Introduction

 

Securities and Exchange Commission of Pakistan has issued S.R.O. 214 (I)/2019 dated February 08, 2019.

 

Commentary

 

SECP vide S.R.O. 214 (I)/2019 delegated powers and functions under the Modaraba Companies and Modaraba (Floatation & Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, 1981 from the Registrar Modaraba to Joint Director Supervision and Enforcement Department, Specialized Companies Division.

 

Powers and functions delegated under the Modaraba Companies and Modaraba (Floatation & Control) Ordinance, 1980 are specified herein: –

 

S. No. Relevant section of the Ordinance Nature of power/functions
1 14 To call information/ documents with regard to annual audited accounts of a Modaraba.
2 21 To order an inquiry into the affairs of a modaraba company or a modaraba:

– on his own motion, or

– on receipt of application from the certificate holders.
3 34 To:

(a) enforce attendance of a person and examine him on oath or affirmation; and

(b) compel the discovery and production of documents.

 

Powers and functions delegated under Modaraba Companies and Modaraba Rules, 1981 are specified herein: –

 

S. No. Relevant rule of the Rules Nature of power/functions
1  

 3(2)(f)
To lay-down, receive and examine all reports, accounts and other documents referred to in section 14 and to pass orders for and receive such additional documents or reports or information as may be considered necessary.
2  

 3(3)
To:

(i) Examine annual accounts and quarterly accounts received by him and return the deficient document for compliance, revision or correction.

(ii) Allow a representative of the modaraba company to rectify or complete annual accounts and quarterly accounts.
3 3(4)

 

 To call various fees as prescribed under 2nd Schedule to the Rules.
4 3(5)

 

 To issue acknowledgement of filing of annual accounts and quarterly accounts.
5 3(6)

 

 To maintain the annual and quarterly accounts in the manner provided under this rule.
6 3(7)

 

 To make endorsement on the annual and quarterly accounts, the particulars as specified under this rule and sign, and affix his official seal, to every such endorsement.
7 3(8,9 & 10)

 

 To maintain a register of modaraba companies and a register of modarabas and to enter therein the information relating to filing of annual and quarterly accounts in the manner as specified under sub-rules 8, 9 & 10 of rule 3.
8 3(11)

 

 To permit members of the public to inspect such registers and annual and quarterly accounts maintained under sub-rules 8, 9 & 10 of rule 3.
9 3(13)

 

 To grant copies of entries in the registers and annual and quarterly accounts on payment of the prescribed fees.
10 3(14)

 

 To take cognizance of omission to file or register annual or quarterly accounts on due date or any other omission, lapse, irregularity or infraction of the law by or in relation to a modaraba company or modaraba.
11 3(16)

 

 To prepare or cause to be prepared and keep a seal for the authentication of documents.
12 10 To receive the quarterly accounts of the modaraba.

 

Link of Document

Delegation of powers January 29 2019