Amendments to the Companies (Further Issue of Shares) Regulations, 2020

The Securities and Exchange Commission of Pakistan amends the Companies (Further Issue of Shares) Regulations, 2020, by redefining 'defaulter counter' as 'non-compliant segment or winding-up segment' in Regulation 3. Regulation 5 is updated to include share issuances enabling acquirers to exceed voting limits under section 111 of the Securities Act, 2015. Regulation 6 introduces new provisions requiring that share issuances do not adversely affect existing shareholders, mandating equal dividend ratios for ordinary shares, and stipulating that shares with 'one share one vote' must comprise at least 75% of total voting power. Additionally, the amendments cap varied voting rights at five per share and require such shares to be listed securities.

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PART II
Statutory Notifications (S.R.O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 16th December, 2025 NOTIFICATION S.R.O.2458(I)/2025.- In exercise of powers conferred under section 512 read with sections 58, 82, 83 and 83A of the Companies Act, 2017 (XIX of 2017), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Companies (Further Issue of Shares) Regulations, 2020, and the same having been previously published in official Gazette vide S.R.O. 1811 (I)/2025, dated September 17, 2025, namely: - AMENDMENTS In the aforesaid Regulations, - (1) in regulation 3, in sub-regulation (1), - a) in clause (viii), for the words “defaulter counter”, the words “non-compliant segment or winding-up segment.” shall be substituted; b) in clause (viii), in the proviso, at the end, the words “that resulted in placement of the company on the PSX’s non-compliant segment or winding-up segment” shall be added; (2) in regulation 5, in sub-regulation (1), in clause (vi), in the proviso, at the end, the words “or the shares are to be issued to enable acquirer(s) to acquire voting shares beyond limits prescribed in section 111 of the Securities Act, 2015” shall be added; and (3) in regulation 6, in sub-regulation (1), - a) in clause (i), after the words “the issue of”, the words “different kinds and classes of” shall be added; b) after clause (i), amended as aforesaid, the following new clause shall be inserted, namely: -

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Timeline

Amended 1 time · last 2026-02-03

2026-02-03SECPThe Companies (Further Issue of Shares) Regulations 2020amends

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works