001129
THE GAZETTE OF PAKISTAN
ISLAMABAD, THURSDAY, NOVEMBER 30, 2000
PART II
Statutory Notifications (S.R.O)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
NOTIFICATION
Islamabad, the 29th November, 2000
S.R.O. 855(I)/2000.-- In exercise of the powers conferred by section 40 of the
Securities and Exchange Commission of Pakistan Act, 1997 (XLII of the 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 sub-section (2) of the said section, namely:-
1. Short title and commencement.-- (1) These regulations may be called
the Securities and Exchange Commission of Pakistan (Conduct of Business) Regulations,
2000.
(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
dessenting 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
chosen 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 meetings 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
conclusive evidence of the proceedings recorded therein.
(13) The decision taken in a 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 Pakistan of any of the Commissioners, by at least three
Commissioners.
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 proceed in the Support Services Division suo motto
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 secretariat
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 sing a decision made by the Commission as a result of a hearing, if 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 otherside 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) accompanied by documents referred to or relied upon and, in the case of 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 singed, 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 or application, etc.-- On receipt of an
application, the Commission shall, unless it rejects or dismiss the same in limine or
returns it for removal of any defect or shortcoming or otherwise disposes of the same,
institute such enquiries 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 `997 (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.
[No. ED-SECP-25/2000.]
MOHAMMAD HAYAT JASRA,
Executive Director (Law)
