S.R.O. 18(I)/2003, dated 3rd January, 2003

SROS: S.R.O. 18(I)/2003, dated 3rd January, 2003 DELEGATION OF POWERS AND FUNCTIONS OF THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN TO CERTAIN PERSONS, SUBJECT TO CERTAIN CONDITIONS AND LIMITATION Notification No. S.R.O. 18(1)/2003, dated 3rd January, 2003:- In exercise of the powers conferred by section 10 of the Securities and Exchange Commission of Pakistan Act, 1997(the Act) read with section 20(4)(o) thereof and further to delegation of powers already made vide notification No. S.R.O. 323(I)/2002 dated 14.6.2002, the Securities and Exchange Commission of Pakistan(the Commission), subject to such conditions and limitations as it may from time to time deem fit to impose, hereby delegates the following powers and functions of the Commission under the relevant statutory provisions applicable to Non-Banking Finance Companies(NBFCS), to the Executive Director(Specialized Companies Division), namely:- _______________________________________________ S.No. Section No. Nature of Power/Function/Offence/Default _______________________________________________ 1 2 3 _______________________________________________ 1. 282C(l) To accord approval of incorporation of an NBFC. 2. 2 282(2 3) To grant licence to commence business subject to conditions as may be deemed fit. 3. 282D To issue directions or to modify or cancel the directions so issued. 4. 282E To remove chairman, director or chief executive and to take all other actions under this section. 5. 282F To supersede the Board of Directors and appoint a new person to exercise the powers of the…