Disqualification order: SECP delegates certain powers to HoD of Adjudication Department-II

The Securities and Exchange Commission of Pakistan (SECP) has delegated certain powers and functions of the commission to the Head of Department, Adjudication Department-II of Adjudication Division to pass disqualification order against a person to hold the office of a director of a company for a period of up to five years.

According to the SRO 129 (I)/2020 issued by the SECP here on Tuesday, the SECP, subject to such conditions and limitations as it may from time to time impose, hereby delegates certain powers and functions of the commission to the Head of Department, Adjudication Department-II of Adjudication Division in relation to companies other than listed and licensed, except the companies licensed under Section 42 of the Companies Act.

He would be empowered to pass a disqualification order against a person to hold the office of a director of a company for a period of up to five years beginning from the date of order in any of the circumstances stated in Section 172.

In case, the post of Head of Department, Adjudication Department-II is vacant or incumbent is unable to perform his duties, the powers and functions delegated to him through this notification, shall be exercised by any other officer designated by the commission as Head of Department, Adjudication Department-II for the time being.

The commission shall have the authority to exercise the power delegated to the Head of Department, concurrently.

This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceedings commenced, penalties imposed and/or collected, sanction granted, approval made, fee directed or collected, directions given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuant to any previous notifications under the repealed Companies Ordinance, 1984 and shall be considered valid and under lawful authority.

Any pending proceedings under any previous 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.