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020510
THE GAZETTE OF PAKISTAN
ISLAMABAD TUESDAY, MAY 14, 2002
PART II
Statutory Notification (S. R. O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISION OF PAKISTAN
(Specialized Companies Division)
NOTIFICATION
Islamabad, the 10th May, 2002
S. R. O. 261 (I) /2002.-- In exercise
of the powers conferred by rule 4 of the Employees Provident Fund (Investment
in Listed Securities) Rules, 1996, (the "Rules") the Securities and
Exchange Commission of Pakistan, in relaxation of the conditions for investment
of provident funds in listed securities as prescribed in rule 3 of the Rules,
has been pleased to allow the employees' provident funds to be invested in listed
unit trusts schemes registered under Asset Management Companies Rules, 1995
subject to the following conditions :
(i) That the total investment in unit trust schemes registered under Asset Management
Companies Rules, 1995 shall not exceed fifty per cent of the provident fund
;
(ii) That the total investment in any one unit trust scheme registered under
Asset Management Companies, Rules, 1995 shall not exceed twenty per cent of
the provident fund ;
(iii) That the Asset Management Companies shall ensure that investment in unit
trusts schemes registered under Asset Management Companies Rules, 1995 shall
be in conformity with the above mentioned conditions, by 31st December, 2002,
at the latest ; and
(iv) That the unit trust schemes registered under Asset Management Companies
Rules, 1995 shall be subject to credit rating on annual basis by a Credit Rating
Company registered with the Commission and the rating shall be disseminated
to the public for information purposes.
[No. SC/MF-MS/AMC/2002-202.]
MOHAMMAD HAYAT JASRA.
Executive Director
