under this rule as he may deem fit, upon granting permission and payment of prescribed fee.

The subordinate officials working under the Registrar Modaraba would have the powers to grant copies of entries in the registers and documents (annual accounts and quarterly.

Copyright Business Recorder, 2021

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