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Govt gives authority to SECP to conduct raids, confiscate records

Islamabad, July 5, 2019: The Securities and Exchange Commission of Pakistan said on Friday has been given the authority to conduct raids, 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 material.

The latest development came as the federal cabinet has approved the SECP Seize and Search Rules 2019.

Read More: Asif Zardari and Faryal Talpur interim bail extended to May 15

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.

This is the first time in the history of Pakistan that any government has allowed relevant authorities to begin extensive crackdown against the owners of benami properties in the country.

The Federal Board of Revenue (FBR)  has already kicked off large-scale operation against benami property holders, confiscating 6,000 kanals land of PML-N leader Ch Tanveer in Rawalpindi and eight properties of PPP co-chairman Asif Ali Zardari.

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