Draft amendments in the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003

SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN *

Islamabad, the 2nd December, 2011.

NOTIFICATION

S.R.O. 1079(I) /2011.- The following draft of certain further amendments in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, which are proposed to be made by the Securities and Exchange Commission of Pakistan with the approval of the Federal Government, in exercise of the powers conferred by sub-section (1) of section 282B of the Companies Ordinance, 1984 (XLVII of 1984) read with clause (b) of section 43 of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), is hereby published for the information of all persons likely to be affected thereby and, as required by proviso to clause (b) of sub-section (1) of section 506 of the said Ordinance, notice is hereby given that the draft will be taken into consideration after fourteen days of its publication in the official Gazette.

Any objection or suggestion which may be received from any person in respect of the said draft before the expiry of the said period shall be considered by the Securities and Exchange Commission of Pakistan:-

DRAFT AMENDMENTS

In the aforesaid Rules,-

(a) in Form-I, for the words, letters, figure and brackets “five hundred thousand (Rs. 500,000/-)” the expression “(Rs. ________)” shall be substituted;

(b) in Form-II, in paragraph 5, for the words, letters, figure and brackets “two hundred and fifty thousand (Rs. 250,000/-)”, the expression “(Rs. ________)” shall be substituted;

(c) in Form-III,-
(i) in the second line, for the figure “2”, the figure “6” shall be substituted; and (ii) the word, brackets and figure “sub-rule (2)”, the word, brackets and figure “sub-rule (6)” shall be substituted;

(d) in Form IV, for the words, letters, figure and brackets “two hundred and fifty thousand (Rs. 250,000/-)” the expression “(Rs. ________)” shall be substituted; and

(e) in Form V,-
(i) in the second line, for the brackets and figure “(5)”, the brackets and figure “(9)” shall be substituted; and

(ii) for the word and figure “sub-rule 5”, the word, brackets and figure “sub-rule (9)” shall be substituted.

[No.SCD/AMC/Rules/476/2011]

(Abdul Rehman Qureshi)
Advisor/Secretary