{ "schema_version": "qanun-law-text/1", "id": "pk-code-90d95589d991b285", "title": "Securities and Exchange Ordinance, 1969 (Repealed by Act XIV of 2016)", "source_collection": "Federal", "content_kind": "stored_law_text", "content_extent": null, "source_url": "https://pakistancode.gov.pk/alpha/UY2FqaJw1-apaUY2Fqa-apaUY2Npa5piaw%3D%3D-sg-jjjjjjjjjjjjj", "version": null, "source_snapshot": null, "legal_status": "not independently verified", "text_quality": "Complete stored UTF-8 TXT file recovered byte-for-byte from owned Drive. Source transcription retained verbatim; legal completeness, OCR accuracy and current consolidation unverified.", "text_sha256": "e830c4988657bb446bc327a1d4b3d0cbca7ef0a76df77aaeb740168bb09d6606", "source_sha256": "e830c4988657bb446bc327a1d4b3d0cbca7ef0a76df77aaeb740168bb09d6606", "text_version_id": "law:pk-code-90d95589d991b285:sha256:e830c4988657bb446bc327a1d4b3d0cbca7ef0a76df77aaeb740168bb09d6606", "quality_flags": [], "encoding": "UTF-8", "text": "[As Amended Up-to-Date Till 2012] \r\nSECURITIES AND EXCHANGE ORDINANCE, 1969 \r\nORDINANCE NO. XVII OF 1969 \r\n(28th June, 1969) \r\nAN \r\nORDINANCE \r\n \r\nTo provide for the protection of investors, regulation of markets and dealings in \r\nsecurities \r\n \r\n WHEREAS it is expedient to provide for th e protection of investors, regulation of \r\nmarkets and dealings in securities and for matters ancillary thereto; \r\n AND WHEREAS the national interest of Pakistan in relation to the achievement of \r\nuniformity requires 1[Federal] legislation in the matter; \r\n NOW, THEREFORE , in pursuance of the Proclamation of the 25th day of March \r\n1969, read with the Provisional Constitution Order, and in exercise of all powers enabling \r\nhim in that behalf, the President is pleas ed to make and promulgate the following \r\nOrdinance:- \r\n \r\nCHAPTER - I \r\nPRELIMINARY \r\n \r\n1. Short title, extent and commencement.- (1) This Ordinance may be called the \r\nSecurities and Exchange Ordinance,1969. \r\n(2) It extends to the whole of Pakistan. \r\n(3) It shall come into force on such date as the \r\n2[Federal] Government may, by \r\n \r\n1 Substituted for “Central” through President’s Order No. 4 of 1975. \r\n2 Substituted for “Central” through President’s Order No. 4 of 1975. \r\nnotification in the official Gazette, appoint. \r\n2. Definitions.- 3[(1)] In this Ordinance, unless there is anything repugnant in the \r\nsubject or context,- \r\n4[ (a) “agent” means a person appointed by a member to act on his behalf for the \r\npurposes recognized by 5[an] exchange; \r\n(ab) “associate” means any partner, employee, officer or director of a member; \r\n(ac) “asset management company” means a company which offers investment schemes \r\nunder trust deeds and issues redeemable securities”; \r\n(ad) “balloter” means a person who provides services to an issuer for selecting the \r\nrequired number of applicants of public issue through a computer draw;] \r\n (b) “bank” means a banking comp any as defined in the Banking Companies \r\nOrdinance,1962 (LVII of 1962); \r\n(c) “broker” means any person engaged in the business of effecting transactions in \r\nsecurities for the account of others; \r\n6[[(ca)] “central depository” means a company fo rmed to establish and operate a system \r\nfor the central handling of securities, whether or not listed on an exchange, whereby such \r\nsecurities are deposited with and held in custody by, or regi stered in the name of, the \r\ncompany as a nominee for the depositors and d ealings in respect of such securities are \r\neffected by means of entrie s in securities accounts with out the physical delivery of \r\nscrips.”] \r\n \r\n3 Section 2 renumbered as sub-section (1) through Se curities and Exchange (Amendment) Ordinance, 2000 \r\ndated September 7, 2000. \r\n4 Clauses (a), (ab), (ac) and (ad) substituted for cl auses (aa) and (aaa) through Securities and Exchange \r\n(Amendment) Ordinance, 2000 dated September 7, 2000 . Earlier clauses (aa) and (aaa) were inserted \r\nthrough Securities and Exchange (Amendment) Ordinance, 1994 and Finance Act, 1995 respectively. \r\nThe Clauses before substitution read as follows: \r\n(a) “associate” means any partner, employee, officer or director of a member, \r\n(aa) “asset management company” means a company which offers investment schemes under trust \r\ndeeds and issues redeemable securities; \r\n(aaa) Authority means the Corporate Law Authority constituted under the Companies Ordinance, 1984 \r\n(XLVII of 1984); \r\n \r\n5 Substituted for “a stock” through Finance Act, 2006 dated July 1, 2006. \r\n \r\n6 Clause (CC) inserted by Securities and Exchange (Amendment) Ordinance, 1994 and re-lettered as (ca) \r\nthrough Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n \r\n7[(cb) “Commission” means the Securities and Exchange Commission of Pakistan \r\nestablished under the Securitie s and Exchange Commission of Pakistan Act, 1997 (XLII \r\nof 1997);] \r\n8[(cc) “Commodity Exchange” means a company that provides or, proposes to provide, \r\nthe physical facilities necessary for trading in Commodity Futures Contracts;] \r\n9[(cd) Commodity Futures Contracts” means an agreement to purchase or sell a \r\nparticular commodity for delivery [or settlement] 10 in the future at a price that is \r\ndetermined at the initiation of the contract th at obligates each party to the contract to \r\nfulfill the contract at the specified price and that may be settled by delivery, cash or offset \r\nat an organized Exchange duly registered with the Commission and in relation to \r\nCommodity Futures the expression “commodity” includes,- \r\n \r\n(i) agricultural, livestock, fishery, forestry, mining or energy goods, and any product that \r\nis manufactured or processed from any such goods; and \r\n \r\n(ii) any other matter as may be notified by the Commission in the Official Gazette; \r\n \r\n \r\n(ce) “corporatisation” means the c onversion of a Stock Exchange from a company \r\nlimited by guarantee to a company limited by \r\nshares; \r\n \r\n \r\n(cf) “demutualisation” means the segregation of the ownership of a Stock Exchange from \r\nthe right to trade on such Stock Exchange;] \r\n(d) “equity security” means any stock or transferable share (preferred or common) or \r\nsimilar security representing ownership; a ny security convertible , with or without \r\nconsideration, into such a secu rity, or carrying any warrant or right to subscribe to or \r\npurchase such a security; any such warrant or right itself; and such other security as may \r\nbe prescribed; \r\n11[(da) “Exchange” means a Stock Exchange or a Commodity Exchange;] \r\n12[(dd) “free reserves” for the purpose of an investment company, include any amount \r\nwhich, having been set aside out of the revenue or other surpluses is free in that it is not \r\n \r\n7 Clause (cb) inserted through Securities and Exchange (Amendment) Ordinance, 2000 \r\n8 Clause (cc) inserted through Finance Act, 2003. \r\n9 Clauses (cd) to (cf) inserted through Finance Act, 2006. \r\n10 The words “or settlement” inserted through Finance Act, 2008 dated June 27 2008. \r\n11 Clause (da) inserted through Finance Act, 2006. \r\n12 Clause (dd) inserted through Securities and Exchange (Amendment) Ordinance, 1980. \r\n \r\nretained to meet any diminuti on in value of the assets, spec ific liability, contingency or \r\ncommitment of that company known to exist at the date of the balance sheet;] \r\n13[(de) “integration” means the merger of tw o or more Stock Exchanges in accordance \r\nwith a scheme approved by the Commission;] \r\n(e) “investment adviser” includes, pers on who is, for compensation, engaged in the \r\nbusiness of advising others, e ither directly or through publica tions or writings, as to the \r\nvalue of securities or as to the advisabili ty of investing in, purchasing or selling \r\nsecurities, but does not include,- \r\n(i) a bank; \r\n(ii) any lawyer, accountant, engineer or teacher whose performance of \r\nsuch services is solely incidental to the practice of his profession; \r\n(iii) any broker, jobber, member or associate whose performance of such \r\nservices is solely incidental to the conduct of his business as a \r\nbroker, jobber, member or associ ate and who receives no separate \r\ncompensation therefor; \r\n(iv) the publisher of any newspape r, news magazine, or other publication \r\nof general and regular circulation; or \r\n(v) the Investment Corporation of Pakistan; \r\n14[(f) “Investment Company” means a company engaged principally or wholly in buying \r\nand selling securities of other companie s and includes a company, not being a holding \r\ncompany, the investment of which in the share capital of other companies at any one time \r\nis of an amount equivalent to eighty per cen t of the aggregate of its own paid up capital \r\nand free reserves, but does not include a bank or an insurance company or a corporation \r\nwhich is a member of a Stock Exchange;] \r\n(g) “issuer” means any person who has issued or proposes to issue any security; \r\n(h) “jobber 15[or dealer]” means any person engage d in the business of effecting \r\ntransactions in securities for his own account, through a broker or otherwise, but does not \r\n \r\n13 Clause (de) inserted through Finance Act, 2006. \r\n14 Clause (f) substituted through Securities and Exchange (Amendment) Ordinance, 1980. \r\nBefore Substitution it read as follows: \r\n“(f) “Investment Company” means a company engaged principally or wholly in buying and selling \r\nsecurities of other companies and includes a company eighty percent of whose paid up capital is employed \r\nat any one time as investment in other companies; but does not include a bank or or an insurance company \r\nor a corporation which is member of a Stock Exchange. ” \r\n \r\n15 The words inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\ninclude any person who trades in securities for his own account, either individually or in \r\nsome fiduciary capacity, otherwise than as a part of a regular business; \r\n(i) “member” means a member of 16[an] Exchange; \r\n17[ ] \r\n \r\n(j) “person” includes a Hindu undivided family, a firm, an association or body of \r\nindividuals, whether incorpor ated or not, a company and ev ery other artificial juridical \r\nperson; \r\n(k) “prescribed” means prescribed by rules made under this Ordinance; \r\n(l) “security” includes- \r\n(i) any stock, transferable sh are, scrip, [Modaraba Certificate] 18, note, \r\ndebenture, debenture stock, [par ticipation term certificate,] 19 bond, \r\ninvestment contract [, forward or futures contract] 20, and pre-\r\norganization certificate or subscription, and, in general, any interest \r\nor instrument commonly known as a “security” and, any certificate \r\nof deposit for, certificate of interest or participation in, temporary or \r\ninterim certificate for, receipt fo r , or any warrant or right to \r\nsubscribe to or purchase, any of the foregoing but does not include \r\ncurrency or any note, draft, bill of exchange or banker’s acceptance \r\nor any note which has a maturity at the time of issuance of not more \r\nthan twelve months, exclusive of days of grace, or any renewal \r\nthereof whose maturity is likewise limited; \r\n(ii) any Government security as defined in the Securities Act, 1920 (X of \r\n1920); [ ]\r\n21 \r\n(iii) any bonus entitlem ent voucher issued by the State Bank of Pakistan \r\nin accordance with any scheme announced by the [Commission] 22; \r\n \r\n16 Substituted for “a stock” through Finance Act, 2006 \r\n17 Clause (ii) omitted through Securities and Exchange (Amendment) Ordinance, 2000. Earlier it was \r\ninserted through Securities and Exchange (Amendment) Ordinance, 1980. \r\nClause (ii) before omission read as follows: \r\n“(ii) “officer”, for the purposes of Chapters III, IV and V, in relation to an insurer, includes managing \r\nagents, manager, secretary, accountant or auditor of the insurer;” \r\n18Words and comma inserted through Securities and Exchange (Amendment) Ordinance, 1980. \r\n19 Words and comma inserted through Securities and Exchange (Amendment) Ordinance, 1980. \r\n \r\n20 Comma and words inserted through Finance Act, 2003. \r\n21 Word “and” omitted through Finance Act, 2006. \r\n22 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n[and]23 \r\n[(iv) Commodity Futures Contract;]24 \r\n(m) “stock exchange” means any person w ho maintains or provides a market place or \r\nfacilities for bringing together buyers and sellers of securities or for otherwise \r\nperforming with respect to securities the functions commonly performed by a Stock \r\nExchange, as that term is generally unde rstood, and includes such market place and \r\nfacilities [;]25 \r\n[ (n) “sub-underwriter” means a person who ha s made a contract w ith an underwriter to \r\ntake up a part of the securities not fully subscribed by the public issue; \r\n(o) “transfer agent” means a person appointed by the issuer to assist in the maintenance \r\nof record for issuance and transfer of secu rities and to perform functions of persons \r\ncommonly known as Registrar; \r\n(p) “underwriter” includes a person who has ma de a contract with an issuer to subscribe \r\nand pay in cash for those securities as are not fully subscribed by the public issue \r\nor a person who has initially bought the securities from an issuer for the purpose of \r\nselling such securities by means of a public offer; and \r\n (q) “venture capital company” includes a company which is engaged principally in \r\nfinancing through direct equity invest ment in another company and provides \r\nmanagerial expertise thereto;]26 \r\n[Explanation :-In clause (1) “Modaraba Certificate” has the same meaning as in the \r\nModaraba Companies and Modarabas (Flo atation and Control) Ordinance, 1980 \r\n(XXXI of 1980).]27 \r\n[(2) The words and expressions used but not defined in this Ordinance shall have the \r\nsame meaning as are assigned to them in the Companies Ordinance, 1984 (XLVII of \r\n1984).]28 \r\n \r\n \r\n23 Word “and” inserted through Finance Act, 2006. \r\n24 Clause (iv) inserted through Finance Act, 2006. \r\n25 Semi-colon substituted for “Full stop” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n26 Clauses n to q inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n27 Explanation inserted through Securities and Exchange (Amendment) Ordinance, 1982. \r\n \r\n \r\n28 Sub-section (2) inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\nCHAPTER II \r\nREGISTRATION AND REGULATION OF STOCK EXCHANGES \r\n \r\n3. No [ ]\r\n29 Exchange to operate without registration. - [(1)] 30 No [ ] 31 Exchange \r\nshall operate or carry on its functions, and no person shall use or utilize, for the purpose \r\nof any transaction or dealing in any security, the facilities or services of [an]32 Exchange, \r\nunless such [ ]33 Exchange is registered under this Ordinance. \r\n (2) The Authority shall determine the numbe r and places for the establishment of [ ] 34 \r\nexchanges. \r\n4. Eligibility for registration.- (1) Any [ ] 35 Exchange which fulfill such conditions \r\nor complies with such requirements as may be prescribed to ensure fair dealings [, \r\nprotection of investors and its sustainable economic viability] 36 shall be eligible for \r\nregistration under this Ordinance. \r\n (2) The conditions or requirements whic h may be prescribed for the purposes of sub-\r\nsection (1) may, among other matters, relate to- \r\n(a) qualifications for membersh ip and admission, exclusion, suspension, \r\nexpulsion and re-admission of members therein to or therefrom; \r\n(b) constitution and powers of the governing body and the powers and duties of \r\nthe office bearers; \r\n(c) representation [from a class or classes of persons or professions] 37 on the \r\ngoverning body of [an]38 Exchange or any of its Committees; \r\n(d) the manner in which business shoul d be transacted including restrictions on \r\nthe business of the members; \r\n(e) Memorandum and Articles of Associat ion, rules, regulations and by-laws of \r\n[an]39 Exchange; and \r\n \r\n29 The word “Stock” omitted through Finance Act, 2007. \r\n30 Section 3 re-numbered as sub-section (1) through Finance, Act, 1995. \r\n31 The word “Stock” omitted through Finance Act, 2007. \r\n32 Substituted for “a stock” through Finance Act, 2006. \r\n33 The word “Stock” omitted through Finance Act, 2007. \r\n34 The word “Stock” omitted through Finance Act, 2007. \r\n35 The word “Stock” omitted through Finance Act, 2007. \r\n36 Substituted for “and to protect investors” through Finance Act, 1995. \r\n37 Substituted for “of the Federal Government” through Finance Act, 1995. \r\n38 Substituted for “a stock” through Finance Act, 2006. \r\n \r\n(f) the maintenance of accounts [and records] 40 including those of members, \r\nand their audit. \r\n5. Registration.- (1) Any [ ] 41 Exchange which is eligible for registration under \r\nsection 4 may, in such form[, manner and on payment of such fee] 42 as may be \r\nprescribed, apply to the [Commission]43 for registration. \r\n (2) The [Commission] 44, if it is satisfied, after such inquiry and after obtaining such \r\nfurther information as it may consider necessary,- \r\n(i) that the [ ]45 Exchange is eligible for registration; and \r\n(ii) that it would be in the interest of the trade and also in the public interest to \r\nregister the [ ]46 Exchange; \r\n may grant a certificate of registration to the [ ]47 Exchange. \r\n (3) No application for registration shall be refused except after giving the applicant an \r\nopportunity of being heard. \r\n[5A. Brokers or agents not to engage in business without registration.- No \r\nperson shall act as broker or agent to deal in the business of effecting transactions in \r\nsecurities unless he is registered with th e Commission in such manner, on payment of \r\nsuch fees and charges and on such conditions as may be prescribed.]48 \r\n6. Accounts, annual reports, returns, etc.- (1) Every [ ] 49 Exchange and every \r\ndirector, officer and member thereof shall prepare and maintain such books of accounts \r\nand other documents in such manner as ma y be prescribed; and every such book of \r\naccounts or document shall be subject to inspection at all re asonable times by any \r\nperson authorised by the [Commission]50 in this behalf. \r\n \r\n39 Substituted for “a stock” through Finance Act, 2006. \r\n \r\n40 Inserted through Finance Act, 1995. \r\n41 The word “Stock” omitted through Finance Act, 2007. \r\n42 Substituted for “and manner” through Finance Act, 1995. \r\n43 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n44 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n45 The word “Stock” omitted through Finance Act, 2007. \r\n46 The word “Stock” omitted through Finance Act, 2007. \r\n47 The word “Stock” omitted through Finance Act, 2007. \r\n48Inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n49 The word “Stock” omitted through Finance Act, 2007. \r\n50 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n (2) Every [ ] 51 Exchange shall submit to the [Commission] 52, in such manner and \r\ncontaining such particulars as may be prescr ibed, an annual report a nd periodical returns \r\nrelating to its affairs. \r\n(3) Without prejudice to th e provisions of sub- section (1) and sub-se ction (2), every [ \r\n]53 Exchange and every director, officer or me mber thereof shall furnish such documents, \r\ninformation or explanation relating to the affairs of the [ ]54 Exchange or, as the case may \r\nbe, relating to the business on the [ ] 55 Exchange of such director, officer or member as \r\nthe [Commission]56 may, at any time, by order in writing require. \r\n7. Cancellation of registration, etc.- (1) Where the [Commission] 57 is of opinion \r\nthat[ ]58 Exchange or any member, director or officer of [an]59 Exchange has contravened \r\nany provision, or has otherwise neglected or failed to comply with any requirement, of \r\nthis Ordinance, or of any rule, regulation or direction made or given thereunder, the \r\n[Commission]60 may, if it considers it necessary fo r the protection of investors or to \r\nensure fair dealings or fair administration of the [ ] 61Exchange so to do, by order in \r\nwriting- \r\n(a) suspend for such period as may be specified in the order the \r\ntransaction of any business on the[ ]62 Exchange; \r\n(b) cancel the registration of the [ ]63 Exchange; \r\n(c) supersede the governing body or other authority of the [ ] 64 \r\nExchange; \r\n(d) [suspend or]65 remove the director, officer or member from his office \r\nin, or membership of, the [ ]66 Exchange; \r\n \r\n51 The word “Stock” omitted through Finance Act, 2007. \r\n52 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n53 The word “Stock” omitted through Finance Act, 2007. \r\n54 The word “Stock” omitted through Finance Act, 2007. \r\n55 The word “Stock” omitted through Finance Act, 2007. \r\n56 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n57 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n58 The word “Stock” omitted through Finance Act, 2007. \r\n59 Substituted for “a stock” through Finance Act, 2006. \r\n60Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n61 The word “Stock” omitted through Finance Act, 2007. \r\n62 The word “Stock” omitted through Finance Act, 2007. \r\n63 The word “Stock” omitted through Finance Act, 2007. \r\n64 The word “Stock” omitted through Finance Act, 2007. \r\n65 The words inserted through Securities and Exchange (Amendment) Ordinance, 2000 \r\n66 The word “Stock” omitted through Finance Act, 2007. \r\n Provided that no such order shall be made except after giving the governing body or \r\nother authority or, as the case may be, the di rector, officer or member, an opportunity of \r\nbeing heard. \r\n (2) An order made under clause (c) or clau se (d) of sub-section (1) may also direct that \r\nthe functions of the governing body or other author ity which has been superseded or of \r\nthe director or officer who has been remove d shall be performed by such authority or \r\nperson as may be specified therein. \r\n(3) An order under sub-section (1) shall have effect notwithstanding anything contained \r\nin any other law for the time being in fo rce or in any Memora ndum or Articles of \r\nAssociation; \r\n Provided that no order made under clau se (a) or clause (b) of sub-section (1) shall \r\naffect the validity of any contract lawfully entered into before the date of such order. \r\n8. Restriction on dealings in securities.- (1) No person shall tr ansact any business in \r\nsecurities on any Exchange [otherwise than as may be prescribed]67. \r\n(2) No business shall be transacted on a Exchange in a security, other than a \r\nGovernment security [ ]68, which is not listed on such Exchange [:]69 \r\n[Provided that business may be transacted in a delisted security for a period which \r\nmay extend to six months in such manner as the Commission may direct.]70 \r\n(3) No person shall act as a dealer in a security listed on a Stock Exchange outside such \r\nStock Exchange; \r\n[ ]71 \r\n(4) No person other than a member shall act as a broker or a jobber for any security not \r\nlisted on a stock exchange: \r\n Provided that the prohibition in this sub- section shall not appl y to discounting of \r\nany security evidencing a loan. \r\n 9. Listing of Securities.- (1) An issuer who intends to get any of his securities listed \r\non a Stock Exchange shall submit an application therefore, in the prescribed form to the \r\nStock Exchange and submit a copy of the application to the [Commission]72. \r\n \r\n67 Substituted for “unless he is a member thereof” through Finance Act, 2006. \r\n68 Words “or a bonus entitlement voucher” omitted through Securities and Exchange (Amendment) \r\nOrdinance, 2000. \r\n69 Semicolon substituted for colon through Finance Act, 2003. \r\n70 Proviso inserted through Finance Act, 2003. \r\n71 Proviso omitted through Finance Act, 2006. Before omission it read as follows: \r\n“Provided that prohibition in this sub-section shall not apply to purchase, sale or transfer of any such \r\nsecurity by or from investment corporation of Pakistan or the National Investment Trust.” \r\n(2) Upon receipt of an application under s ub-section (1), the Stock Exchange may, if it \r\nis satisfied after making such inquiry as it may consider necessary that the applicant \r\nfulfils the conditions prescribed in this behalf , list the security for dealings on the Stock \r\nExchange. \r\n(3) Where a Stock Exchange refuse s to list a security, the [Commission] 73 may, either \r\non petition by the applicant made within the pr escribed time or on its own motion, direct \r\nthe Stock Exchange to list the security. \r\n(4) Where after the listing of a security, the [Commission] or Stock Exchange finds that \r\nthe application is deficient in any material re spect or that the issuer has failed to comply \r\nwith any prescribed condition or requirement and that the continued listing of the security \r\nwould not be in the public interest, the [C ommission] or, as the case may be, the Stock \r\nExchange may, by order, either require the issuer to correct the deficiency or comply with \r\nthe prescribed condition or re quirement within the time speci fied in the order or revoke \r\nthe listing. \r\n(5) A listed security may be delisted on a pplication by the issuer to the Stock Exchange \r\nwhich may deny the application or grant it on such conditions as appear necessary or \r\nappropriate for the protection of investors. \r\n(6) Where a Stock Exchange refuses to delist a security, the [Commission] 74 may, on \r\npetition by the applicant made within the pres cribed time, direct the Stock Exchange to \r\ndelist the security. \r\n[(7) The Commission or a Stock Exchange may, if it considers it to be in the interest of \r\ntrade or in the public interest so to do, by order recording the reasons, suspend for a \r\nperiod not exceeding sixty days the trading of any listed security and may, from time to \r\ntime, for the said reasons and in the said manner extend the suspension for further periods \r\nnot exceeding sixty days at any time.]\r\n75 \r\n[Omitted]76 \r\n \r\n72 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n73 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n74 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n75 Subsection (7) substituted through Securities and Exchange (Amendment) Ordinance, 2000. Before \r\nomission it read as follows: \r\n“(7) The Federal Government or a Stock Exchange may, if it considers it to be in the interest of trade or in \r\nthe public interest so to do, suspend, by order recording the reasons, trading in any security.” \r\n76 Subsection (8) omitted through Securities and Ex change (Amendment) Ordinance, 2000. Before \r\nomission it read as follows: \r\n“(8) An order under subsection (7) shall remain in force for a period of [sixty days] which the Federal \r\nGovernment or, as the case may be, Stock exchange may extend for further periods not exceeding [sixty \r\ndays] at any time.” \r\n \r\nSubstituted for fourteen through Companies Ordinance, 1984 \r\n(9) No application submitted under sub-sec tion (1) shall be refused, and no listing shall \r\nbe revoked under sub-section (4), unless the issuer has been given an opportunity of \r\nbeing heard. \r\n10. Compulsory listing of securities.- Where the [Commission] 77, having regard to \r\nthe nature of, and the dealings in, any security, is of the opinion that it is necessary or \r\nexpedient in the public interest so to do, it may, after consulting a Stock Exchange and \r\ngiving the issuer of such s ecurity an opportunity of bei ng heard, direct the Stock \r\nExchange to list the security. \r\nCHAPTER III \r\nREGULATION OF ISSUER \r\n[11. Submission of returns.\r\n- Omitted \r\n12. Submission of statement of beneficial owners of listed equity securities. Omitted \r\n13. Prohibition of short-selling.- Omitted \r\n14. Trading by directors, officers and principal shareholders.- Omitted \r\n15. Regulation of proxies.- Omitted]78 \r\n \r\n77 Substituted for “Federal Government” through President’s Order No. 4 of 1975. \r\n78 Section 11 to 15 omitted through Companies Ordinance, 1984. Before omission these read as follows: \r\n“11. Submission of returns.- (1) An issuer of listed security shall furnish to the Stock Exchange, to the \r\nsecurity holders and to the Federal Government an annual report of its affairs and such statements and other \r\nreports as may be prescribed. \r\n(2) Without prejudice to the provisions of sub-section (1) an issuer of a listed security shall furnish to \r\nthe Federal Government [, the Stock Exchange and the shareholders] such other documents, information or \r\nexplanation relating to its affairs as the Federal Government may, at any time, by order in writing require. \r\n \r\n12. Submission of statement of beneficial owners of listed equity securities.- Every director or officer of an \r\nissuer who is or has been the beneficial owner of an y class or its listed equity securities and every person \r\nwho is directly or indirectly the beneficial owner of more than ten percent of any class of such securities \r\nshall submit to the Federal Government such returns pertaining to the beneficial ownership of such \r\nsecurities in such form and at such times or at such intervals as may be prescribed. \r\n \r\n13. Prohibition of short-selling.- No director or officer of an issuer of a listed equity security and no person \r\nwho is directly or indirectly the beneficial owner of not less than ten percent of such securities shall \r\npractice directly or indirectly short-selling such securities. \r\n \r\n14. Trading by directors, officers and principal sharehol ders.- (1) Where any director or officer of a listed \r\nequity security or any person who is directly or indirectly beneficial owner of not less than ten percent of \r\nsuch securities make any gain by the purchase and sa le, or the sale and purchase, of any such security \r\nwithin a period of less than six months, such director, officer or beneficial owner shall make a report and \r\ntender the amount of such gain to the issuer: \r\nProvided that nothing in this sub-section shall apply to a security acquired in good faith in \r\nsatisfaction of a debt previously contracted. \r\n[CHAPTER III-A]79 \r\n \r\nINSIDER TRADING \r\n \r\n[15A. Prohibition of insider trading.— (1) No person shall indulge in insider trading. \r\n(2) Insider trading shall include, – \r\n(a) an insider person transacting any deal , directly or indire ctly, using inside \r\ninformation involving listed securities to which the inside information \r\npertains, or using others to transact such deals; \r\n(b) any other person to whom inside in formation has been passed or disclosed \r\nby an insider person transacting any d eal, directly or indirectly, using \r\ninside information involving listed securities to which the inside \r\ninformation pertains, or using others to transact such deals; \r\n(c) transaction by any person as specified in clauses (a) and (b), or any other \r\nperson who knows, or ought to have known under normal and reasonable \r\ncircumstances, that the information possessed and used for transacting any \r\ndeal is inside information; \r\n(d) an insider person suggesting or r ecommending to another person to engage \r\nin dealing in any listed securities to which the inside information \r\npossessed by the insider person pertai ns, without the inside information \r\nbeing disclosed to the person who has dealt in such securities: \r\n(3) Nothing in this section shall apply to— \r\n(a) any transaction performed under an agreement that was concluded before \r\nthe time of gaining access to inside information; or \r\n \r\n \r\n(2) Where a director, officer or beneficial owner fails or neglects to tender or the issuer fails to \r\nrecover, any such gain as is mentioned in sub-section (1) within a period of six months after its accrual, or \r\nwithin sixty days of a demand therefor, whichever is later, such gain shall vest in the Federal Government \r\nwhich may recover the same as arrears of land revenue. \r\n \r\n15. Regulation of proxies.- Notwithstanding anything contained in the Companies Act, 1913 or \r\nMemorandum and Articles of Association of the issuer of a listed security, the Federal Government may \r\nregulate the solicitation of any proxy, consent or author isation pertaining to the securities of such issuer in \r\nsuch manner as may be prescribed. ” \r\n79 Chapter III-A inserted through Finance Act, 1995. \r\n(b) the disclosure of inside informati on by an insider person as required under \r\nlaw. \r\n(4) No contract shall be void or unenforceab le by reason only of an offence under this \r\nsection. \r\n15B. Inside information.— (1) The expression “inside information” means, – \r\n(a) information which has not been made public relati ng, directly or \r\nindirectly, to listed securities or one or more issuers and which, if it were \r\nmade public, would be likely to have an effect on the prices of those listed \r\nsecurities or on the price of related securities; \r\n (b) in relation to derivatives on comm odities or information which has not \r\nbeen made public, relating, directly or indirectly, to one or more such \r\nderivatives and which are traded in accordance with accepted market \r\npractices on those markets; or \r\n(c) in relation to persons responsible for the execution of orders concerning \r\nlisted securities, information which is conveyed by a client to such person \r\nand related to the client’s pending orders. \r\n15C. Insiders.—(1) Insiders shall include, – \r\n(a) sponsors, executive officers and directors of an issuer; \r\n(b) sponsors, executive officers, director s and partners of a legal person or \r\nunincorporated business association, in which the issuer holds shares or \r\nvoting rights, directly or indirectly, of twenty per cent or more; \r\n(c) sponsors, executive officers, director s and partners of a legal person or \r\nunincorporated business association w ho holds, directly or indirectly, \r\nshares or voting rights of ten per cent or more in an issuer; \r\n(d) sponsors, executive office rs and directors of an organization, that has been \r\nengaged in the placement of listed securities or the public offer of \r\nsecurities or the issuing and marke ting of such securities, who has had \r\naccess to insider information during his employment till a period of one \r\nyear after leaving employment; \r\n(e) any natural person holding, di rectly or indirectly, ten per cent or more \r\nshares of an issuer; \r\n(f) sponsors, executive officers and dir ectors of credit inst itutions in which \r\nthe issuer has an account; \r\n(g) any person obtaining inside inform ation as part of his employment or \r\nwhen discharging his usual duties in an official capacity, or in any other \r\nway relating to work performed under contract of employment or \r\notherwise; \r\n(h) any person obtaining inside information through unlawful means; and \r\n(i) a spouse, lineal ascendant or desc endant, partner or nominee of a person \r\nreferred to in clauses (a) to (h). \r\n15D. Listed companies respons ibilities to disclose inside information.— (1) Listed \r\ncompanies shall inform the public, in the manner specified by th e Commission, as soon \r\nas possible of inside information which directly concerns the listed securities. \r\n(2) Listed companies may delay the public disclosure of inside information, as referred to \r\nin sub-section (1) in order not to prejudice their legitimate interests, provided that such \r\ndelay does not mislead the public and provided that the company is able to ensure the \r\nconfidentiality of the information and the company shall inform the Commission of the \r\ndecision to delay the public disclosure of inside information forthwith. \r\n(3) Whenever a listed company or a person acting on its behalf, discloses any inside \r\ninformation to any third party in the normal exercise of employment, profession or duties, \r\ncomplete and effective public disclosure of that in formation must be made \r\nsimultaneously in the manner specified by the Commission: \r\nProvided that the provisions shall not apply if the person receiving the \r\ninformation owes a duty of confidentiality, regardless of whether such duty is based on a \r\nlaw, regulations, articles of association or contract. \r\n(4) Listed companies or persons acting on its behalf, shall maintain and regularly update \r\na list of persons employed, under contract or otherwise in the manner specified by the \r\nCommission who have access to inside info rmation and provide such list to the \r\nCommission whenever the Commission requests it.\r\n \r\n(5) Persons discharging managerial responsib ilities within a listed company and, where \r\napplicable, persons closely associated wi th them, shall notify the Commission of \r\ntransactions conducted on their own account re lating to the securities of such listed \r\ncompany in the manner specified by the Commission. \r\n(6) The Exchanges shall adopt structur al provisions, operating procedures and \r\nsurveillance techniques to detect and prevent insider trading and market abuse practices, \r\nwithin such time as may be specified by the Commission and according to the regulations \r\nmade hereunder. \r\n15E. Liability for contravention.— (1) Any person who contravenes the provisions of sub-\r\nsection (1) of section 15A shall, on be ing found guilty of contravention by the \r\nCommission, be liable to fine, which may exte nd to ten million rupees or three times the \r\namount of gain made or loss avoided by su ch person, or loss suffe red by another person, \r\nwhichever amount is higher. \r\n(2) In addition to the fine imposed under sub-section (1), such person,– \r\n(a) may be directed by the Commission, – \r\n(i) to surrender to the Commission, an amount equivalent to the gain \r\nmade or loss avoided by him; or \r\n(ii) to pay any other person w ho has suffered a loss, an amount \r\nequivalent to the loss so suffered by such person; and \r\n(b) may, where such person is an executiv e officer, director, auditor, advisor, \r\nconsultant of a listed company, be removed from such office by an order \r\nof the Commission and debarred from auditing any listed company for a \r\nperiod of upto three years; or \r\n(c) may, where such person is registered as a broker or agent, be liable to \r\ncancellation of registration.\r\n \r\n(3) Where an insider person discloses inside information to any other person who is not \r\nrequired to possess such information for any reason, the insider person shall be liable to \r\nfine, to be imposed by the Commission, which may extend to thirty million rupees. \r\n(4) The Commission may, by notification in the official Gazette, make regulations to \r\nregulate persons who produce or disseminate research concerning listed securities or \r\nissuers of listed securities and persons w ho produce or disseminate other information \r\nrecommending or suggesting investment strate gy, intended for dist ribution channels or \r\nfor the general public.]80 \r\n \r\n80 Section 15-A and 15 B substituted by 15 A to 15 E through Finance Act, 2008 dated June 27 2008. \r\nThe substituted section 15-A and 15B read as under: \r\n15-A. Prohibition on stock exchange deals by insiders. - No person who is, or has been, at any time \r\nduring the preceding six months, associated with a comp any shall, directly or indirectly, deal on a stock \r\nexchange in any listed securities of that or any other company or cause any other person to deal in \r\nsecurities of such company, if he has information which- \r\na) is not generally available; \r\nb) would, if it were so available, be likely to materially affect the price of those securities; or \r\nc) relates to any transaction (actual or contemplated) involving such company. \r\n Explanation.\r\n- For the purpose of this section, the expr ession “associated with” shall mean a person \r\nassociated with a company, if he- \r\n(i) is an officer or employee of that company or an associated company; or \r\n(ii) occupies a position which gives him access th ereto by reason of any professional or business \r\nrelationship between him or his employer or a company or associated company of which he is a director. \r\nCHAPTER IV \r\nPROHIBITIONS AND RESTRICTIONS \r\n16. Credit, [pledging] 81 and lending of customers’ securities.- No member or \r\nassociate shall, in contravention of any ru les made under this Ordinance, directly or \r\nindirectly,- \r\n(a) extend or maintain credit, or a rrange for the extension or maintenance of \r\ncredit, to or for any person for the purpose of purchasing or carrying any \r\nsecurity; or \r\n(b) borrow on any security or lend or arrange for the lending of any security \r\ncarried for the account of a customer ; or \r\n[(c) pledge or arrange for the pledging of any security carried for the account of \r\nany customer.]82 \r\n17. Prohibition of fraudulent acts, etc ._ No person shall, for the purpose of inducing, \r\ndissuading, effecting, preventing or in a ny manner influencing or turning to his \r\nadvantage, the sale or purchase of any security, directly or indirectly,- \r\n(a) employ any device, scheme or artifice, or engage in any act, practice or course \r\nof business, which operates or is intended or calculated to operate as a fraud \r\nor deceit upon any person; or \r\n \r\n15 B. Liability for contravention of section 15A.- (1) Where a person contravenes the provisions of \r\nsection 15A, the Authority may, by a notice in writing, ask such person to show cause for compensating \r\nany person who has suffered loss for such contravention and initiating prosecution against him. \r\n(2) Where a person to whom a notice has been issued under sub-section (1) satisfy the Authority that - \r\n(a) any dealing on stock exchange or communication of any information was not made with the intent of \r\nmaking any profit or causing a loss to any person or company; or \r\n(b) the dealing on stock exchange or any information was communicated in good faith in discharge of his \r\nlegal responsibilities. \r\nthe Authority may withdraw such notice. \r\n (3) Where the Authority is not satisfied with the explanation of the person given in response to the show \r\ncause notice served upon him under sub-section (1), it may direct him to pay any other person who has \r\nsuffered loss for any contravention of section 15A, compensation which shall not be less than the amount \r\nof loss sustained by any other person as a result of such dealing or communication of information: \r\n Provided that where the person who has suffered any loss for any contravention of section 15A is \r\nnot determined, the amount of compensation equivalent to the gain accrued or the loss avoided by such \r\ncontravention, shall be payable to the [Commission]. \r\n (4) In addition to compensation payable under sub-section (3), a person contravening the provisions of \r\nsection 15A shall be punishable with imprisonment for a term which may extend to three years, or with fine \r\nwhich may extend to three times the amount of gain accrued or loss avoided by such contravention, or with \r\nboth. \r\n (5) Any compensation payable under this section shall be recoverable as arrear of land revenue. \r\n81 Substituted for “hypothecation” through Securities and Exchange (Amendment) Ordinance, 1980. \r\n \r\n82 Clause (c) substituted through Securities and Exchange (Amendment) Ordinance, 1980. \r\n(b) make any suggestion or statement as a fact of that which he does not believe \r\nto be true; or \r\n(c) omit to state or actively conceal [a material fact]83 having knowledge or belief \r\nof such fact; or \r\n(d) induce any person by deceiving him to do or omit to do any thing which he \r\nwould not do or omit if he were not so deceived; or \r\n(e) do any act or practice or engage in a course of business, or omit to do any act \r\nwhich operates or would operate as a fraud, deceit or manipulation upon any \r\nperson, in particular- \r\n(i) make any fictitious quotation; \r\n(ii) create a false and misleading appearance of active trading in any \r\nsecurity; \r\n(iii) effect any transaction in su ch security which involves no change \r\nin its beneficial ownership; \r\n(iv) enter into an order or orders for the purchase and sale of security \r\nwhich will ultimately cancel out each other and will not result in \r\nany change in the beneficial ownership of such security; \r\n(v) directly or indirectly effect a series of transactions in any security \r\ncreating the appearance of active trad ing therein or of raising of \r\nprice for the purpose of inducin g its purchase by others or \r\ndepressing its price for the purpose of inducing its sale by others; \r\n(vi) being a director or an offi cer of the issuer of a listed equity \r\nsecurity or a beneficial owner of not less than ten per cent of \r\nsuch security who is in possessi on of material facts omit to \r\ndisclose any such facts while buying or selling such security. \r\n18. Prohibition of false statements, etc. - No person shall, in any document, paper, \r\naccounts, information or explanation which he is, by or under this Ordinance, required to \r\nfurnish , or in any application made under th is Ordinance, make any statement or give \r\nany information which he knows or has reason able cause to believe to be false or \r\nincorrect in any material particular. \r\n \r\n \r\n83 Substituted for “a fact” through Securities and Exchange (Amendment) Ordinance, 1980. \r\n[18A. Prohibition of making fictitious and mu ltiple applications for new issues .- \r\n (1) No person or any other person on his be half shall make a fic titious application or \r\nsubmit more than one application for share of companies offered to the public. \r\n(2) In case of contravention of the provisi ons of sub-section (1), the application money \r\nshall be liable to confiscation: \r\n Provided that no action under this s ub-section shall be taken without giving the \r\napplicant an opportunity of being heard.]84 \r\n \r\n19. Maintenance of secrecy.- No person shall, except with the permission of the \r\n[Commission]85 , communicate or otherwise disclose to any person not legally entitled \r\nthereto any information which has been entrus ted to him or which he has obtained or to \r\nwhich he had access in the course of th e performance of any functions under this \r\nOrdinance. \r\n20. Prohibitory orders.- (1) Where the [Commission]86 is of opinion that any person is \r\nengaged or is about to be engaged in any act or practice which constitutes or is calculated \r\nto constitute a contravention of the provisions of this Ordinance or of any rules made \r\nthereunder, or that any person has neglected, or is not likely, to do an act the omission or \r\nfailure to do which constitutes such contravention, it may, by order in writing, direct such \r\nperson to abstain from doing the act or committing the practice which constitutes or is \r\ncalculated to constitute such c ontravention, or to do the act, the omission or failure to do \r\nwhich constitutes such contravention. \r\n (2) Every person to whom a direction unde r sub-section (1) is given shall comply \r\ntherewith in such manner, if any, and within such time, as may be specified therein. \r\n \r\nCHAPTER V \r\nENQUIRIES, PENALTIES, ORDERS AND APPEALS \r\n21. [(1) The [Commission]\r\n87 may, on its own motion or on representation of not less \r\nthan [one-tenth]88 in number of the members of the [ ] 89 Exchange or, in the case of the \r\nbusiness or any transaction mentioned in clau se (b), on the representation of the [ ] 90 \r\n \r\n84 Section 18A inserted through Finance Act, 1995. \r\n85 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n86 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n87 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n88 Substituted for “one fifth” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n89 The word “Stock” omitted through Finance Act, 2007. \r\n90 The word “Stock” omitted through Finance Act, 2007. \r\nExchange or any person intere sted in or affected by such business or transaction, at any \r\ntime by order in writing, cause an enquiry to be made by a ny person appoint ed in this \r\nbehalf into- \r\n(a) the affairs of, or dealings in, any[ ]91 Exchange; or \r\n(b) the dealings, business or any tran saction in securities by any [person or] 92 \r\nbroker, member, director or officer of [an]93 Exchange. \r\n(2) Where any enquiry under sub-section (1) has been under taken every past or present \r\nmember, director, manager or other officer of the[ ] 94 Exchange [or any other person] 95 \r\nto which the enquiry relates, and every ot her person who has had any dealing in the \r\ncourse of his business with such [person or] 96 [ ] 97 E x c h a n g e o r w i t h t h e d i r e c t o r , \r\nmanager or officer thereof, shall furnish su ch information and docum ents in his custody \r\nor power or within his knowledge relating to or having bearing on the subject-matter or \r\nthe enquiry as the person conducting the enquiry may require.]98 \r\n (3) The person conducting an enquiry under sub-section (1) may, for the purpose of \r\nsuch enquiry, enter into any premises belong ing to or in the occupation of the[ ] 99 \r\nExchange or the issuer or of the person to whom the enqui ry relates, a nd call for and \r\n \r\n91 The word “Stock” omitted through Finance Act, 2007. \r\n92 The words “person or” inserted through Finance Act, 2008 dated June 27, 2008. \r\n93 Substituted for “a Stock” though Finance Act, 2006. \r\n94 The word “Stock” omitted through Finance Act, 2007. \r\n95 The words “or any other person” inserted through Finance Act, 2008 dated June 27, 2008. \r\n \r\n96 The words “person or” inserted through Finance Act, 2008 dated June 27, 2008. \r\n \r\n97 The word “Stock” omitted through Finance Act, 2007. \r\n98 Sub-sections (1) and (2) substituted through Companies Ordinance, 1984. Before substitution these read \r\nas follows: \r\n(1) The Federal Government may, on its own motion or, in the case of issuer of listed securities, on \r\nrepresentation of holders of not less than ten percen t of equity securities at any time by order in \r\nwriting, cause an enquiry to be made by any person appointed in this behalf into- \r\n \r\n(a) The affairs of any Stock Exchange, or any issuer of a listed security; or \r\n(b) The business or any transaction in any security by any member di rector or officer of a Stock \r\nExchange or of an issuer, or of a director or an officer of whereof, or by any person who is \r\ndirectly or indirectly the beneficial owner of not less than ten percent of a listed security. \r\n \r\n(2) Where an enquiry under sub-section (1) has been undertaken, every member, director, [auditor], \r\nmanager, or other officer of the Stock Exchange r the issuer to which, or to whose member, \r\ndirector, officer the enquiry relates and every other person who has had any dealing in the course \r\nof his business with such Stock Exchange, or issuer or with the director, [auditor], manager, or \r\nother officer thereof, shall furnish such information in his custody or power or within his \r\nknowledge relating to or having a bearing on th e subject matter of the enquiry as the person \r\nconducting the enquiry may require. \r\n99 The word “Stock” omitted through Finance Act, 2007. \r\ninspect and seize books of accounts or documents in the possession of any such[ ] 100 \r\nExchange, issuer or person. \r\n(4) The person holding an enquiry under su b-section (1) shall, for the purpose of such \r\nenquiry have the same powers as are vested in a court under the Code of Civil Procedure, \r\n1908 (Act V of 1908), when trying a suit, in respect of the following matters, namely :- \r\n(a) enforcing the attendance of a person and examining him on oath or \r\naffirmation; \r\n (b) compelling the production of documents; \r\n (c) issuing commissions for the examination of witnesses; \r\nand any proceedings before such person shal l be deemed to be “judicial proceeding” \r\nwithin the meaning of sections 193 and 228 of the Pakistan Penal Code (Act XLV \r\nof 1860). \r\n22. Penalty for certain refusal or failure. -(1) If any person- \r\n(a) refuses or fails to furnish any document, paper or information which he is \r\nrequired to furnish by or under this Ordinance; or \r\n(b) refuses or fails to comply with any order or direction of the [Commission]\r\n101 \r\nmade or issued under this Ordinance; or \r\n(c) contravenes or otherwise fails to co mply with the provisions of this Ordinance \r\n[or any rules or regulations made thereunder]102; \r\nthe [Commission]103 may, if it is satisfied after giving the person an opportunity of being \r\nheard that the refusal, failure or contravention was willful, by order direct that such \r\nperson shall pay to the [Commission] 104 by way of penalty such sum not exceeding [fifty \r\nmillion]105 rupees as may be specified in the order and, in the case of a continuing \r\ndefault, a further sum calculated at the rate of [two hundred]106 thousand rupees for every \r\nday after the issue of such order during which the refusal, failure or contravention \r\ncontinues. \r\n \r\n100 The word “Stock” omitted through Finance Act, 2007. \r\n101 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n102 Words inserted through Finance, Act, 2006. \r\n103 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n104 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n105 Substituted for “one hundred thousand” through Finance Act, 2007. Earlier it was substituted for “thirty \r\nthrough Securities and Exchange (Amendment) Ordinance, 2000.” \r\n106 Substituted for “two thousand through Finance Act, 2007. Earlier “two” was substituted for “one” \r\nthrough Securities and Exchange (Amendment) Ordinance, 2000. \r\n (2) Any sum directed to be paid under sub-section (1) shall be recoverable as an arrear \r\nof land revenue. \r\n(3) No prosecution for an offence against this Ordinance shall be instituted in respect of \r\nthe same facts on which a penalty has been imposed under this section. \r\n23. Civil liabilities.- (1) Every contract made in cont ravention of any provision of this \r\nOrdinance or any rule made thereunder shall be voidable as regards the rights of any \r\nparty to the contract contrave ning such provision or any pe rson not being a party to the \r\ncontract who acquires any righ t under the contract with actual knowle dge of the facts by \r\nreason of which its making or performance wa s in such contravention and any person \r\naffected by such contract not being himsel f a party to the contravention may sue to \r\nrescind any such contract to the extent it has been consummated or for damages when \r\nrecision is not possible. \r\n(2) Any person who makes or causes to be made, in any application, report, or \r\ndocument filed with the [Commission] 107 or [an]108 Exchange pursuant to this Ordinance \r\nor any rule made thereunder, any statement which was false or misleading with respect \r\nto any material fact, at the time and in the light of the circumstances under which it was \r\nmade, shall be liable to any person who has purchased or sold a security in reliance on \r\nsuch statement for damages caused by such reli ance, without regard to the presence or \r\nabsence of any contractual relationship betw een the two, unless the person who made or \r\ncaused to be made the application, report or document proves that he acted in good faith \r\nand had no knowledge or reasona ble ground to believe that the statement was false or \r\nmisleading. \r\n (3) Any person who participates in any act or transaction in contravention of section 17 \r\nshall be liable to any person w ho has purchased or sold a secu rity in reliance on such act \r\nor transaction for damages caused by such re liance, without regard to the presence or \r\nabsence of any contractual relationship between the two, unless the person so \r\ncontravening proves that he acted in good faith and had no knowledge or reasonable \r\nground to believe that there was any fraud, untruth or omission. \r\n(4) Every person who directly or indirect ly exercises control over the affairs of any \r\nperson liable under this section shall also be liable to the same extent as the person whose \r\naffairs are so controlled, unle ss he proves that he acted in good faith and did not directly \r\nor indirectly induce the act or acts giving rise to the cause of action. \r\n (5) Liability under this section shall be joint and several, and every person who \r\nbecomes liable may recover contribution as in cases of contract from any person who, if \r\njoined in the original suit, would have been liable to make the same payment, unless the \r\nplantiff was, and the defendant was not, guilty of fraudulent misrepresentation. \r\n \r\n107 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n108 Substituted for “a stock” through Finance Act, 2006. \r\n(6) No suit for the enforcement of any ri ght or remedy provided for in this section shall \r\nlie after the expiry of three years from the date of the accrual of the cause of action. \r\n(7) The rights and remedies provided by this Ordinance shall be in addition to any other \r\nrights and remedies available under any other law for the time being in force. \r\n24. Penalty. (1) Whoever contravenes the provisi ons of section 17 shall be punishable \r\nwith imprisonment for a term which may exte nd to three years, or with fine which may \r\nextend to [five hundred]109 thousand rupees, or with both. \r\n(2) Where the person guilty of an offence re ferred to in sub-section (1) is a company or \r\nother body corporate, every director, manager or other officer responsible for the conduct \r\nof its affairs shall, unless he proves that the offence was committed without his \r\nknowledge or that he exercised all diligence to prevent its commission, be deemed to be \r\nguilty of the offence. \r\n25. Cognizance of offence .- No court shall take cognizan ce of any offence punishable \r\nunder this ordinance except on a report in writing of the fact s constituting the offence by \r\nan officer authorised in this behalf by the [Commission]\r\n110; and no court inferior to that \r\nof a court of Session shall try any such offence. \r\n26. [Omitted]111 \r\n \r\n \r\n \r\nCHAPTER VI \r\nMISCELLANEOUS \r\n \r\n \r\n109 Substituted for “thirty” through Securities and Exchange (Amendment) Ordinance, 2000. Earlier “thirty” \r\nwas substituted for “ten” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n110 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n111 Section 26 omitted through Securities and Exchange (Amendment) Ordinance, 2000. Before omission it \r\nread as follows: \r\n“26. Revision and Review.- (1) Any order passed or made under this Ordinance by an officer or authority \r\nsubordinate to the Federal Government or exercising the powers of the Federal Government in pursuance of \r\na directive of under section 28 shall be subject to revision by the Federal Government upon application \r\nbeing made by any aggrieved person within ninety days from the date of such order; and the Federal \r\nGovernment’s order in revision shall be final. \r\n \r\n(2) The Federal Government may, upon an application being made to it within a period of six months \r\nfrom the date of the order passed by it otherwise than in revision under sub-section (1) or on its on motion, \r\nreview such order; and the Federal Government’s order in review shall be final.” \r\n27. Advisory Committee.- The [Commission] 112 may, for the purpose of obtaining \r\nadvice and assistance in carrying out the purpos es of this Ordinance, constitute an \r\nAdvisory Committee consisting of such person s representing interests affected by this \r\nOrdinance or having special knowledge of the subject-matter thereof as it may think fit. \r\n28. [Omitted]113 \r\n29. Exemption.- The [Commission] 114 may, by notification in the official Gazette, \r\nexempt any person or class of persons or any security or class of securities or any \r\ntransaction or class of transac tions from the operation of a ll or any of the provisions of \r\nthis Ordinance. \r\n30. Indemnity.- No suit, prosecution or other lega l proceedings shal l lie against the \r\n[Commission]115 or an officer or authority subordinate to it or specially appointed for the \r\npurpose of this Ordinance for anything which is in good faith done or intended to be done \r\nunder this Ordinance or any rules or orders made thereunder. \r\n31. Securities acquired in good faith.- (1) A person who, without fraud and for a \r\nlawful consideration, becomes the possessor of a certificate of an e quity security, scrip, \r\ndebenture, debenture stock or bond, and who is without notice that the title of the person \r\nfrom whom he derived his own title was de fective shall hold such certificate and all \r\nrights attached thereto free from any defect of title of prior parties and free from defences \r\navailable to prior parties among themselves. \r\n (2) [An] 116 Exchange may regulat e the documentation, pro cedures and guarantees \r\nrequired to transfer property in securities and the effects thereof on the respective rights \r\nand liabilities of the parties and such regulations, if approved by the [Commission] 117 , \r\nshall constitute binding and enforceable terms and conditions of contracts effected on the \r\nexchange, shall govern the rights and liabilities of the parties thereto, and shall govern the \r\nrights and liabilities with respect to transfers of shares on its books of the issuer of listed \r\n \r\n112 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n113 Section 28 omitted through Securities and Exchange (Amendment) Ordinance, 2000. Before omission it \r\nread as follows: \r\n“28. Delegation of Power.- [(1)] The Federal Governme nt may, by notification in the Official Gazette, \r\ndirect that all or any of its powers and functions under this Ordinance may, subject to such limitations, \r\nrestrictions or conditions, if any, as it may from time to time impose, be exercised or performed also by any \r\nofficer or authority subordinate to it or specially appointed for the purpose. \r\n \r\n[(2)] Where the Federal Government has, under sub-section (1), directed that any of its powers and \r\nfunctions shall be exercised or performed also by any specified authority, such authority may by \r\nnotification in the official Gazette, di rected that any of the sa id powers and functions may, subject to such \r\nlimitations, restrictions or conditions, if any, as it may from time to time impose, be exercised or performed \r\nby any officer of the authority specified by it.” \r\nSection 28 renumbered as sub-section (1) and sub-section (2) inserted through Companies Ordinance, 1984. \r\n114 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n115 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n116 Substituted for “a stock” through Finance Act, 2006. \r\n117 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\nsecurities notwithstanding any provisions to th e contrary contained in the Contract Act, \r\n1872 (IX of 1872), the Negotiable Instruments Act, 1881 (XXVI of 1881), the Transfer \r\nof Property Act, 1882 (IV of 1882) or the Co mpanies Ordinance, 1984, or any other law \r\nfor the time being in force. \r\n[32. Regulation of business of asset manage ment companies, investment advisers, \r\ninvestment companies and venture capital companies .- The business of asset \r\nmanagement companies, investment advise rs and investment companies and venture \r\ncapital companies shall be regulated in such manner as may be prescribed.]\r\n118 \r\n[32-A. Regulation of central depository companies.- (1) No company shall function as \r\na central depository company unless it is inco rporated under the Companies Ordinance, \r\n1984 (XLVII of 1984), and is registered with the Authority in the manner and on \r\npayment of such fee as may be prescribed. \r\n (2) A certificate of registration granted under this section shall be valid for one year \r\nand shall be renewable on payment of such fee as may be prescribed.]119 \r\n(3) No application for registration shall be refused except after giving the applicant an \r\nopportunity of being heard. \r\n(4) Where the Authority is of the opi nion that a central depository company has \r\ncontravened any provision, or has otherwise neglected or failed to comply with any \r\nrequirement of this Ordinance or the rules, the Authority may suspend the registration for \r\na specified period or cancel the registration of such company: \r\n Provided that the registrati on shall not be suspended or ca nceled except after giving the \r\ncentral depository company a notice to show cause. \r\n[32-B. Registration of credit rating companies.- (1) No company shall function as a \r\ncredit rating company unless it is incor porated under the Compan ies Ordinance, 1984 \r\n(XLVII of 1984), and is register ed with the Authority in the manner and on payment of \r\nsuch fee as may be prescribed. \r\n (2) A certificate of registration granted under this section shall be valid for one year \r\nand shall be renewable on payment of such fee as may be prescribed. \r\n \r\n118Section 32 substituted through Securities and Exch ange (Amendment) Ordinance, 2000. Before \r\nsubstitution it read as follows: \r\n“32. Regulation of business of asset management companies, investment advisors and investment \r\ncompanies.- The business of asset management companies, investment advisors and investment companies \r\nshall be regulated in such manner as may be prescribed.” \r\n \r\nSection 32 was earlier substituted through Securities and Exchange (Amendment) Ordinance, 1994. Before \r\nsubstitution it read as follows: \r\n“32. Regulation of business of investment advisors and asset management companies.- The business of \r\ninvestment advisors and investment companies shall be regulated in such manner as may be prescribed.” \r\n119Section 32A inserted through Securities and Exchange (Amendment) Ordinance, 1994. \r\n (3) No application for registration shall be refused except after giving the applicant an \r\nopportunity of being heard. \r\n(4) Where the Authority is of the opini on that a credit rating company has contravened \r\nany provision, or has otherwise neglected or failed to comply with any requirement of \r\nthis Ordinance or the rules, the Authority may suspend the registration for a specified \r\nperiod or cancel the registration of such company: \r\n Provided that the registration shall not be suspended or cancelle d except after giving \r\nthe credit rating company a notice to show cause.]120 \r\n[32-C. Regulation of business of transf er agents, balloters and underwriters, etc.- \r\n(1) The business of transfer agents, balloters, underwriters, sub-underwriters, consultants \r\nto a public issue and other ancillary business relating to stock market shall be regulated in \r\nsuch manner and on payment of such fees and charges as may be prescribed.]121 \r\n[32-D. Regulation of business of Commodity Futures Contract.- The business of \r\nCommodity Futures Contract shall be regula ted in such manner and on payment of such \r\nfees and charges and may be prescribed.]122 \r\n123[32E. Corporatisation, demutualisation a nd integration of the stock exchanges.- \r\n(1) Notwithstanding anything in any other law for the time being in force, the stock \r\nexchanges shall stand corporati zed and demutualised from 31 st December, 2006 or from \r\nsuch later date as may be specified by the Commission, in such manner and in accordance \r\nwith such conditions as may be prescribed. \r\n \r\n[(1A) Without prejudice to the generality of the foregoing po wer and sub-section (2) of \r\nsection 33, the rules made in pursuance of this section may inter alia provide for— \r\n \r\n(a) the matters to be included in any scheme of demutualization and \r\ncorporatization and the manner of its approval by the members of the \r\nstock exchange; \r\n \r\n(b) the power of the Commission to appr ove any scheme of demutualization \r\nand corporatization including the power to impose any conditions;\r\n \r\n \r\n(c) the process and procedure to be fo llowed for purposes of demutualization \r\nand corporatization; \r\n \r\n(d) matters regarding appointment of dir ectors and chairman of the board of a \r\nstock exchange after demutuali zation, including but not limited to \r\nrestrictions, if any, on such appointments; \r\n \r\n \r\n120 Section 32B inserted through Securities and Exchange (Amendment) Ordinance, 1994. \r\n121 Section 32C inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n122 Section 32D inserted through Finance Act, 2003. \r\n123 Section 32E inserted through Finance Act, 2006. \r\n \r\n(e) restriction of rights, if any, attach ed to the shares issued pursuant to \r\ncorporatization; \r\n \r\n(f) matters including restrictions, if an y, on disinvestment, further issue and \r\nsale and purchase of shares of a stock exchange after demutualization; \r\n \r\n(g) matters regarding limits or restri ction on holding of shares by different \r\ncategories of shareholders of a stoc k exchange, and the requirement for \r\ndivestment of shares by shareholders in particular circumstances; and \r\n \r\n(h) matters regarding trading rights on a stock exchange and restrictions if any \r\nin this regard.]\r\n124 \r\n \r\n(2) From the date of effect of corporatisat ion and demutualization as aforesaid, no stock \r\nexchange shall undertake any activity unless it is corporatised and demutualised. \r\n \r\n(3) Any two or more stock exchanges may, up on filing a scheme of integration to the \r\nCommission for its approval, in such manner and in accordance with such conditions as \r\nmay be prescribed, be merged so as to tr ansfer to and vest in the successor stock \r\nexchange, all the assets, unde rtaking, liabilities, rights and obligations of any stock \r\nexchange which, upon such merger, is proposed to cease to exist. \r\n \r\n(4) Without prejudice to the provisions of sections 7 and 22, the Commission may, by \r\nnotice in writing, for the purpos e of effecting the corporatis ation and demutualisation of \r\nthe stock exchanges, issue such directions to the stock exchanges, including in respect of \r\ntheir memorandum and articles of association, their management and the transfer of their \r\nshares or business, as the Commission may deem expedient. \r\n \r\n(5) Where a stock exchange fails to comp ly with any directions issued by the \r\nCommission under sub-section (4), such stock ex change shall be liable to be fined by the \r\nCommission by an amount not exceeding one hundred thousand rupees.] \r\n \r\n33. Power to make rules.- (1) The [Federal Government]\r\n125 may, by notification in the \r\nofficial Gazette, make rules for carrying out the purposes of this Ordinance. \r\n(2) In particular and without prejudice to th e generality of the foregoing power, such \r\nrules may provide for - \r\n \r\n124 Sub-section (1A) inserted through Finance Act, 2008 dated June 27, 2008. \r\n \r\n125 Substituted for “Central Government” through President’s Order no. 4 of 1975. \r\n(a) any of the matters wh ich are to be or may be prescribed for the purposes of \r\nclause (d) of section 2 and section 4, 5, [5A,] 126 6, 9, 11, 12, 15, 16 127[, \r\n32, 32A, 32B, 128{32 C and 32 E}]; and \r\n(b) any of the matters with respect to which [the] 129 Exchange may make \r\nregulations. \r\n \r\n34. Power to make regulations.- (1) [An] 130 Exchange may, subject to the previous \r\napproval of the [Commission]131, make regulations not inconsistent with the rules to carry \r\nout the purposes of this Ordinance. \r\n(2) In particular and without prejudice to the generality of the foregoing power, such \r\nregulations may provide for all or any of the following matters, namely:- \r\n(i) constitution, powers an d functions of the gove rning body of the[ ] 132 \r\nExchange; \r\n(ii) qualification for membership of the [ ] 133 Exchange; admission, suspension \r\nand expulsion of members; disciplinary matters, including punishment of the \r\nmembers; \r\n(iii) classification of members into categories with regard to- \r\n (a) whether they are or are not active in dealings on the [ ]134 Exchange, \r\n(b) whether they have or have not a place of business in the city where the \r\n[]135 Exchange is located, and \r\n(c) whether a substantial part of th eir business is in listed or unlisted \r\nsecurities; \r\n(iv) a member’s financial responsibility whether by wa y of minimum capital or a \r\nratio between net capital or aggregate indebtedness, or both; \r\n \r\n126 Inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n127 Inserted through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n128 Substituted for “and 32C” through Finance, Act, 2006. \r\n129 Substituted for “an” through Finance, Act, 2007. \r\n130 Substituted for “a stock” through Finance Act, 2006. \r\n131 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n132 The word “Stock” omitted through Finance Act, 2007. \r\n133 The word “Stock” omitted through Finance Act, 2007. \r\n134 The word “Stock” omitted through Finance Act, 2007. \r\n135 The word “Stock” omitted through Finance Act, 2007. \r\n(v) regulation of dealing by members for their own account; me thod of soliciting \r\nbusiness by members; manner of mainta ining books of accounts and financial \r\nreports by members; \r\n(vi) methods of selection of officers and committees to ensure a fair representation \r\nof the membership; \r\n(vii) qualifications and functions of the directors, officers and other functionaries of \r\nthe [ ] 136 Exchange; disciplinary matters, including punishment of the \r\ndirectors, officers and functionaries; \r\n(viii) listing and delisting of securities; \r\n(ix) the procedure for regi stration of an issuer and part iculars to be furnished for \r\nthe purpose; \r\n(x) regulation of days and hours of trading in securities; suspension of trading; \r\n(xi) types of contracts and settlements in the [ ] 137 Exchange and regulation of \r\ncontracts generally, including the conse quences of default or insolvency; \r\nconfirmation of contracts; \r\n(xii) regulation of forward trading, badlas and carry over facilities in relation to \r\ntransactions and securities; \r\n(xiii) manner of making and publishing quo tations, fixing of trade units and \r\ndifferentials and publication of transactions both individually and by volume; \r\n(xiv) setting up of a clearing house in relation to transactions in securities; \r\n(xv) regulation of fictitious and numbere d accounts; blank transfers, short sales, \r\noptions, odd lots and margins, in relation to transactions and securities; \r\n(xvi) lending and [pledging]138 of customers’ securities; \r\n(xvii) regulation of broker ages and other charges, in cluding fixation of minimum \r\ncommission; \r\n(xviii)separation of the functions of broker and jobber; \r\n(xix) procedure for the settlement of claims or disputes, including arbitration; and \r\n \r\n136 The word “Stock” omitted through Finance Act, 2007. \r\n137 The word “Stock” omitted through Finance Act, 2007. \r\n138 Substituted for “hypothecation” through Securities and Exchange (Amendment) Ordinance, 1980. \r\n \r\n(xx) any other matter for which a regulation is required to be or may be made. \r\n(3) All regulations made under this section shall be published in the official Gazette and \r\nshall take effect upon such publication. \r\n (4) Where the [Commission] 139 considers it expedient so to do, it may, by order in \r\nwriting, direct [an] 140 Exchange to make any regulati on, or to amend or rescind any \r\nregulation already made, within such period as it may specify in this behalf. \r\n(5) If an Exchange fails or neglects to comply with any direction under sub-section (4) \r\nwithin the specified period, the [Commission] 141 may make or amend, with or without \r\nmodifications, or rescind, any regulation direct ed to be made, amended or rescinded; and \r\na regulation so made, amended or rescinded by the [Commission] 142 shall be deemed to \r\nhave been made, amended or rescinded by the Exchange in accordance with the \r\nprovisions of this section and shall have effect accordingly. \r\n[ omitted ]143 \r\n \r\n \r\n139 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n140 Substituted for “a stock” through Finance Act, 2006. \r\n \r\n141 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n142 Substituted for “Federal Government” through Securities and Exchange (Amendment) Ordinance, 2000. \r\n \r\n143 Section 35 omitted through Finance Act, 2007. Before omission it read as follows: \r\n“35. Savings.- (1) A Stock Exchange which, immediately before the commencement of this Ordinance, \r\nwas functioning shall be deemed to be registered under this Ordinance. \r\n \r\n(2) Any security which immediately before the commencement of this Ordinance, was stood listed on \r\nany Stock Exchange shall be deemed to have been listed under this Ordinance. \r\n \r\n(3) Any rule, regulation, by-law or order made or issued by a Stock Exchange which immediately \r\nbefore the commencement of this Ordinance, was in force, shall, in so far as it is not inconsistent with the \r\nprovisions of this Ordinance, continue in force as if made or issued under this Ordinance.”", "passage_offset_convention": "zero-based Unicode code points and UTF8 bytes; end exclusive", "passages": [ { "passage_id": "law:pk-code-90d95589d991b285:sha256:e830c4988657bb446bc327a1d4b3d0cbca7ef0a76df77aaeb740168bb09d6606:chars-0-1779:1ccdf8fd2ad2226b1a570fe8e2cfc0bf8e4d7bdef29a8a398bd7f3347dbe1f1b", "character_start": 0, 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