SECP drafts rules for corporate search, seizure

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ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued draft rules for search and seizure for investigating registered corporate entities in suspicious transactions and illegal activities.
According to draft rules, the investigating officer of the SECP would be empowered to prepare an inventory of all the documents, digital evidence, electronic devices, objects, articles, material or things seized in the course of search and clearly note the place in which they are found.
The investigate officer shall allow any occupant of the place to be present during search under such restriction as deemed appropriate as deemed appropriate for conducting the search.
The investigating officer shall prepare seizure memo in the form as provided in the Schedule at the spot and must carry with him all necessary tools or things required for preparing seizure memo at the spot: provided that where there is no provision of electricity, computer, printer at the spot the investigating officer shall prepare handwritten seizure memo.
The investigating officer shall maintain a diary of proceedings, setting forth details of day to day proceedings in the investigation and the investigating officer shall record concisely and clearly all steps taken by the team during the course of investigation. It shall also include description of all documents seized and all statements recorded.
Diary of proceedings referred to sub-rule (4) shall not be part of prosecution record and shall be used for assistance in the investigation and perusal of the commission and the court and no person shall be entitled to call for such diaries, nor shall he or they be entitled to inspection such diaries.
The investigating officer shall meet all requirements of the Act and any administered legislation under which investigation is authorized.
According to the rules, the seizure or attachment would be made after sunrise and before sunset and not otherwise.