010125

The Gazette of Pakistan
ISLAMABAD, THURSDAY, JANUARY 25, 2001
PART II
Statutory Notifications (S.R.O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
NOTIFICATIONS
Islamabad, the 25th January, 2001

S.R.O. 46(I)/2001.-- In exercise of the powers conferred by sections 32 and 33 of the Securities and Exchange Ordinance, 1969 (XVII of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in the Investment Companies and Investment Advisors Rules, 1971, namely:--

In the aforesaid Rules,--
(1) in rule 2,--
(a) after clause (b), the following new clause shall be inserted, namely:--
"(ba)" connected persons" in relation to an investment company means.--

(i) any person or company beneficially owning, directly or indirectly, ten per cent or more of ordinary share capital of investment company or investment advisor of the company, or able to exercise, directly or indirectly, ten per cent or more of the total votes in that company or the investment advisor;

(ii) any person or company controlled by a person who or which meets one, or both, of the descriptions given in sub-clause (i);

(iii) any member of the group of which that company forms part; or

(iv) any director or officer of that company, or that company’s investment advisor or of any of their connected persons specified in sub-clauses (i), (ii) and (iii)"; and

(b) in clause (c), after the comma, occurring for the fourth time, the words "or a central depository company approved by the Commission" shall be inserted;

(2) in rule 5, in sub-rule (2), after the word "by" occurring for the first time, the words "a receipt evidencing a payment of an application processing fee of twenty-five thousand rupees and" shall be inserted;

(3) in rule 6, in sub-rule (3),--
(a) for the words "any class of securities" the words "issued capital" shall be substituted; and
(b) for the full stop, at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely:--

"provided that the Commission may, on application of investment company, relax any or all conditions in case of an investment company established for a specific investment objective where the intention to that effect was expressed in the prospectus";

(4) in rule 8,--
(a) in clause (i), after the word "issuer" at the end, the words "but this clause shall not apply in case of floatation of an investment company established with a specific investment objective of investing in other investment companies" shall be added;
(b) in clause (k) after the word "employee" occurring twice, the words "or connected person" shall be inserted;

(5) in rule 11, in clause (a),--
(a) for the word "two" the word "three" shall be substituted; and
(b) for the word "one" the word "two" shall be substituted; and
(6) in rule 17, after sub-rule (5), the following new sub-rule shall be added, namely:--

"(6) Every investment company shall furnish to the stock exchange, where the securities of the company are listed, the Commission and any association of self-regulatory organization, or as directed by the Commission, within fourteen days of the last day of the preceding month, information, as on last day of the preceding month, on the net asset value of securities issued by it, the net assets having been computed in the manner prescribed in clause (e) of rule 2";

[No. 1 (28) CF/Pol/99.]

S.R.O. 47 (I)/2001.-- In exercise of the powers conferred by sections 32 and 33 of the Securities and Exchange Ordinance, 1969 (XVII of 1969), the Federal Government is pleased to direct that the following further amendments shall be made in the Asset Management Companies Rules, 1995, namely:--

In the aforesaid Rules,--

(1) in rule 10, in sub-rule (2), in clause (e) after the word "years" the words "provided that the Commission may reduce this requirement to fifty million rupees, where the management company has good performance record of average seventeen and half per cent total annual return or average twelve and half per cent dividend payment in respect of schemes under its management for previous three years and for the purpose of this clause "total annual return" shall mean dividend pay out and appreciation in the value of units on the date of preparation of accounts" shall be added;

(2) in rule 13, in sub-rule (4), for the full stop, at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely:--

"Provided that the Commission may, on application by the asset management company, relax any, or all the requirements of this rule in case of any scheme established for a specified investment objective where the intention to that effect was expressed in the offer document"; and

(3) after rule 23, the following new rule shall be added, namely:--

"24. Relaxation of rules.-- Where, the Commission is satisfied that it is not practicable to comply with any requirements of these rules in a particular case, or class or cases, or it would be in the interest of capital market so to do, the commission may, with the approval of the Federal Government, for reasons to be recorded, relax such requirements subject to such conditions as it may deem fit."

[No. 1 (10) CF/AMC/99.]

ABDUL HALEEM JADRAN,
Joint Director