SRO 279 (I)/2020 – Amendments in the NBFCs and Notified Entities Regulations, 2008

GOVERNMENT OF PAKISTAN
Securities and Exchange Commission of Pakistan -.-.- NOTIFICATION Islamabad, the 31st March, 2020 S.R.O. 279 (I)/2020.- In exercise of the powers conferred by sub-section (2) of the
section 282B of the Companies Ordinance, 1984 (XLVII of 1984), the Securities and Exchange
Commission of Pakistan is pleased to make the following amendments in the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the same having been published in the official gazette vide S.R.O. 1642(I)/2019 dated December 30, 2019, namely:- In the aforesaid Regulations,- (1) in regulation 2, in sub-regulation (1),- (a) in the clause (xxxiva), for the word “prescribed” the word “notified” shall be substituted; (b) after the clause (xl), the following new clause shall be inserted namely,- “(xli) “small enterprise” and “medium enterprise”, (together referred to as the SME)”, includes ,- (a) small enterprise:- a business entity not a public limited company that has annual turnover up to Rs. 150 million and employees (including contractual) up to 50; and (b) medium enterprise:- a business entity that has annual turnover of more than Rs. 150 million and up to Rs. 800 million and number of employee (including contractual) between 51 to 100 for trading entity and between 51 to 250 for manufacturing or service entity”; (2) in regulation 10,- (a) after clause (a), the following new clause shall be inserted namely:- “(aa) within ten days from the date of election of directors in a general meeting, the NBFC shall submit an application for appointment or reappointment of chief executive;”; (b) for clause (b), the following shall be substituted, namely:- “(b) in case of occurrence of any casual vacancy in respect of a director or a chief executive, the NBFC shall submit an application