SRO 1195 (I)/2018 - Notification for Delegation of Powers to Executive Director/Head of Department (CCD)

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the 3 rd October, 2018 NOTIFICATION S.R.O. 1195 (I)/2018.- In exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), and in partial modification of its earlier Notification S.R.O. 575(I)/2018, dated May 4, 2018 and S.R.O.751(I)/2017, dated August 2, 2017, the Securities and Exchange Commission of Pakistan (the Commission), subject to such conditions and limitations as it may from time to time impose, hereby delegates the following powers and functions of the Commission in respect of all companies to the Executive Director / Head of Department of the Corporatization and Compliance Department, Company Law Division, namely:- POWERS AND FUNCTIONS OF THE COMMISSION DELEGATED TO EXECUTIVE DIRECTOR/ HEAD OF DEPARTMENT, CORPORATIZATION AND COMPLIANCE DEPARTMENT (CCD) S. No. Relevant Regulation of Group Companies Registration Regulations, 2008 Nature of power/function 1 3(vi) To require any information under regulation 3 for registration of the holding company with its subsidiaries as a Group. 2 4 To register a holding company and its subsidiary companies as a Group. 3 5(1)(iv) To require any information under regulation 5 for alteration of composition of a Group. 4 5(2) To alter record of registration and issue a certificate of change in the composition of a Group on an application made by a holding company. 5 5(3) To impose a penalty on the holding company, change the composition of the Group and issue a certificate of change in the composition of a Group. 6 6(1) To cancel registration granted to a Group, if any company within the Group fails to comply with the requirements of the Regulations or any direction given by the Commission. 7 6(2) To cancel registration granted to a Group, on an application made by the holding company. 8 7(iv) To specify other requirements for the purposes of regulation 7.

9 8(2) (i) (e) To require any document or record for the purposes of issuance of designation letter for Group Taxation under regulation 8(2)(i) of the Regulations. 10 8(2) (ii) (h) To require any document or record for the purposes of issuance of designation letter for Group Relief under regulation 8(2)(ii) of the Regulations. 11 8(3) To issue a designation letter for Group Taxation or Group Relief, as the case may be, on an application made by the holding company. 12 8(4) To inform the tax authorities of issuance of a designation letter and subsequent cancellation of registration or issuance of a certificate of change in the composition of a Group. 13 9 To impose fine on contravention or failure to comply with any provisions of the Regulations, and a further fine in case of continuing failure. Any pending proceedings under the said modified notifications of delegation of power shall stand transferred 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. [File No.: CLD/CCD/Co. 602/7/2013]