Under SRO 46(I)/2019 issued by the SECP Thursday, the Commission has revised powers and functions of the commission under the Public Sector Companies (Corporate Governance) Rules, 2013.
According to the notification issued by the SECP, in exercise of powers conferred by the Section 10 of the Securities and Exchange Commission of Pakistan Act, 1997, the Commission has superceded its previous notification SRO 767(I)/2018 dated June 13, 2018.
The Commission has previously delegated certain powers to the Registrar of Companies under the Public Sector Companies (Corporate governance) Rules, 2013 in respect of other than listed companies (except for insurance companies and non-banking finance companies or notified entities), the SECP said.
The powers of Registrar of Companies to relax any provision of the rules, subject to such conditions as deemed fit to be imposed, would now be exercised by the Commission.
The SECP has also extended certain powers and functions to the Commission under the Public Sector Companies (Corporate Governance) Rules, 2013 relating to all companies delegated to the Registrar of Companies Corporatisation and Compliance Department (CCD).
The SECP will exercise power to impose fine for contravention of the rules under the relevant rule 25 of the Public Sector Companies (Corporate Governance) Rules, 2013.
This notification will 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inspection or inquiry conducted or any other action taken or done under or in pursuance to any previous notifications superseded or amended, as the case may be, by this notification, will be valid and under the lawful authority.
Any pending proceedings or applications under previous notifications will stand transferred to the delegated authority provided in this notification forthwith which will proceed with the matter as it stands prior to the coming into the effect of this notification, the SECP added.
