SRO 1300 (I)/2018 – Notification under section 66 of the Companies Act, 2017 – Issue of securities and redeemable capital not based on interest

GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN -.-.-.- NOTIFICATION Islamabad, the 25 th October 2018 S.R.O. 1300 (I)/2018. __ In exercise of the powers conferred under section 510 read with
section 66 of the Companies Act, 2017 (Act No. XIX of 2017) (the Act), the Securities and Exchange
Commission of Pakistan is pleased to notify the following persons to whom any instrument in the nature of “redeemable capital” may be issued by a company subject to the terms and conditions as provided in section 66 of the Act, namely:- (i) A Securities Broker; (ii) A Fund and Trust as defined in the Employees Contributory Funds (Investment in Listed Securities) Regulations, 2018; and (iii) A Company and Body Corporate as defined in the Companies Act, 2017. Provided that any instrument of redeemable capital of the Government including Government Debt Securities can be issued to an individual investor in addition to the persons mentioned to above. “Government Debt Security” means a debt security such as Treasury Bill (T-Bill), Pakistan Investment Bond (PIB), Government of Pakistan (GoP) Ijara Sukuk and any other debt instrument issued by the Federal Government, Provincial Government, Local Government / Authority and any other statutory body. [No. SMD/CIW/Misc./16/2007] Executive Director