SECP issues rules, can conduct raids on offices, homes

ISLAMABAD: Securities & Exchange Commission of Pakistan (SECP) could conduct raids on houses and offices, according to the rules issued by the financial regulatory agency.

According to ARY News, the officials of the regulator could conduct raids on offices, homes and confiscate various items, the SECP notification said.

The SECP officials could break a door or window for entry in a premises, according to SECP rules regarding raids on offices and houses.

According to rules, local police personnel will be accompanied with the SECP officials during a raid.

The officials would have to get permission from local magistrate before conducting a raid.

The officials will prepare a list of articles or documents taken in possession and a copy of it will be given to the local office and the accused persons.

According to the notification, SECP officer could take electronic items in his or her custody and SECP personnel will be accompanied with the inquiry officer as witness.

The regulatory agency will be bound to return the items to owners, which will be irrelevant with the inquiry, rules said.

The agency could impose Rs 10 million fine over violation of rules apart of one Lac rupees daily fine if the violation of the law remains continued.