GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.- Islamabad, the March 31, 2021

NOTIFICATION

S.R.O. 380(I)/2021.- In exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan (the “Commission”), in partial modification of earlier notifications S.R.O 1354(I)/2020 dated December 15th, 2020, S.R.O. 1159 (I)/2020 dated October 29th , 2020, S.R.O. 744 (I)/2020 dated August 17th, 2020, S.R.O. 889 (I)/2019 dated July 29th, 2019, S.R.O. 575 (I)/2018 dated May 4th, 2020, S.R.O. 1302 (I)/2019 dated October 31, 2019 and SRO 123(I)/2017 dated 27th February 2017, subject to such conditions and limitations as it may from time to time impose, hereby delegates the following powers and functions of the Commission under the administered legislation to the following officers of the Supervision Division, namely:-

A. POWERS AND FUNCTIONS OF THE COMMISSION UNDER PRIMARY LAWS

1. COMPANIES ORDINANCE, 1984 (XLVII OF 1984)

S#	Companies Ordinance, 1984 (XLVII of 1984) [Part VIIIA]	Nature of power/function	Powers delegated to
1.	282D	Power to issue directions	Head of Offsite Department
2.	282 I	To cause inspection and to exercise other related powers.	(i) Head of Wing Onsite Department Power to the extent of conducting inspection (ii) Head of Onsite Department Power to the extent of conducting inquiries
3.	282G	Power to require to furnish information	Head of off site Department
4.	282H	Power to order special audit & appoint auditor	Head of onsite Department

2. SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN, ACT, 1997 (XLII OF 1997)

S. #	Relevant Section of the SECP Act, 1997 (XLII of 1997)	Nature of power/function	Powers delegated to
1.	28A	To authorize in writing one or more of its employees to inspect and ascertain whether a person who is, or at any time has been, a regulated person is complying with or has complied with any provision or requirement of this Act or any administered legislation, or the terms and conditions of license or registration	Head of Wing Onsite Department
2.	32	Powers to call for examination	Do

3. CENTRAL DEPOSITORIES COMPANIES ACT, 1997 (XIX OF 1997)

S#	Relevant section of Central Depositories Companies Act, 1997 (XIX of 1997)	Nature of power / function	Powers delegated to
1.	27(1)	To appoint inspectors to investigate into the affairs of participants	Head of Onsite Department
2.	27(3)	To call for information or appoint inspector	(i) Head of Onsite Department; and (ii) Head of Offsite Department
3.	27(7)	To direct the inspector for making of an interim and final reports.	Head of Onsite Department

4. INSURANCE ORDINANCE, 2000 (XXXIX OF 2000)

S#	Relevant Section of the Insurance Ordinance, 2000 (XXXIX of 2000)	Nature of power / function	Powers delegated to
1	32(9)	To declare assets as not to be admissible assets of an insurer or a life-insurance statutory fund maintained by an insurer, under	Head of Offsite Department
		clause (w) of sub-section (2) of section 32.
2	36(4)	To direct an insurer not to deal with any specified asset for any specified period.	Do
3	41(3)	To require further information and clarification from an insurer on account of alteration in the reinsurance treaty.	Do
4	41(4)	To direct the insurer to make modifications in its reinsurance arrangement.	Do
5	49(1)	To appoint the auditor for special audit.	Do
6	49(5)	To specify the time for payment of fee by the insurer to the special auditor.	Do
7	50(7)	To require a non-life insurer to cause an actuarial investigation in respect of such class or sub-class of non-life insurance business..	Head of Offsite Department
8	55(1)	To supply certified copy of any return, or of any part thereof, on payment of fee.	Head of Offsite Department
9	57(1)	To order an actuarial investigation into the financial condition of the life insurer	Head of Onsite Department
10	57(2) Proviso	To specify date for furnishing the report of the investigation	Do
11	57(3) Proviso	To specify date and manner for furnishing the investigation report	Do
12.	59(1)	To order investigation of the affairs of an insurer and wherever necessary, employ an auditor or actuary or both for assisting it in such investigation.	Do
13.	59(3)	To order the insurer to take such action in respect of any matter arising out of the investigation.	Do
14.	59A (1)	Power to appoint inspector/s for conducting inspection/s.	Head of Wing Onsite Department
15.	59A (5)	Power to give / dispense with written notice of inspection.	Do
16.	61(1)	To direct an insurer to supply the Commission with any information relating to its insurance business	Head of Offsite Department
17.	61(2)	To direct that the information supplied may be certified by the principal officer of the insurer	Do
18.	61(3)	To direct the chief executive or principal officer of an insurer to discuss with the Commission any matter pertaining to the business or management of the insurer	Do
19.	61(4)	To authorize an office of the Commission to observe the manner in which affairs of the insurer or of any of its offices or branches are being conducted	Do
20.	62(1)	To direct an insurer to prepare, present to its directors and to the Commission, a plan or action to rectify or to prevent an actual or apprehended contravention by the insurer of the conditions of registration set out in section 11.	Do
21.	62(2)	To call for such information and opinions or certificates with the plan of action under sub-section (1) of section 62	Do
22.	64(1)	To order calling of meetings of directors, to allow any officer of the Commission to attend and speak at any meeting of the Board	Do
23.	84	To allow the officers of the Commission to visit the offices and branches of insurers and inspect books, record and papers.	Head of Wing Onsite Department
24.	85(1)	To appoint another surveyor to conduct an independent survey	Head of Offsite Department
25.	110	To inspect insurance agents and insurance broker.	Head of Wing Onsite Department
26.	143(2)(c)(i)	To issue notice of winding up	Head of Offsite Department

5. SECURITIES ACT 2015 (III OF 2015)

S#	Relevant section of the Securities Act, 2015 (III of 2015)	Nature of power/function	Powers delegated to
1.	6(6)	To require the securities exchange to disclose information in its possession concerning TRE holder and its customer(s).	Head of Offsite Department
2.	10	To require securities exchange to provide information including returns books and other information related to business of stock exchange or in respect of trading in securities or any other information.	Do
3.	29	To require clearing house to provide information including returns books and other information related to business of clearing house or in respect of any trading in securities, any clearing arrangements for securities or any other information.	Do
4.	97 (1)	To require a listed company to explain causes of unusual movements in the price or volume of its traded securities	Do
5.	98	To require production of records and documents concerning listed companies.	Do
6.	99	To make an application to the Court for an order for remedy in cases of unfair prejudice by listed companies	Do
7.	100	To issue directive to listed companies	Do
8.	106 (1)	To issue directive for tendering of gain to the Commission for onward credit to the Federal Consolidated Fund.	Do
9.	125	To issue directives in the interest of the securities market as deems fit including the situations mentioned in the section.	Do
10.	131 (2)	To require listed companies to send list of persons who have access to inside information.	Do
11.	137 (1)	Power to call for information as may be required during the course of inquiry, inspection or investigation and for the purposes thereof	(i) Head of Onsite in case of inquiry and Investigations; and (ii) Head of Wing Onsite Department for inspection.
12.	137 (2)	To require any person to appear before the Commission, Commissioner or authorized officer or produce record and documents.	(i) Head of Onsite Department In case of inquiry and Investigations; and (ii) Head of Wing Onsite Department For inspection
13.	137 (4)	To call information for the purpose of proceedings.	(i) Head of Onsite Department In case of inquiry and Investigations; and (ii) Head of Wing Onsite Department For inspection
14.	138(1)	To inspect any record or document relating to the business to which license applies	Head of Wing Onsite Department
15.	138(2)	To authorize any person to carry out inspection	Do
16.	139(1)	To appoint investigator(s) to investigate any of the matters referred to in sub-clauses (a), (b) or (c) of sub-section (1) of section 139 and to report the results of the investigation to the Commission.	Head of Onsite Department
17.	143 (1)	To prohibit a licensed person and/or its customer(s) from doing any one or more of the actions/transactions mentioned in the section	(i) Head of Offsite Department; and (ii) Head of Onsite Department
18.	146	To rescind or vary the prohibition or requirement imposed under this part of the Act, either on its own	(i) Head of Offsite Department; and
		motion or on the application of a licensed person and/or its customer(s) on whom such prohibition or requirement has been imposed.	(ii) Head of Onsite Department
19.	147 (4)	To give public notice of any prohibition or requirement imposed under this Part and of any rescission or variation thereof.	(i) Head of Offsite Department; and (ii) Head of Onsite Department
20.	170	To issue directive to a securities exchange(s), clearing house(s) and/or central depository.	(i) Head of Offsite Department; and (ii) Head of Onsite Department

6. FUTURES MARKET ACT, 2016 (XIV OF 2016)

S#	Relevant section of the Futures Market Act, 2016 (XIV of 2016)	Nature of power/function	Powers delegated to
1.	6(6)	To require the futures exchange to disclose information in its possession concerning TRE certificate holder and its customer(s).	Head of Offsite Department
2.	10	To require futures exchange to provide information including returns books and other information related to business of futures exchange or in respect of trading in futures contracts or any other information.	Do
3.	29	To require clearing house to provide information including returns books and other information related to business of clearing house or in respect of any trading in futures contracts or any other information.	Do
4.	91 (4)	To give public notice of any prohibition or requirement imposed under this Part and of any rescission or variation thereof.	(i) Head of Offsite Department; and

(ii) Head of Onsite
Department
5
. 81 (1) Power to call for information from any person as may be required during the course of inquiry, inspection or investigation and for the purposes thereof (i) Head of Onsite Department In case of inquiry or Investigations; and (ii) Head of Wing Onsite Department For inspection 6 . 81 (2) To require any person to appear before the Commission or an authorized officer by the Commission or produce record and documents. (i) Head of Onsite Department In case of inquiry or Investigations; and (i i) Head of Wing Onsite Department For inspection
7. 81 (4) To call information for the
purpose of proceedings.
(i) Head of Onsite
Department In case of inquiry or
Investigations; and
(i i) Head of Wing
Onsite Department
For inspection
8
. 82 (1) To inspect any record or document relating to the business to which license applies in respect of licensed person Head of Wing Onsite Department 9 . 82 (2) To authorize any person to carry out inspection Do 10 . 83 (1) To appoint investigator(s) to investigate any of the matters referred to in sub -clauses (a), (b) or (c) of sub -section (1) of
section 83 and to report the
results of the investigation to the Commission.
Head of Onsite
Department
11. 87 (1) To prohibit a licensed person
and/or its customer(s) from doing any one or more of the actions/transactions mentioned in the section (i) Head of Offsite Department; and

			(ii) Head of Onsite Department
12.	90	To rescind or vary the prohibition or requirement imposed under this part of the Act, either on its own motion or on the application of a licensed person and/or its customer(s) on whom such prohibition or requirement has been imposed.	(i) Head of Offsite Department; and (ii) Head of Onsite Department
13.	115	To issue directive to a Future exchange(s), clearing house(s).	Head of Offsite Department

7. COMPANIES ACT, 2017 (XIX OF 2017)

S. #	Relevant section of the Companies Act, 2017 (XIX of 2017)	Nature of powers/functions	Powers delegated to
1.	147(1)	To call or direct the calling of an overdue statutory meeting, annual general meeting or an extraordinary general meeting of a company.	Head of Offsite Department
2.	147(2)	To direct that all expenses incurred in connection with holding of a meeting of a company as per direction under sub-section (1) may be recovered from any officer of the company	Do
3.	221(1)	To authorize an officer to inspect books of accounts and books and papers of a company.	Head of Wing Onsite Department
4.	255(3)	To extend the time for retention of record seized under section 255(1) or (2) for further period not exceeding thirty days.	Head of Onsite Department
5.	255(8)	To freeze account, securities and any other moveable property or part or parts thereof for not more than thirty days.	Do
6.	256	To order investigation and appoint inspector(s) to investigate into affairs of a company and to require the	Do

applicants requesting for investigation to provide evidence and to give such security for payment of the costs of the investigation as the Commission may specify 7 . 257 To order investigation and appoint inspector(s) to investigate into affairs of a company. Do 8 . 260 To accord approval to the inspectors for investigation into the affairs of any other associated company or associated undertaking, which is, or has been associated and also from chief executive of any such company. Do 9 . 262 To direct the inspector to make an interim report or to provide a copy of investigation report to the company or to any such persons on such terms as specified in section 262 (2). Do 1 0 . 270 To exercise all powers of the Commission regarding expenses of investigation and to get reimbursement of cost of the investigation. Do 1 1 . 403(3) To appoint Inspector(s) to investigate the matters reported by the registrar. Head of Wing Onsite Department 1 2 . 439(1) To call upon the foreign company and any of its present or past directors, officers or auditors or a person who is directly or indirectly the beneficial owner of its equity securities to furnish the information about the shareholding in the company. (i) Head of Onsite Department; and (ii) Head of Offsite Department 1 3 . 474 To make an order directing the company and its officers thereof, as the case may be, to make good the default or undo the irregularities or otherwise make amends, as the circumstances may require, within such time as may be specified in the order . Head of Offsite Department

8. Anti-Money Laundering Act, 2010

S#	Relevant section of Anti-Money Laundering Act, 2010	Nature of power/function	Powers delegated to
1.	6(A)(2)(f) of AML Act 2010	The power of monitoring and supervising, including conducting inspections, for the purpose of determining compliance with the requirements of sections 7(1), 7(3) to 7(6) and 7A to 7H of this Act and any rules or regulations made thereunder and with the orders or regulations made thereunder that impose TFS obligations	(i) Head of Onsite Department; (ii) Head of Offsite Department; and (iii) Head of Wing Onsite Department
2	6C (b)	To monitor and oversee the SRBs of Accountants	(i) Head of Onsite Department; and (ii) Head of Offsite Department

9. Limited Liability Partnership Act, 2017

S#	Relevant section of Limited Liability Partnership Act, 2017	Nature of power/function	Powers delegated to
1.	Section 44	To inspect books and papers of every LLP, to make or cause to be made copies of books of account and other books and papers; or place or cause to be placed by marks of identification thereon in token of the inspection having been made.	Head of Wing Onsite Department Power to the extent of conducting Inspection
2.	Section 46	To investigate the affairs of any limited liability partnership and to report thereon in such manner as the Commission may direct.	Head of Onsite Department Power to the extent of conducting Investigation

B. POWERS AND FUNCTIONS OF THE COMMISSION UNDER SECONDARY LEGISLATION

1. Insurance Rules, 2017

S#	Relevant Rules of the Insurance Rules, 2017	Nature of power / function	Powers delegated to
1	21	To determine the fee payable to the auditor appointed under Section 49 of the Insurance Ordinance to conduct special audit of a company.	Head of Offsite Department
2	47(5)	To direct the insurer to arrange an additional survey of subject matter of the survey report to be performed by one or more licensed insurance surveyors	Do
3	53	To require any person carrying on such activities in Pakistan to withdraw any written, electronic or other material issued by it for mass communication or communication with a policyholder or prospective policyholder.	Do

2. Third-Party Administrators for Health Insurance Regulations, 2014

S#	Relevant Regulation of the Third-Party Administrators for Health Insurance Regulations, 2014	Nature of power / function	Powers delegated to
1.	20	To appoint inspectors to inspect the books, records and documents of a Third-Party Administrator and also determine whether the expenses of the external inspectors shall not be borne by the Third-Party Administrator.	Head of Wing Onsite Department
2.	28	To order inspection / investigation of a Third-Party Administrator	(i) Head of Onsite Department In case of Investigations; and (ii) Head of Wing Onsite Department

For inspection

3. Licensed Persons (Obligation under Voluntary Winding-up) Regulations, 2016

S#	Relevant Regulation of the Licensed Persons (Obligation under Voluntary Winding-up) Regulations, 2016.	Nature of power / function	Powers delegated to
1.	4(2)	To inspect the books and records of the licensed person and may also verify genuineness of claims and complaints of customers and their settlement in any of the manners mentioned in the regulation.	Head of Wing Onsite Department

4. Oversight Regulation for Self-Regulatory Bodies of Accountants, 2020

S#	Relevant Regulation of the Oversight Regulation for Self-Regulatory Bodies of Accountants, 2020	Nature of power / function	Powers delegated to
1.	3	To Monitor and oversee: (1) The Oversight Body shall monitor the SRB’s compliance with its powers and functions in accordance of section 6A(2) of the Act and this regulation. (2) The Oversight Body has the authority to order an examination or investigation into the SRB’s activities as set out in this regulation. (3) The Oversight Body can appoint a skilled Person to investigate the matter. (4) The Oversight Body can impose charges on SRB for expenses incurred by the Oversight Body in relation to an appointment of skilled person.	(i) Head of Onsite Department; and (ii) Head of Offsite Department

In case, the posts of Head of Wing (HoW), Onsite Department, Supervision Division (SD) is vacant, or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through this notification shall stand delegated to the Head of Department, Onsite Department, Supervision Division (SD).

In case, the post of Head of Department (HoD) Onsite Department, Supervision Division (SD) is vacant, or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through this notification shall stand delegated to the Head of wing, Supervision Division (SD).

In case, the post of Head of Department (HoD) Offsite Department, Supervision Division (SD) is vacant, or he/she is unavailable or unable to perform his/her functions, the powers and functions delegated to him/her through this notification shall stand delegated to the Head of wing, Supervision Division (SD).

This notification shall not affect anything done, order made, notification issued, show cause issued, circular made, proceeding commenced, penalty imposed and/or collected, sanction granted, approval made, fee directed or collected, direction given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance of above referred notifications partially superseded by this notification shall be valid and under lawful authority.

Any pending proceedings under the aforesaid modified or superseded 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.

( Bilal Rasul )
Secretary to the Commission