The Securities and Exchange Commission of Pakistan (SECP) is seeking powers to appoint professionals as SECP inspectors for investigating serious nature of frauds in the companies covering corporate affairs, taxation and capital market etc.
According to the draft of the Companies Bill 2015, the SECP has introduced a new section 261 (Serious Fraud Investigation) in the new law to investigate companies affairs.
It said that notwithstanding anything contained in sections 259 and 260, the Commission may appoint such number of professionals from amongst the persons of ability, integrity and having experience in the following fields as inspectors to investigate serious nature of frauds relating to a company,- (a) corporate affairs; (b) taxation; (c) forensic audit; (d) capital market; (e) banking; (f) information technology; (g) law; or (h) such other fields as may be notified.
The persons appointed as inspectors under sub-section (1) shall report in such manner as the Commission may direct, draft law added.