Appointments of chairman, members of religious board: SECP decides to impose additional conditions

In a major move to improve working of the SECP Religious Board, the Securities and Exchange Commission of Pakistan (SECP) has decided to impose additional conditions for appointment of Chairman and Members of the Religious Board. According to the draft of the amendments proposed in the Modaraba Companies and Modaraba Rules, 1981 by the SECP through a notification, the SECP has also decided to authorise the Religious Board to convene its sitting at Islamabad or any other location of Pakistan.
The proposed rules said that the sittings of the Religious Board shall preferably be held at Islamabad but the Board may convene its sittings at any location in Pakistan, as may be expedient. The SECP proposed that no person shall be appointed or continue as Chairman or Member of the Religious Board, if he has been convicted of an offence involving moral turpitude; has been or is adjudged insolvent; is incapable of discharging his duties by reasons of physical, physiological or mental unfitness and has been so declared by a registered medical practitioner appointed by the Corn mission and being a Member, absents himself from three consecutive meetings of the Religious Board, without leave of the Board.
The SECP proposed that no person shall be appointed or continue as Chairman or Member of the Religious Board, if he fails to disclose any conflict of interest prior to his appointment; or has been, under Article 209 of the Constitution, removed to hold office as judge of a High Court. The existing rules said that the sittings of the Religious Board shall normally be held at Islamabad but the Board may sit in such places in Pakistan as it may from time to time decide. On being called upon to appear before the Religious Board appearance may be in person or through an authorised representative. All sittings of the Religious Board shall be presided over by the Chairman and in his absence by a member as may be nominated by him. There shall be an official seal of the Religious board which shall remain in the custody of the Chairman or an officer authorised by him in writing, existing rules added.