GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.-

Islamabad, the 19th April, 2022

NOTIFICATION

S.R.O. 537 (I)/2022.- - In exercise of the powers conferred under section 169 of the Securities Act, 2015 (III of 2015), the Securities and Exchange Commission of Pakistan is pleased to make the following amendments in the Public Offering (Regulated Securities Activities Licensing) Regulations, 2017, the same having been previously published in the official Gazette vide Notification S.R.O.7(I)/2022 dated January 3, 2022 as required under sub-section (4) of said section 169, namely:-

AMENDMENTS

In the aforesaid Regulations, -

(1) in regulation 6, in sub-regulation (1), in clause (e), for the expression “section 151 of the Act”, the expression “criteria specified by the Commission” shall be substituted;

(2) In SCHEDULE I, -

(a) in section (2), “Specific Conditions:”, -

    (i) in clause (2) “Consultant to the issue:” in paragraph (iii), -

      (a) in sub- paragraph (a), for the expression “Rs 2” the expression “Rs 5” shall be substituted; and

      (b) in sub-paragraph (b), for the full stop at the end a colon shall be substituted and thereafter the following new proviso shall be added, namely: - “Provided that all existing companies which are already licensed as Consultant to an issue, shall comply with minimum equity requirement of Rs. 5 million latest by December 31, 2022.”;

    (ii) in clause (3) “Underwriter:”, -

      (I) for paragraph (i), the following shall be substituted:

      “i) it is a scheduled bank, a development financial institution, or an Asset Management Company on behalf of

Mutual Funds under its management compliant with non-banking finance companies framework;

(II) after paragraph (i) substituted as aforesaid, the following new paragraph (ia) shall be added, namely: -

“(ia) a Modaraba Management Company on behalf of its Modaraba or a licensed securities broker both having minimum net worth of Rs. 100 million”; and

(3) In Annexure-I, in the opening paragraph, after the expression “an investment finance service license holder,” the expression “an Asset Management Company on behalf of Mutual Funds under its management, a Modaraba management company on behalf of its Modaraba” shall be inserted.

________________________________________________________________________ [File No. SMD/SE/2(267)2016]

( Bilal Rasul )
Secretary to the Commission