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011130
THE GAZETTE OF PAKSITAN
ISLAMABAD, FRIDAY, NOVEMBER 30, 2001
PART II
Statutory Notification (S.R.O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKSITAN
NOTIFICATION
Islamabad, the 30th November, 2001
S.R.O. 820 (I)/2001.—In exercise
of the power conferred by sub-section (4) of section 34 of the Securities and Exchange
Ordinance, 1969, the Securities and Exchange Commission of Pakistan (the Commission)
hereby makes the following regulations for the Lahore Stock Exchange (Guarantee) Limited
(the Exchange) effective from December 21, 2001, with the direction that the existing
regulations of the Exchange which may be inconsistent with the regulations hereby made, be
amended or rescinded accordingly:-
(i) The Managing Director shall be appointed, removal and terminated with the prior
approval of the Commission and for this purpose the term "removal and /or
termination" shall include "non-renewal of his contract."
(ii) The directors shall not delegate their authority relating to operational matters to
any director except the Managing Director.
(iii) There shall be seven outside directors to be appointed by the Commission in
consultation with the Exchange, from amongst non-member securities market experts,
lawyers, chartered accountants, investment bankers, etc., as per the consultative process,
prescribed by the Commission.
[No.2(50)SE/97.]
Sd/-
MUHAMMAD HAYAT JASRA,
Executive Director (Law)
