Regulatory Alerts2016-11-01
Added · Updated
The Securities Exchanges (Licensing and Operations) Regulations, 2016
These regulations establish the licensing framework for securities exchanges in Pakistan, requiring an initial application fee of five million rupees and an annual renewal fee of one million five hundred thousand rupees. Applicants must maintain a minimum paid-up capital and net-worth of one billion rupees and comply with strict governance standards, including board composition rules mandating that independent directors constitute at least one-third of the board. The regulations further impose ongoing obligations regarding infrastructure, cybersecurity, fit-and-proper criteria for senior management, and specific approval processes for the appointment of the chief executive officer and independent directors.
Share