3.1 The Commission (SECP) Flashcards
What is the meaning of “The Commission” as defined in Section 2(16)?
“The Commission” refers to the Securities and Exchange Commission of Pakistan (SECP) established under Section 3 of the Securities and Exchange Commission of Pakistan Act, 1997.
- When was the SECP established and operationalized?
Answer: The SECP was established under the Securities and Exchange Commission of Pakistan Act, 1997 and became operational on January 1st, 1999.
- What entity did the SECP replace?
Answer: The SECP replaced the Corporate Law Authority, which was the previous corporate regulatory body.
- What is the location of the SECP’s head office?
Answer: The SECP’s head office is situated in Islamabad, the Federal Capital of Pakistan.
- How many regional offices does the SECP have, and where are they located?
Answer: The SECP has eight regional offices (Company Registration Offices). One is in the Federal Capital, four are in provincial capitals, and three are in other major cities: Multan, Faisalabad, and Sukkur.
- What powers and functions are conferred on the Commission under the Companies Act, 2017?
Answer: The Commission shall exercise such powers and perform such functions as are conferred on it by or under the Companies Act, 2017.
- In addition to the powers under the Companies Act, 2017, what other powers and functions does the Commission possess?
Answer: The Commission also possesses the powers and functions granted to it under the Securities and Exchange Commission of Pakistan Act, 1997.
- Does the SECP have the authority to regulate all types of companies?
Answer: Yes, the SECP has the authority to regulate the affairs of all companies, including Insurance Companies, Banking Companies, and other companies.
- Can the federal government delegate its powers to the SECP?
Answer: Yes, the law empowers the federal government to vest its powers to the SECP to the extent it deems fit.
