CSD commissioner empowered to grant extensions

RECORDER REPORT

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has delegated certain powers and functions of the Commission to its Commissioner, Corporate Supervision Department, Company Law Division for granting extensions to the corporate sector.

According to S.R.O. 1524 (I)/2018 issued here on Friday, Commissioner, Corporate Supervision Department, Company Law Division, has been empowered to exercise certain regulations of Companies (further issue of shares) Regulations, 2018.

The said Commissioner can exercise powers and functions of the Commission in respect of public listed companies (except for insurance companies involves in business of Insurance under the Insurance Ordinance, 2000 and the non-banking finance companies or notified entities) unless otherwise specifically mentioned.

Commissioner, Corporate Supervision Department, Company Law Division, has been empowered to exercise certain regulations of Companies (further issue of shares) Regulations, 2018 including powers to extend time for book closure of right shares, extend time not exceeding sixty days for completion of right issue, approve issue of shares with differential rights and approve reschedule, amend, alter, vary or reassess terms and condition of preference shares.

Commissioner, Corporate Supervision Department, Company Law Division, has been authorized to exercise certain regulations of Companies to issue directions in the event of default, impose penalty for failure or refusal to comply with or contravention of the provisions of the Regulations.

The said notification shall not affect anything done, order made, notification issued, show cause issued, 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 pursuance to any previous notifications amended as aforesaid by this notification, shall be valid and under lawful authority.

Any pending proceedings or applications under previous notifications shall stand transfer 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.