The Securities and Exchange Commission of Pakistan (SECP) has empowered the Adjudication Department-I of the Adjudication Division to suspend/cancel license of Non-Banking Finance Companies (NBFCs) insurance surveyor, securities advisors/futures advisors, and to suspend or cancel license of the credit-rating companies.
The SECP has issued SRO 232 (I)/2020 here on Friday to delegate powers and functions of the commission to the officers of the Adjudication Department-I of the Adjudication Division in relation to licensed entities, except the companies licensed under Section 42 of the Companies Act, 2017.
According to the SRO 232 (I)/2020, Commissioner (Securities Market Division) has been authorised to suspend/cancel securities exchange license, clearing house license, and suspend/cancel central depositories license or take disciplinary action or impose penalty, if required.
The Commissioner (Securities Market Division) has also been authorised to suspend/cancel futures exchange licenses, and take disciplinary action in respect of the licensed person.
The SECP has empowered the Commissioner (Insurance Division) to remove chairman, director, etc of the insurer, cancel license of an insurance broker, suspend or revoke authorization of Takaful operator or window Takaful operator.
In case, the post of head of the department, Adjudication Department-I is vacant or the incumbent is unable to perform his duties, then 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-I for the time being.
In case the post of head of the wing is vacant in Adjudication Department-I or the incumbent is unable to perform his duties, then the powers and functions delegated to him through this notification, shall be exercised by the head of department, Adjudication Department-I.
The powers delegated as above, to head of the wings of the Adjudication Department-I, shall be exercised concurrently by head of the department, Adjudication Department-I, if the circumstances, so warrant.
The commission shall have the authority to exercise all powers delegated above to the commissioners, head of department and head of the wings of the Adjudication Department-I, concurrently.
This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of the above referred partially modified or superseded notifications, and shall be considered valid and under lawful authority.
Any pending proceedings under the aforesaid modified or superseded 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, the SECP added.
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