Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.-

Islamabad, the 29th March, 2023

NOTIFICATION

S.R.O. 412 (I)/2023.- In exercise of the powers conferred under sub-section (1) of section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan hereby makes the following amendment to the Central Depositories (Licensing and Operations) Regulations, 2016, the same having been previously published in the official Gazette for public comments vide S.R.O 2133(I)/2022 dated 1st December, 2022 and were placed on its website, namely:-

In the aforesaid Regulations,

(1) In regulation 15, sub-regulation (1), after the words, “shall ensure that it has appointed an auditor” the words, “from the list of approved auditors to conduct audit of central depository as notified by the Commission,” shall be inserted.

(2) In regulation 15, sub-regulation (7A), the words, “with prior approval of the Commission” shall be deleted and after the words “appoint an independent auditor”, the words, “from the list of approved auditors for a central depository as notified by the Commission, other than the auditor appointed under sub-regulation (1) above,” shall be inserted.

(3) In regulation 15, after sub-regulation (7A), following new sub-regulation (7B) shall be inserted, “For the purposes of audit specified in sub-regulation (7) above, a central depository shall, at the minimum, rotate the auditor after every five years.”

[File No. SMD/SE/2(20)/2020]

( Bilal Rasul )
Secretary to the Commission