January 27, 2023

The Securities and Exchange Commission of Pakistan (SECP) has empowered its adjudication division to impose penalties on companies for defaulting or late filing of cost auditor’s reports. The SECP issued S.R.O. 1437(I)/2021 on Friday.

The Pakistan Stock Exchange Commission (PSEC) has delegated its powers and functions to the director and adjudication officers of adjudication department-II. They have been authorized to impose a penalty on contravention of regulation 6(3) of the regulations i.e. default concerning filing of cost auditor’s report of companies.

The powers in respect of companies that have registered offices in the province of Khyber Pakhtunkhwa, Gilgit-Baltistan, and Islamabad Capital Territory including civil division Rawalpindi, shall be exercised by the adjudication officer, adjudication department–II, Islamabad.

The notification makes it clear that no action taken or done under or in relation to previous notifications under the repealed Ordinance will be affected.

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