SMALL DISPUTE RESOLUTION COMMITTEES (CONSTITUTION AND PROCEDURE) RULES, 2015
[Gazette of Pakistan, Extraordinary, Part-II, 5th June, 2015]
S.R.O. 545(I)/2015, dated 3.6.2015.–In exercise of the powers conferred by Section 117 and sub-section (2) of Section 167 of the Insurance Ordinance (XXXIX of 2000), read with S.R.O. 708(I)/2009 dated 27th July 2009, and in supersession of S.R.O. 417(I)/2005 dated 11th May 2005 and Notification No. 2(19)/97-Ins.II dated 16th December 2006, the following draft rules are hereby published by the Commission for information of all persons likely to be effected thereby and notice is hereby given that objections and suggestions, if any, received by the Securities and Exchange Commission of Pakistan within the thirty days of the publication of this notification, will be taken into consideration.
SHORT TITLE, COMMENCEMENT AND DEFINITIONS
1. Short Title and Commencement.–(1) These Rules shall be called the “Small Dispute Resolution Committees (Constitution and Procedure) Rules, 2015.
(2) These Rules shall come into force at once.
2. Definitions.–(1) In these Rules, unless there is anything repugnant in the subject or context,–
(a) “Act” means the Securities and Exchange Commission of Pakistan Act, 1997;
(b) “Commission” means the Securities and Exchange Commission of Pakistan constituted under Section 3 of the SECP Act, 1997;
(c) “Committee” means the Small Dispute Resolution Committee constituted under the provisions of these Rules;
(d) “Member” means a natural person appointed as member of the Small Dispute Resolution Committee to take part in the dispute resolution process for a particular dispute;
(e) “Ordinance” means the Insurance Ordinance, 2000 (Ordinance No. XXXIX of 2000);
(2) The words and expressions used but not defined shall have the same meaning as assigned to them in the Ordinance.
CONSTITUTION AND COMPOSITION OF SMALL DISPUTE RESOLUTION COMMITTEES
3. Constitution of the Committees.–(1) The Committees shall be constituted at the following places:
(c) Karachi; and
(d) Such other places as may be specified by the Commission through notification in the official gazette.
(2) Each Committee shall establish its own secretariat to be situated in the city or place at which it is constituted in pursuance of sub-rule (1), and the amount prescribed by the Commission shall be paid to the Committee to meet its expenses.
4. Composition of the Committee.–(1) Each Committee shall comprise of the following individuals to act as members of the Committees:–
(a) an Advocate as defined under clause (a) of Section 2 of the Legal Practitioners and Bar Councils Act, 1973 (Act No. XXXV of 1973);