RegAlert2023-01-02
Added · Updated
Consolidated Circular for Modarabas-SRO 2310 dated 28.12.2022
The Securities and Exchange Commission of Pakistan consolidates regulations for modaraba companies, prohibiting changes to sponsors, promoters, substantial shareholders, directors, or chief executive officers without prior Registrar approval. Substantial shareholders must deposit shares and certificates in CDC accounts where they remain blocked and unencumbered, with transfers restricted without written permission. Modarabas are authorized to raise funds via public offers, Sukuk, or agreements with Islamic banks, subject to Shariah compliance and Registrar approval, while other public fundraising methods are disallowed. The circular mandates specific conditions for real estate investments, requires key professionals to hold PMRP and FCM certifications, and enforces strict Anti-Money Laundering protocols including KYC, CDD, and monthly CIB data submission to the State Bank of Pakistan.
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PART II
Statutory Notification (S. R. O.)
GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the 28th December, 2022 S.R.O.2310(I)/2022 - In exercise of the powers conferred under section 41B of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (the “Ordinance’’), the Securities and Exchange Commission of Pakistan is hereby please to issue the following notification in order to consolidate and update various circulars, dircetives and notifications already isseud by the Commission from time to time under the said Ordinance, to facilitate and create an enabling environment for the Modaraba sector and to ensure compliance of statutory and regulatory requirements pertaining to the Modaraba sector, namely:-
Chapter 1:
- Prohibition of change of sponsors, promoters, substantial shareholders, directors
or the chief executive officers in the Modaraba Companies
1.1. Pursuant to sections 6 and 11 of the Ordinance and conditions imposed while
granting approval for registration of modaraba companies and authorising the floatation of modarabas by the Registrar Modaraba, no change shall be made in substantial shareholders, directors or chief executive officer of the modaraba company without prior approval of the Registrar Modaraba.
1.2. The sponsor, promoters and substantial shareholders of the modaraba company
shall deposit their shares of modaraba company and the modaraba certificates
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Lineage: Amended
Show all related documents (43)
- Supersedes
- Appointment of directors and chief executive in Modaraba companies2000Additional Conditions No. 1/2000 to Modaraba Authorization Certificate2000Circular dated 1999-05-06not in RegAlertCircular dated 2000-08-10not in RegAlertCircular dated 2001-06-14not in RegAlertCircular dated 2002-06-06not in RegAlert
+33 more
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- Appointment of Auditors for SECP Regulated Entities2023
- Issued under
- Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980not in RegAlertModaraba Regulations, 2021not in RegAlert
- Refers to
- The Companies Act, 2017 (Act No. XIX of 2017)2017
Timeline
Amended 1 time · last 2023-04-05
- 2023-04-05
SECPAppointment of Auditors for SECP Regulated Entitiesamends
This document supersedes: Appointment of directors and chief executive in Modaraba companies, Additional Conditions No. 1/2000 to Modaraba Authorization Certificate
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
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