Regulatory Alerts2018-12-21
Added · Updated
Delegation of Power-Companies (further issue of shares) Regulations, 2018
The Securities and Exchange Commission of Pakistan delegates specific powers under the Companies (further issue of shares) Regulations, 2018 to the Commissioner of the Corporate Supervision Department. This delegation covers public listed companies, excluding insurance and non-banking finance entities, and includes authority to extend book closure times, extend right issue completion periods by up to sixty days, approve shares with differential rights, and amend preference share terms. The Commissioner is also empowered to issue directions for defaults and impose penalties for regulatory contraventions. Pending proceedings under previous notifications are transferred to this delegated authority for continuation.
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