Updated: Sunday May 26, 2013/AlAhad
Rajab 17, 1434/Ravivara
Jyaistha 05, 1935, at 04:17:13 PM
The Securities and Exchange Commission
of
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Sections |
Contents |
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Preamble |
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1. |
Short title and commencement. |
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2. |
Interpretation. |
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3. |
Procedure and conduct of business of the Commission. |
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4. |
Functions and power of Chairman. |
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5. |
Powers and duties of the Secretary. |
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6. |
Mode of submission of application etc. |
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7. |
Manner of disposal of application, etc. |
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8. |
Appearance by authorized representative. |
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9. |
Common seal of the Commission. |
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The Securities and
Exchange Commission of
29th November, 2000
In exercise of the powers conferred by section 40 of the
Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the
Securities and Exchange Commission of Pakistan in consultation with the
Securities and Exchange Policy Board, hereby makes the following regulations,
the same having been published as required by subsection (2) of the said
section, namely:---
1.
Short title and commencement.-- (1)
These regulations may be called the Securities and Exchange Commission of
(2) They shall come into force at once.
2.
Interpretation.-The words and
expressions used but not defined herein shall have the same meanings as are
assigned to them in the Securities and Exchange Commission of Pakistan Act,
1997 (XLII of 1997).
3.
Procedure and conduct of business of the Commission.-(1) The Commission may meet at such time and places, for
conduct of its business, as it may think fit:
Provided that in the absence of a decision of the Commission to the contrary,
the Chairman shall decide the time and place for the meetings of the
Commission.
(2) The Chairman shall, on the request of not less than three Commissioners,
proceed to call a meeting of the Commission within three days of the receipt of
the requisition.
(3) The requisition stating the objects of the meeting, shall be signed by the
Commissioners and shall be deposited at the head office of the Commission.
(4) The Chairman may call a meeting of the Commission forthwith or within such
reasonable period depending upon the urgency of the proposed business.
(5) At least three clear days, notice shall be given to all the Commissioners
for a meeting of the Commission and such notice shall set forth the purpose or
purposes for calling the meeting,---
Provided that in the case of urgency the Chairman may call a meeting at such
shorter notice or with such arrangements as he may deem fit.
(6) The Chairman shall preside at a meeting of the Commission, but if at any
meeting he is not present, the Commissioners present shall choose a
Commissioner to preside at the meeting of the Commission.
(7) In the case of difference of opinion among the Commissioners, the opinion
of the majority of the Commissioners present at the meeting shall prevail and
orders of the Commission shall be expressed in terms of the views of the
majority. Any Commissioner dissenting from the majority view may record his
reasons separately. If the Commissioners are evenly divided in their opinion,
the Chairman or, as the case may be, the Commissioner chooses to preside at the
meeting, shall have a second or casting vote.
(8) A fair and accurate summary of the minutes of all proceedings of the
meetings of the Commission, alongwith the names of those participating in such
meetings shall be entered in properly maintained books.
(9) The books containing the minutes of the meeting shall have a subject index,
of all the proceedings.
(10) The draft minutes of the meetings of the Commission shall be circulated
for confirmation, to all the Commissioners within three days of the conclusion
of the proceedings.
(11) The minutes of the meetings as finalized after taking into account the
observations of the Commissioners, if any, shall be placed before the next
meeting of the Commission for confirmation;
(12) The proceedings of each meeting of the Commission which shall be signed
and dated by the Chairman, or in his absence, by the Commissioner presiding
over the meeting, as soon as may be, after the confirmation of the minutes and
the proceedings so signed shall be conclusive evidence of the proceedings
recorded therein.
(13) The decisions taken in Commission's meeting shall be circulated to the
Commission and the others concerned for necessary action.
(14) The Chairman may authorize, with full justification an emergent matter to
be disposed of through a resolution by circulation:---
Provided that the resolution by Circulation shall be signed by all the
Commissioners and, in case of absence from
4.
Functions and power of Chairman.-- (1)
The Chairman:--
(a) shall be the chief executive officer of the Commission and shall deal with
the day to day administration of affairs of the Commission;
(b) shall take all policy decisions of administrative nature in consultation
with the Commissioners;
(c) may, in his discretion and as he deems fit, assign duties and
responsibilities to any of the Commissioners and officers for carrying out the
functions of the Commission promptly and effectively; and
(d) may, from time to time, frame such guidelines and procedures, as he may
consider appropriate for monitoring the performance and activities of the
Commission's Divisions and other administration of the affairs of the
Commission.
(2) All administrative matters shall be processed in the Support Services
Division suo motu or under the directions of the Chairman or on the
recommendations of the Commissioners concerned.
5.
Powers and duties of the Secretary.--
(1) There shall be a Secretary to the Commission who shall perform all the
duties and responsibilities of secretarial nature and he:---
(a) may, for and on behalf of the Chairman issue notices of the meetings of the
Board and of the Commission;
(b) may represent the Commission on any forum, if so authorized by the Chairman
generally or specifically;
(c) may accept service of all notices and other documents on behalf of the
Commission;
(d) may sign a decision made by the Commission as a result of a hearing of so
authorized by the Commission;
(e) may certify under his hand a decision made by the Commission, or a document
used in connection with a hearing by the Commission;
(f) shall communicate to the relevant quarters, all decisions made in the
meetings of the Commission and the Board; and
(g) may exercise such other powers and perform all other duties as may be
assigned to him by the Chairman from time to time,
(3) If the Secretary is absent for any reason, the Commission may designate any
officer of the Commission to act in the capacity of Secretary and the
individual so designated shall have all the powers and duties of the Secretary.
6. Mode of submission of applications etc.-Unless otherwise provided, an
application made to the Commission shall be:---
(i) duly signed, dated and verified by an affidavit by the person making it
and, in the case of a company, signed and verified by its chief executive or
director, secretary or liquidator;
(ii) neatly and legibly written, typed or printed and shall precisely set out
the facts, grounds and claims or relief applied for in serially numbered
paragraphs and specify the relevant provisions of law under which, action or
relief is applied for;
(iii) accompanied by documents referred to or relied upon and, in the case of a
petition for review of, or an appeal against any order or decision by a
certified copy of such order or decision;
(iv) accompanied by three spare copies, duly signed, dated and verified and
accompanied by the documents as aforesaid; and
(v) accompanied by the original receipt for the fee for an application as
specified in the Sixth Schedule to the Ordinance.
7.
Manner of disposal of application, etc.-On
receipt of an application, the Commission shall, unless it rejects or dismisses
the same in limine or returns it for removal of any defect or shortcoming or
otherwise disposes of the same institute such enquires or proceedings in
respect of any matter as in the opinion of the Commission may be necessary to
obtain the information or evidence respecting any matter concerning the
application and may provide an opportunity respecting applicant or any other
person interested in the matter of being heard before arriving at a decision.
8.
Appearance by authorized representative.-Any
person who is entitled or required to attend before the Commission in
connection with any proceeding under the Securities and Exchange Commission of
Pakistan Act, 1997 (XLII of 1997), the Ordinance or any other law for the time
being administered by the Commission, otherwise than when required to attend
personally, may be represented at such attendance by a duly authorized
advocate, a member of the Institute of Chartered Accountants of Pakistan or the
Institute of Cost and Management Accountants of Pakistan practicing in Pakistan
or a director or officer of the company or any other person authorized in
writing in this behalf by the person so entitled or required to attend.
9. Common seal of the Commission.-There shall be a common seal of the Commission which shall be kept in safe custody of the Chairman or such other person authorized by him through a separate order and shall be affixed on such documents and in such manner as may be specified by the Commission.
The Securities and Exchange
Commission of Pakistan Act, 1997
The Securities and Exchange
Commission (Insurance) Rules, 2002
The Securities and Exchange
Commission of Pakistan (Appellate Bench Procedure) Rules, 2003
The Securities and Exchange Policy
Board (Conduct of Business) Regulations, 2000
The Securities and Exchange
Rules, 1971
The Balloters, Transfer Agents
and Underwriters Rules, 2001
Go to Index
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