SECP officers given special powers for raids, records' seizure

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) officers have been given special powers to conduct raids and seizures of records following the approval of the federal cabinet, ARY News reported on Thursday.

SECP investigation officers were authorised to conduct raids after the release of a notification followed by approval of the federal cabinet for Search and Seizure Rules – 2019.

According to the notification, the rules were constituted under Section 31 of SECP Act 1997 which authorises the investigation officers to carry out raids and seizure of records on provincial and federal level.

Moreover, the officers will have powers to enter into any building and office besides authorities to seize documents, laptop, mobile and other assets.

The notification also stated that the financial regulatory authority’s officers will be allowed to break glasses of vehicles, walls and windows on the basis of solid evidences.

Earlier on April 12, the Securities and Exchange Commission of Pakistan (SECP) had given go-ahead to soften various regulatory conditions for companies.

The SECP had removed the condition of getting enlisted of the companies interested in buying back shares.

It had waved-off the condition of maintaining the paid-up capital of Rs200 million after the company’s buying back.

The permission to trade treasury shares in the market has also been given by the SECP.

The fee of mutual funds east under management has been reduced to 2 bps from 8 bps.