SECP authorized to conduct raids, confiscate records
KARACHI - The Securities and Exchange Commission of Pakistan stated on Friday that it has been authorized to conduct raids and confiscate records.
An official notification states that the SECP officials would be authorised to enter any building or office and confiscate documents, laptop, mobile phones, and other things.
The development came after the federal cabinet approved the SECP Seize and Search Rules 2019.
The Securities and Exchange Commission of Pakistan (SECP) became operational on January 1, 1999. It has investigative and enforcement powers.
- The current mandate of the SECP includes the following
- Regulation of corporate sector and capital market
- Supervision and regulation of insurance companies
- Supervision and regulation non-banking finance companies and private pensions schemes
- Oversight of various external service providers to the corporate and financial sectors, including chartered accountants, credit rating agencies, corporate secretaries, brokers, surveyors etc.
Earlier, Prime Minister Imran Khan had said that the government had given ample opportunity to public to declare their assets in the Assets Declaration Scheme and a crackdown would be launched now.
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