Amendments to the Listed Companies (Buy-Back of Shares) Regulations, 2019

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- Islamabad, the 6 th September, 2022 NOTIFICATION S.R.O. 1725(I)/2022.- 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 hereby pleased to make the following amendments to the Listed Companies (Buy-Back of Shares) Regulations, 2019, the same having been previously published in the official Gazette vide notification S.R.O. 813 (I)/2022, dated 16th June, 2022 for public consultation as required under the said section 512 of the Companies Act, 2017, namely:- AMENDMENTS In the aforesaid Regulations, -

1. in regulation 2, in sub-regulation (1), clauses (c) and (d) shall be omitted;
2. in regulation 3, in sub-regulation (1), -
   (a) in clause (b), the expression “or minimum free float requirements of the securities exchange, as set out in listing regulations” shall be omitted; and (b) for the clause (e), the following shall be substituted, namely: - “the purchasing company shall not be on the default counter and has not defaulted on any debt instrument supported by auditors’ certificate;”;
3. in regulation 4, -
   (a) in sub-regulation (1), for the word “thirty”, the expression “forty-five” shall be substituted; (b) in sub-regulation (2), after the words ‘public announcement, the words ‘as per Schedule II’ shall be inserted; and (c) sub-regulation (4) shall be omitted;
4. regulation 5 shall be omitted;
5. in regulation 6, -
   (a) in heading, after the word ‘purchase’, the word ‘procedure’ shall be inserted; (b) in clause (a), the word ‘and’ at the end, shall be omitted;