RegAlert2021-10-05
Added · Updated
Public Offering Regulations, 2017 (Updated September 15, 2021)
The Securities and Exchange Commission of Pakistan establishes regulations governing public offerings of securities by public limited companies, offerors, and associated intermediaries. The rules mandate a profitable track record for at least two preceding financial years, with specific provisions allowing loss-making companies to proceed if sponsors retain at least 51% of post-issue paid-up capital until profitability is restored. The regulations define key terms for book building, including bid prices and price bands, and specify applicability exclusions for special purpose vehicles and government-guaranteed debt securities.
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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 2nd May, 2017 NOTIFICATION S. R. O.296(I)/2017. __ In exercise of powers conferred by sections 19, 87, 88, 89, 90, 91, 94 and 95 read with section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan hereby makes the following regulations, the same have been previously published in the official Gazette vide Notification No.S.R.O.1139(I)/2015 dated 16th November 2015 as required by sub-section (4) of section 169 of the Act, namely:-
CHAPTER I
PRELIMINARY
- Short title, commencement and applicability.__ (1) These Regulations shall
be called the Public Offering Regulations, 2017.
(2) They shall come into force at once.
(3) They shall apply to:
(i) a public limited company or body corporate proposing to issue securities to the general public; (ii) an Offeror who intends to offer securities to the general public; and (iii) sponsors of the public limited company or body corporate, the Consultants to the Issue, the Underwriter, the Book Runner, the Designated Institution, the Banker to an Issue, Investment Agent and Issuing and Paying Agent. (4) These Regulations shall not apply to an Issue by Special Purpose Vehicle or body corporate specifically setup by the Federal Government or any provincial Government for the purpose of issue of any debt security, under any other law or offer of securities as mentioned under sub-section (4) of section 87 of the Act. - Definitions.
__ (1) In these Regulations, unless there is anything repugnant in the subject or context, – (i) “Abridged Prospectus” means condensed form of the Prospectus containing such information and disclosures as mentioned in Second Schedule to these Regulations; (ii) “Act” means the Securities Act, 2015 (III of 2015); (iii) “Application Supported by Blocked Amount” means an application for subscription to shares or bidding, where money is blocked in the applicant’s
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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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SECP published 3 documents in the last 30 days. We email you each new one the day it's published.