Federal cabinet has approved the SECP ‘Seize and Search Rules 2019’ which has given the authority to Securities and Exchange Commission of Pakistan to conduct raids and confiscate records. According to an official notification, the SECP officials will be authorized to enter any building or office and confiscate documents, laptop, mobile phones, and other things.
Earlier, Prime Minister Imran Khan said that the government had given ample opportunity to declare their assets in the Assets Declaration Scheme – now it would take action without any bias.
According to the notification, the rules were constituted under Section 31 of SECP Act 1997 which authorizes the investigation officers to carry out raids and seizure of records on provincial and federal level. 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.
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27 September, 2019