Self Regulatory Organizations (Registration) Regulations, 2022

Government of Pakistan
Securities and Exchange Commission of Pakistan -.-.-.- Islamabad, the 6 th July, 2022 NOTIFICATION S.R.O. 1016 (I)/2022. - In exercise of powers conferred under Section 40 read with
Part IXB of the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997), the
Securities and Exchange Commission of Pakistan (the Commission), in consultation with Policy Board of the Commission, hereby issue the following regulations, the same having been previously published in the official Gazette vide S.R.O No. 16 (I)/ 2021 dated January 08, 2021 as required under sub-section (2) of the said section 40, namely:-

1. Short title and commencement. - (1) These regulations shall be called the
   Self-Regulatory Organizations (Registration) Regulations, 2022.
   (2) They shall come into force at once.
2. Definitions. - (1) In these regulations, unless there is anything repugnant in
   the subject or context, –
   (a) “Act” means the Securities and Exchange Commission of Pakistan Act, 1997 (XLII of 1997); (b) “Annexure” means annexures appended to these regulations; (c) "member" means a person regulated, registered or licenced by the Commission in the financial services markets and corporate sector who has been admitted as a member of a self-regulatory organization; and (d) “Schedule” means schedule annexed to these regulations; (2) Words and expressions used but not defined in these regulations shall have the same meaning as assigned to them in the Act or administered legislation or any rules or regulations made thereunder.
3. Registration of Self-Regulatory Organization. - (1) Subject to the
   requirements of 36C and 36D of the Act, any company licensed under section 42 of the Companies Act, 2017, desirous of obtaining registration as a self-regulatory organization, may make an application to the Commission as set out in Form A along with the following documents- (a) receipt evidencing payment of non-refundable processing fee of rupees two hundred and fifty thousand; (b) information about its directors as required in the fit and proper criteria specified in Schedule I; (c) evidence that the company meets minimum paid up capital net of losses of rupees five million; (d) copies of memorandum of association and articles of association fulfilling the requirement as provided in clause (b) of section 36C;