Regulatory Alerts2019-07-26
Added · Updated
Amendments in Listed Companies (Buy Back of Shares) Regulations, 2019
The Securities and Exchange Commission of Pakistan amends Regulation 11 of the Listed Companies (Buy-Back of Shares) Regulations, 2019, by extending the minimum lock-in period for shares bought back from six months to three years. Additionally, an explanation is inserted to clarify that the further issue of capital does not include bonus issues of shares. These changes apply to listed companies in Pakistan.
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
Islamabad, the 25th July, 2019
NOTIFICATION
S.R.O. 857(I)/2019.- In exercise of the powers conferred under section 512 read with section 88 of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Listed Companies (Buy-Back of Shares) Regulations, 2019, the same having been previously published in the official Gazette vide Notification No. S.R.O. 658 (I)/2019 dated June 25, 2019, namely:-
In the aforesaid Regulations, in regulation 11,-
i. in clause (d), words “three years” shall be substituted for words “six months”;
ii. after clause (d), following shall be inserted, namely:-
“Explanation: further issue of capital shall not include bonus issue of shares.”
[No. CSD/BBR/124/2018]
(Signature)
Bushra Aslam Executive Director