Securities and Exchange Commission of
Short title and commencement.
Procedure and conduct of business of the Commission.
Functions and power of Chairman.
Powers and duties of the Secretary.
Mode of submission of application etc.
Manner of disposal of application, etc.
Appearance by authorized representative.
Common seal of the Commission.
Securities and Exchange Commission of Pakistan (Conduct of Business) Regulations, 2000
29th November, 2000
In exercise of the powers conferred by section 40 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the Securities and Exchange Commission of Pakistan in consultation with the Securities and Exchange Policy Board, hereby makes the following regulations, the same having been published as required by subsection (2) of the said section, namely:–
1. Short title and commencement.– (1) These regulations may be called the Securities and Exchange Commission of
(2) They shall come into force at once.
2. Interpretation.-The words and expressions used but not defined herein shall have the same meanings as are assigned to them in the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997).
3. Procedure and conduct of business of the Commission.-(1) The Commission may meet at such time and places, for conduct of its business, as it may think fit:
Provided that in the absence of a decision of the Commission to the contrary, the Chairman shall decide the time and place for the meetings of the Commission.
(2) The Chairman shall, on the request of not less than three Commissioners, proceed to call a meeting of the Commission within three days of the receipt of the requisition.
(3) The requisition stating the objects of the meeting, shall be signed by the Commissioners and shall be deposited at the head office of the Commission.
(4) The Chairman may call a meeting of the Commission forthwith or within such reasonable period depending upon the urgency of the proposed business.
(5) At least three clear days, notice shall be given to all the Commissioners for a meeting of the Commission and such notice shall set forth the purpose or purposes for calling the meeting;
Provided that in the case of urgency the Chairman may call a meeting at such shorter notice or with such arrangements as he may deem fit.
(6) The Chairman shall preside at a meeting of the Commission, but if at any meeting he is not present, the Commissioners present shall choose a Commissioner to preside at the meeting of the Commission.
(7) In the case of difference of opinion among the Commissioners, the opinion of the majority of the Commissioners present at the meeting shall prevail and orders of the Commission shall be expressed in terms of the views of the majority. Any Commissioner dissenting from the majority view may record his reasons separately. If the Commissioners are evenly divided in their opinion, the Chairman or, as the case may be, the Commissioner chooses to preside at the meeting, shall have a second or casting vote.
(8) A fair and accurate summary of the minutes of all proceedings of the meetings of the Commission, alongwith the names of those participating in such meetings shall be entered in properly maintained books.
(9) The books containing the minutes of the meeting shall have a subject index, of all the proceedings.
(10) The draft minutes of the meetings of the Commission shall be circulated for confirmation, to all the Commissioners within three days of the conclusion of the proceedings.
(11) The minutes of the meetings as finalized after taking into account the observations of the Commissioners, if any, shall be placed before the next meeting of the Commission for confirmation;
(12) The proceedings of each meeting of the Commission which shall be signed and dated by the Chairman, or in his absence, by the Commissioner presiding over the meeting, as soon as may be, after the confirmation of the minutes and the proceedings so signed shall be conclusive evidence of the proceedings recorded therein.
(13) The decisions taken in Commission’s meeting shall be circulated to the Commission and the others concerned for necessary action.
(14) The Chairman may authorize, with full justification an emergent matter to be disposed of through a resolution by circulation:
Provided that the resolution by Circulation shall be signed by all the Commissioners and, in case of absence from
4. Functions and power of Chairman.— (1) The Chairman:–
(a) shall be the chief executive officer of the Commission and shall deal with the day to day administration of affairs of the Commission;
(b) shall take all policy decisions of administrative nature in consultation with the Commissioners;
(c) may, in his discretion and as he deems fit, assign duties and responsibilities to any of the Commissioners and officers for carrying out the functions of the Commission promptly and effectively; and
(d) may, from time to time, frame such guidelines and procedures, as he may consider appropriate for monitoring the performance and activities of the Commission’s Divisions and other administration of the affairs of the Commission.
(2) All administrative matters shall be processed in the Support Services Division suo motu or under the directions of the Chairman or on the recommendations of the Commissioners concerned.
5. Powers and duties of the Secretary.— (1) There shall be a Secretary to the Commission who shall perform all the duties and responsibilities of secretarial nature and he:–
(a) may, for and on behalf of the Chairman issue notices of the meetings of the Board and of the Commission;
(b) may represent the Commission on any forum, if so authorized by the Chairman generally or specifically;
(c) may accept service of all notices and other documents on behalf of the Commission;
(d) may sign a decision made by the Commission as a result of a hearing of so authorized by the Commission;
(e) may certify under his hand a decision made by the Commission, or a document used in connection with a hearing by the Commission;
(f) shall communicate to the relevant quarters, all decisions made in the meetings of the Commission and the Board; and
(g) may exercise such other powers and perform all other duties as may be assigned to him by the Chairman from time to time,
(3) If the Secretary is absent for any reason, the Commission may designate any officer of the Commission to act in the capacity of Secretary and the individual so designated shall have all the powers and duties of the Secretary.
6. Mode of submission of applications etc.-Unless otherwise provided, an application made to the Commission shall be:–
(i) duly signed, dated and verified by an affidavit by the person making it and, in the case of a company, signed and verified by its chief executive or director, secretary or liquidator;
(ii) neatly and legibly written, typed or printed and shall precisely set out the facts, grounds and claims or relief applied for in serially numbered paragraphs and specify the relevant provisions of law under which, action or relief is applied for;
(iii) accompanied by documents referred to or relied upon and, in the case of a petition for review of, or an appeal against any order or decision by a certified copy of such order or decision;
(iv) accompanied by three spare copies, duly signed, dated and verified and accompanied by the documents as aforesaid; and
(v) accompanied by the original receipt for the fee for an application as specified in the Sixth Schedule to the Ordinance.