Introduction

Securities and Exchange Commission of Pakistan has issued SRO 46(I)/2019 dated Janaury 9, 2019.

Commentary

Through the afroemetnioned SRO SECP rescinds and delegates the powers and functions of the Commission under the Public Sector Companies (Corporate Governance) Rules, 2013, in the following manner:-

  • Under rule 24(3) of the Public Sector Companies (Corporate Governance) Rules 2013, whereby power to relax any provision of the rules subject to such conditions as deemed fit to be imposed, was previously delegated to Registrar of Companies and shall now be exercised by the Commission.
  • Under rule 25 of the Public Sector Companies (Corporate Governance) Rules 2013, whereby power to impose fine for contravention of the rules, is now delegated to Registrar of Companies Corporatization and Compliance Department (CCD).

Link of Document

Notification for delegation of powers of PSC-