SRO 838(I)/2017 Amendments to Public Offering Regulations, 2017

The Securities and Exchange Commission of Pakistan amends the Public Offering Regulations, 2017 to update definitions and references from the Companies Ordinance, 1984 to the Companies Act, 2017. The amendments introduce specific regulatory requirements for Sukuk and Shariah compliant securities, including mandatory engagement of Shariah Advisors, annual Shariah audits, and detailed prospectus disclosures regarding asset backing and investor risk. Issuers are required to ensure compliance with Islamic Financial Accounting Standards and disclose Shariah compliance fees, while exemptions are granted for Sovereign and Government Guaranteed Sukuk regarding certain underwriting and security provisions.

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GOVERNMENT OF PAKISTAN
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Islamabad, the 23 rd August, 2017 NOTIFICATION S.R.O. 838(I)/2017. __ 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 direct that the following amendments shall be made in the Public Offering Regulations, 2017, the same having been previously published in the official Gazette vide Notification No. S.R.O.254(I)/2017 dated April 11, 2017, as required by sub-section (1) of
section 506A of the Companies Ordinance, 1984, namely:-
In the aforesaid Regulations,-
(1) In regulation 2,-
(a) in sub-regulation (1),-
(i) after clause (xvi), the following new clause shall be inserted, namely:- “(xvia) “Companies Act” means Companies Act, 2017 (XIX of 2017);”; (ii) in clause (xxii), for the word “Ordinance” the word “Companies Act” shall be substituted; (iii) in clause (xxvi),- (I) in sub-clause (b) for the expression “Companies Ordinance, 1984 (XLVII of 1984)” the word “Companies Act” shall be substituted; (II) in sub-clause (i), the word “and” shall be omitted; and (III) after sub-clause (i), the following new sub-clause (ia) shall be inserted, namely:-

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Lineage: Amended

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Timeline

Amended 4 times · last 2026-09-08

2026-09-08SECPPublic Offering Regulations, 2017amends
2025-08-21SECPPublic Offering Regulations, 2017 (Updated August 6, 2025)amends
2020-09-07SECPPublic Offering Regulations, 2017amends
2018-02-06SECPPublic Offering Regulations 2017amends

Source: Securities and Exchange Commission of Pakistan — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works