SRO 46 (I)/2019-Notification for delegation of powers of PSC

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-

Islamabad, 9 th January 2019
NOTIFICATION
S.R.O. 46 (I)/2019.- In exercise of 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 supersession of its previous notification S.R.O. 767(I)/2018 dated 13 th June, 2018 and in partial modification of notification S.R.O 575(I)/2018 dated 4 th May 2018, subject to such conditions and limitations as it may from time to time impose, hereby rescinds and delegates the powers and functions of the Commission under the Public Sector Companies (Corporate Governance) Rules, 2013, in the following manner:- POWER OF THE COMMISSION PREVIOUSLY DELEGATED TO THE REGISTRAR OF COMPANIES UNDER THE PUBLIC SECTOR COMPANIES (CORPORATE GOVERNANCE) RULES, 2013 IN RESPECT OF OTHER THAN LISTED COMPANIES (EXCEPT FOR INSURANCE COMPANIES AND NON-BANKING FINANCE COMPANIES OR NOTIFIED ENTITES) S. No. Relevant rule of the Public Sector Companies (Corporate Governance) Rules, 2013 Nature of power/function Power/function previously delegated to Power/function shall now be exercised by
1. 24(3) To relax any provision
of the rules subject to such conditions as deemed fit to be imposed. Registrar of Companies the Commission POWERS AND FUNCTIONS OF THE COMMISSION UNDER THE PUBLIC SECTOR COMPANIES (CORPORATE GOVERNANCE) RULES, 2013 RELATING TO ALL COMPANIES DELEGATED TO REGISTRAR OF COMPANIES CORPORATIZATION AND COMPLIANCE DEPARTMENT (CCD) S. No. Relevant rule of the Public Sector Companies (Corporate Governance) Rules, 2013 Nature of power/functions
1. 25 Power to impose fine for contravention of
the rules.

This Notification shall not affect anything done, order made, notification issued, show cause issued, proceedings commenced, penalties imposed and/or collected, sanction granted, approval made, fee directed or collected, directions given, investigation, inspection or inquiry conducted or any other action taken or done under or in pursuance to any previous notifications superseded or amended, as the case may be, by this notification, shall be valid and under lawful authority. Any pending proceedings or applications under previous notifications shall stand transfer 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]